Comments on: STOP TAKING MONEY FOR REFERRALS!!!

By: Blog Wayback - How Much Do I Charge For Sending Out a Referral | Real Central VA

Wed, 22 Apr 2009 12:01:12 +0000

[...] Inspiration for this post – Ardell’s STOP TAKING MOENY FOR REFERRALS!!! [...]

By: Rhonda Porter

Rhonda Porter — Mon, 02 Jun 2008 22:03:45 +0000

I know YOU have Jillayne It was surprising to me to see what percentage covered ethics.

By: Jillayne Schlicke

Jillayne Schlicke — Mon, 02 Jun 2008 20:05:58 +0000

Rhonda, I’ve been co-writing articles about mortgage lending ethics in all kinds of trade magazines since 2002.

By: Rhonda Porter

Rhonda Porter — Mon, 02 Jun 2008 16:32:55 +0000

Jillayne, I normally toss my Scotsman Guide…but checked this one out due to your reference. Interesting how 90% of the articles are on ethics…you wouldn’t have seen that this time last year.

By: Rhonda Porter

Rhonda Porter — Mon, 02 Jun 2008 16:31:58 +0000

Ardell, I just read this post from Brian Brady on mortgage fiduciaries and it made me think of you: http://www.bloodhoundrealty.com/BloodhoundBlog/?p=3185

By: Jillayne Schlicke

Jillayne Schlicke — Mon, 02 Jun 2008 00:32:23 +0000

Hi Ardell,

The answers are: between now and June 12th.

They can take a continuing ed class on the subject of fiduciary duties from me.

There is no “required” training by the state.

HOWEVER, I just received my copy of this month’s Scotsman Guide which is a mortgage industry trade magazine and there are two articles in there about fiduciaries, one written by a well known Seattle area attorney, John Long, who specializes in representing mortgage brokers. He wrote a good article and I’m sure that will get some brokers thinking about education and training.

I have had several mortgage brokers call me this past week to schedule in-house trainings on fiduciary duties.

By: Jillayne Schlicke

Jillayne Schlicke — Mon, 02 Jun 2008 00:27:07 +0000

Hi Rhonda,

You’re subject to the act (MBPA) when you broker, (fiduciary duties) even though you’ll let your license go.

Also, if your firm pays LOs on a 1099, they have to obtain an LO license. However, since I know your firm is FHA approved, this also means your LOs are paid via W-2.

By: Rhonda Porter

Rhonda Porter — Sun, 01 Jun 2008 16:38:59 +0000

Jillayne,

re 34 “unless the consumer loan company also brokers loans”…Mortgage Master, a correspondent lender which is also a direct endorsed HUD lender (Full Eagle) is in the process (thanks to the new State CLA law) of obtaining a consumer loan license. DFI has advised us to drop our licenses under MBPA even though we do broker some loans (less than 10%).

By: Kary L. Krismer

Kary L. Krismer — Sun, 01 Jun 2008 15:11:06 +0000

Ardell, you should be asking the same question for yourself. The new Distressed Property law goes into effect June 12, and it may make you and even your buyer clients not only a “fiduciary” but also a fiduciary who has to put even their own interests behind that of the seller.

I know this forum is more consumer orientated, but this law will have a huge effect on some consumers–both buyers and sellers.

I know you try to stay away from P-I land for some reason, but we have at least four separate pieces on the legislation over there (in reverse chronological order):

New Statewide Forms Available:
http://blog.seattlepi.nwsource.com/realestate/archives/140111.asp

Don’t Buy a Property in Foreclosure Without Consulting an Attorney:
http://blog.seattlepi.nwsource.com/realestate/archives/139464.asp

Why Can’t Legislators Write Decent Legislation:

http://blog.seattlepi.nwsource.com/realestate/archives/139082.asp

And finally: Fiduciary as a Solution For Everything (Updated):
http://blog.seattlepi.nwsource.com/realestate/archives/138805.asp

By: ARDELL

ARDELL — Sun, 01 Jun 2008 06:26:23 +0000

Jillayne,

How long is the period for them to learn what “fiduciary” means and who is teaching them how to do business differently under the new law? How long is the training to be “a fiduciary”?