Predatory Short Sale Negotiators

I received a call the other day from a consumer who was in the process of purchasing a short sale home.  The homeowner h

Loan Originators: Stop Your Crying…Let’s Love the Good Faith Estimate

Okay, I admit…I’ve been groaning, sniveling and bitching along with many other mortgage originators about HUD’s 2010 G

Will Banks Cash In on the New Good Faith Estimate

The new Good Faith Estimate will be required to be used on all new loan applications effective January 1, 2010.   Part o

Mortgage Disclosure Improvement Act: New Waiting Periods on Mortgage Transactions

In an early post, Ardell wrote about the significance of a buyer being able to close quickly…new regulations may put a damper on that.   With mortgage applications taken after July 30, 2009, waiting periods will go into effect with regards to when and how disclosure forms are provided to the consumer.   The Mortgage Disclosure Improvement Act (MDIA), which modifies the Truth in […]

Will the New National Loan Originator Exam be Too Easy?

I just took a look at the sample questions provided by the National Mortgage Licensing System for the new national loan originator exam and I must say these are so easy why even bother with a test?  Let’s take a look: If an applicant works 40 hours every week and is paid $13.52 per hour, […]

A Small Window of Opportunity for Washington State Unlicensed Loan Originators (Correspondent Lenders aka CLAs)

June 1, 2009 Update:  I just got off the phone with someone in the licensing department at DFI.   They hope to have more information available soon for mortgage originator licensing.  Some details are still being worked out.   From what I could gather from my conversation this morning, the main advantage for licensing now vs. later […]

WA Loan Originator Licensees Drops to 5335

At the end of 2007, Washington State had 13,722 loan originators licensed under a mortgage broker.  At the end of 2008, that number fell to 8739.  As of May 5, 2009, we’re at 5335.  This number also includes inactive licensees. Based on the number of LO students who tell me that they already have a […]

Let’s discover what “Lending with Expertise” means to Paramount Equity

Paramount Equity has settled their case with the Washington State Department of Financial Institutions. Read the Consent Order here.  The Statement of Charges outlined many, many violations of state and federal law: Using the term “mortgage bank

DFI Releases Guidelines on Loan Mods and Sets Limits on Fees

Washington State Department of Financial Institutions has released an updated interpretive statement on loan modifications late this afternoon. People who perform loan modification services for Washington State homeowners must be licesed as a loan originator and under the supervision of a broker, or be working under a licensed consumer loan company.  Attorney have a limited exemption and […]

Homebuyer Credit – Simplified

Pretty simple stuff. For most people it’s just A,B,C + 1,2,3 A. Address of New Home B. Date you bought it C. IF claiming 2009 purchase on this 2008 form, check here + 1. Enter $7,500 or $8,000 unless married filing separately 2. Enter modified adjusted gross income 3. If 2 is not more than […]