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Kansas adopted rules amending the Mortgage Business Act. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also amend surety bond requirements, increase licensing fees for branch offices and establish additional record retention requirements for mortgage companies. Kansas also adopted rules [...] Contributed by John Velazco from www.articlegallery.net It is, well recognized that mortgage brokers are very helpful, as soon as you want to purchase a home. They assist buyers to get the finest deals from lenders, from whom money is, taken on loan for purchasing the home and is to be paid back in monthly installments. However, [...] Helping clients better their situation is critical to long term success. Even if you can’t help someone refinance you might help them modify! This great article was contributed by Stephanie Finch, Forbes Magazine. If your income slumped along with the economy, you’ve got plenty of company these days. So much so that the government has [...] Contributed by Brian Collins. Compliments of Broker Universe Over the past two years the Federal Housing Administration (”FHA”) insurance program has been a life raft for mortgage brokers that formerly made their living from nonprime products. But new changes proposed by the agency — which appear to be “pro-broker” — might wind up [...] Starting September 18 HUD issued a number of new mortgagee letters. Speculation is that they waited till Friday to issue some letters to avoid a massive call in of unwanted feedback and questions. Here’s the scoop (with the most important letter coming first): Mortgagee Letter 2009-28 While not HVCC FHA acknowledges that appraiser independence is critical to [...] You are encouraged to write to the Federal Reserve and comment on their proposed R-1366 that would severely restrict YSP. Click here to read about the proposed regulation. Click here to comment. Mark Collins wrote to the Federal Reserve: I find those portions of the regulation dealing with lender payments to be extreme. Why keep piling [...] Georgia has adopted final rules amending the Residential Mortgage Act. The new rules affecting mortgage companies begins on page 11. Branch licenses are $350 with an initial investigation fee of $250 as well. Renewals are only $20 per branch per year. The rules also set forth the surety bond amount required for loan originators; establish [...] StoneWater Mortgage Corporation and Caliber Funding LLC executed an agreement under which Caliber will purchase substantially all of StoneWater’s assets. The sale is set to close on September 25th, 2009. The purchase will include StoneWater’s H20nline platform as well as StoneWater’s operational policies and procedures. StoneWater’s employees will transition to Caliber.As a result of the [...] Although no explanation was offered an e-mail received a short while ago indicated AME s doing away with its 203k loan program immediately. Registrations a be made until the close of business and ay existing loan must be locked no later than tomorrow. There aren’t many lenders who want to support the 203k program. I [...] Contributed by National Federation of Mortgage Professionals
This organization is asking you to call your Federal legislators and ask for help on H.R. 3126, the Consumer Finance Protection Agency Act of 2009. They believe that this new agency can have a dramtic and adverse impact, if not entirely eliminate, the mortgage broker origination [...] |
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