Okay, I admit…I’ve been groaning, sniveling and bitching along with many other mortgage originators about HUD’s 2010 G
Loan Originators: Stop Your Crying…Let’s Love the Good Faith Estimate
February 4, 2010 by 44 Comments
Will the New National Loan Originator Exam be Too Easy?
June 24, 2009 by 83 Comments
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)
May 30, 2009 by 56 Comments
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
May 21, 2009 by 12 Comments
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 [...]
DFI Releases Guidelines on Loan Mods and Sets Limits on Fees
April 10, 2009 by 22 Comments
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
March 5, 2009 by 24 Comments
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 [...]
Obama plans on tighter regulations for mortgage brokers
January 24, 2009 by 40 Comments
From the New York Times The Obama administration plans to move quickly to tighten the nation’s financial regulatory system. Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis. — Aides [...]
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