Archive for the Federal Law Category

If Your Loan Originator Isn’t Licensed Today, They Need to Work for a Bank or Credit Union Tomorrow

Rhonda Porter on 06 30, 2010 | 5 Comments

All mortgage originators who work for mortgage brokers or correspondent lenders/consumer loan companies must be licensed with the NMLS as of July 1, 2010 to take a residential loan application for pr

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Question from RCG Reader: My LO Won’t Issue a Good Faith Estimate

Rhonda Porter on 05 19, 2010 | 10 Comments

I recently received this question from a Rain City Guide reader: I wanted a GFE from my lender... but am told I can only get one if I lock in the rate.   Is this legal?  Effective January 1, 20

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Everybody LOVES bank fraud!

Craig on 04 20, 2010 | 26 Comments

Is it just me, or do loan orginators routinely encourage bank fraud? First, the background: There are a variety of federal and state laws that make it a VERY serious crime to mislead a lender for pu

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IRS and Homebuyer Tax Credit: obtaining a”signed” Final Settlement Statement

Tim on 02 17, 2010 | 3 Comments

This is tax time. Sometimes escrow offices wonder if we are CPA firms during tax time.   Our office has received numerous phone calls from clients that are in need of their "signed" Final Settlem

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