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Regulation & Compliance
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Mortgage Regulation And Compliance Issues In Mortgage Lending
This department covers the mortgage rules, regulation and compliance issues affecting the mortgage industry. You can never be too careful when dealing with people's finances and these mortgage training resources will help ensure that you stay on the right side of the law. Of course, always be sure to check with your local state banking commission to get the latest mortgage rule changes.
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DOWNLOAD = CYA, Application Complete Letter
Here is an application complete letter you should include in all your loan disclosures. Every state is different and you always want to make sure you've got yourself covered so nothing comes back to bite you. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your loan arsenal. This resource is in Microsoft Word format. . . .
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DOWNLOAD = HELOC & Home On The Line Booklet
Here is an electronic version of the Federal Reserve booklet for consumers entitled, "When Your Home Is On The Line, What You Should Know About HELOCS (Home Equity Lines Of Credit)", by the Federal Reserve Board Office Of Thrift Supervision, which must be given to every consumer on any mortgage loan, no matter how many times they have been through the process. Save hundreds of dollars per year...eliminate the hassle, expense, and cost of printing and production! Why spend money on a hard copy, when you can easily email this document to your clients?! It's a no-brainer. This resource is in Adobe PDF format. . . .
>>>> READ MORE...
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DOWNLOAD = CYA, TIL Disclosure Letter
Here is a Truth In Lending (TIL) letter you should include in all your loan disclosures. Every state is different and you always want to make sure you've got yourself covered so nothing comes back to bite you. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your loan arsenal. This resource is in Microsoft Word format. . . .
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DOWNLOAD = Get Paid Upfront For Credit & Flood Certs, Ingenius Letter
Here's a great way to make sure you don't get stiffed on credit report fees...make it just another part of the loan process! I created this form to go along with all the regular loan disclosures and simply asked the customer for a credit card to cover the credit report and flood certification fees associated with the loan. And once the loan closes, these fees would be credited back to them as having been POC (paid outside of closing). Using this form does two things. First, it mentally commits them to the loan process because they are paying a small amount towards it upfront. Second, it ensures that you don't have to eat the fees! Now, I know a measly $50 to $75 doesn't sound like much, but when you do the type of volume that I do, it can certainly add up. And I'll be damned if it's me that's gonna pay for a customer that just uses me to rate shop! Sometimes, as a loan officer, you need to just whip people into shape to get the respect you deserve. Lol. :-) This resource is in Microsoft Word format. . . .
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DOWNLOAD = Property Flipping & Mortgage Fraud
This was passed along to me by William Bronchick of LegalWiz.com, he says: I get a headache sometimes listening to the media blather on "Illegal Flipping", and the barage of emails I get every week from people telling me that "Flipping is Illegal". In a Dec 2005 newsletter, Fannie Mae's assistant general counsel for regulatory policy said, "Property flipping generally refers to purchasing existing properties with the intention of immediately reselling the properties for a profit. This resource is in Adobe PDF format. . . .
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DOWNLOAD = CYA, Acknowledgement Receipt
Here is an acknowledgment receipt letter you should include in all your loan disclosures. Every state is different and you always want to make sure you've got yourself covered so nothing comes back to bite you. This letter is part of my CYA series (cover your "behind") and you are free to use it as part of your loan arsenal. This resource is in Microsoft Word format. . . .
>>>> READ MORE...
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DOWNLOAD = Frequently Asked Questions (FAQ's) On The Home Mortgage Disclosure Act
Somehow, there's still a lot of confusion over the Home Mortgage Disclosure Act. I'm not sure why because it's fairly simple. For those of you who want a good overview of HMDA, here are some of the most frequently asked questions concerning this loan disclosure. This is another gem from my private research files here and one everyone should be familiar with. If you have loan officers working for you that don't know what HMDA is, then give them this report. Enjoy! This resource is in Adobe PDF format. . . .
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DOWNLOAD = RESPA Still Trying The Sort Out The Settlement Cost Mess, The Inside Report
Isn't it sad, 10 years on and we are still trying to sort out the paperwork in regards to RESPA reform. Consumers aren't the only ones confused...I know a lot of loan officers who aren't far off! In this report, another one from my archives, you'll see RESPA's analysis of the problems with the current real estate system. The quagmire and quandry over how transactions close has been going on for years, and even though this report is from July 2002, I include it here so you can see how little things have changed and still how far we have yet to go. The other redeeming quality of this report is that it provides a very thorough and detailed breakdown of the loan origination process in easy to understand terms. For what it's worth, it's yours! Bon appetit! This resource is in Adobe PDF format. . . .
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DOWNLOAD = Certified True Letter
Want to keep yourself out of hot water? Then make sure every file you submit to the lender has a certified true letter with it. Lenders oftentimes require more than one copy of a file, and in order to ensure than each is an authorized duplicate, you must certify it. The following letter should do the trick and it will save you time from having to provide it later. This resource is in Microsoft Word format. . . .
>>>> READ MORE...
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DOWNLOAD = The FDIC's Take On Predatory Lending
With the recent uproar in the mortgage market, it's no surprise that government agencies are tightening their suspenders. The FDIC, the guarantor of the national bank deposits, sent this memo out to all their members regarding the characteristics of predatory lending and maintaining the soundess of the banking system. If you've ever wanted to see what goes on behind the scenes of the nation's money supply, this memo gives you some insight on what Uncle Sam is doing to curb the recent mortgage fallout. This resource is in Adobe PDF format. . . .
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DOWNLOAD = Regulation Z Cheat Sheet
Confused by Regulation Z? Not sure what constitutes a "finance charge" when it comes time to tally up the display APR? Here is a great Regulation Z cheat sheet you can use to quickly know what to include. The amount financed for disclosure and APR calculation purposes is found by subtracting any prepaid finance charges from the loan amount on the mortgage. The trick sometimes is in figuring out just what items are actually "finance charges" which must be treated as prepaid items and be subtracted from the loan amount. The following "cheat sheet" is designed to help you make this determination for loans secured by real estate or a dwelling. For consistency sake, we will use line numbers and category names found on the HUD-1 or 1a closing statement and classify each as either a finance charge, or not a finance charge. I hope you enjoy this little helpful tool! This resource is in Microsoft Excel format. . . .
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DOWNLOAD = Mortgage Discrimination Handout
Anytime you can set yourself apart from the mortgage "masses", will give you a leg-up on the competition. Every borrower wants to get the best deal, but how do they know that they're getting a fair shake? Use this mortgage discrimination pamphlet from the FTC to educate your borrowers on the loan process, what they can expect and what to watch out for. Doing so will quickly make you stand-out from every other "me-too" out there and get you the loan. A bit of education upfront will pay off handsomely down the road. This resource is in Adobe PDF format. . . .
>>>> READ MORE...
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DOWNLOAD = Mortgage Fraud Canadian Style
A fellow warrior north of the border passed this consumer brochure along to me regarding mortgage fraud. Seems even the Canadians have trouble with unscrupulous brokers taking advantage of borrowers too! I like this brochure because it is simple, written in a serious but friendly tone and contains a lot of useful information without being overly wordy. This is a good example you could modify to suit your own needs here in the States, and because it is a government publication it is able to be used, adapted and re-published. Anytime you can educate your borrowers puts you in the distinctive advantage of being the "expert" and not just the salesman. This resource is in Adobe PDF format. . . .
>>>> READ MORE...
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DOWNLOAD = PMI Consumer Disclosure Booklet
Here is an electronic version of HUD's booklet for consumers entitled, "PMI, Private Mortgage Insurance", which must be given to every consumer on any mortgage loan, no matter how many times they have been through the process. Save hundreds of dollars per year...eliminate the hassle, expense, and cost of printing and production! Why spend money on a hard copy, when you can easily email this document to your clients?! It's a no-brainer. This resource is in Adobe PDF format. . . .
>>>> READ MORE...
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DOWNLOAD = Mortgage Loan Cost Worksheet
Comparing mortgage loans isn't easy for anyone. For consumers, it's even harder. Some states have enacted compliance laws where you MUST provide the borrower with a means of comparing various loan products in an objective manner. This uniform mortgage loan cost worksheet does just that. Even if your state doesn't require, it's always a good idea to be upfront with the customer and provide them this worksheet anyway. Doing so sets you apart from the pack and lets them know you are working in their best interests. Once customers stop putting-up walls and begin to trust you, your job as a salesperson becomes that much easier. This resource is in Adobe PDF format. . . .
>>>> READ MORE...
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DOWNLOAD = Patriot Act Disclosure Form
Stay on the right side of the law. Did you know that every loan file must have a signed patriot act disclosure form with it? The government now requires this information to combat terrorism and even though lenders ask for it, you too as the broker or loan officer must have this form in your files. Don't be caught without one. Play it safe and even if the borrower gets this at the closing table anyway, it's always good to have a copy yourself from the beginning. That way your mortgage company is protected as well as the lender. This resource is in Microsoft Word format. . . .
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DOWNLOAD = ARM Disclosure Booklet
Here is an electronic version of the Federal Reserve booklet for consumers entitled, "Consumer Handbook On Adjustable Rate Mortgages", by the Federal Reserve Board Office Of Thrift Supervision, which must be given to every consumer on any mortgage loan, no matter how many times they have been through the process. Save hundreds of dollars per year...eliminate the hassle, expense, and cost of printing and production! Why spend money on a hard copy, when you can easily email this document to your clients?! It's a no-brainer. This resource is in Adobe PDF format . . .
>>>> READ MORE...
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DOWNLOAD = HUD Disclosure Booklet, Buying Your Home
Here is an electronic version of the HUD booklet for consumers entitled, "Buying Your Home: Settlement Costs And Information" which must be given to every consumer on any mortgage loan, no matter how many times they have been through the process.. Save hundreds of dollars per year...eliminate the hassle, expense, and cost of printing and production! Why spend money on a hard copy, when you can easily email this document to your clients?! It's a no-brainer. This resource is in Adobe PDF format. . . .
>>>> READ MORE...
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State Departments Of Insurance
Many loan officers and mortgage brokers also offer insurance as an added value service to their clients. Oftentimes, offering a mortgage protection plan which will pay for your client's mortgage payments in the event of death, disability or dismemberment, makes economic sense. Here is a list of state insurance departments where you can discover what the requirements are to add this valuable service to your mortgage line-up. . . .
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Fraud In Real Estate, Are You Being Victimized?
The phone range and Peter was on the other end of the line. "Willard, I have a friend of mine that has a real estate problem." I said, "Send him over." Two hours later, Jerry sat in front of me terribly upset. Three years earlier, he had been talked into buying a 4 unit building in partnership with Smooth Talker, a knowledgeable, smooth talking real estate salesman. . . .
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New Bill To Keep Banks Out Of Real Estate
This week Congress introduced a bill titled, "Community Choice in Real Estate Act," to permanently ban banking conglomerates from entering real estate brokerage or property management. This is because some of the larger banking conglomerates have requested permission from the Federal Reserve Board to sell and manage real estate. . . .
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Predatory Mortgage Tips: 3 Criteria Of Unscrupulous Loans
We have all heard the stories in the press about elderly people losing their homes due to unfair lending practices. Most reputable banks would never consider bilking their customers out of their life savings but there are many small, private lenders that would only be too happy at the opportunity to do it. . . .
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Tax Reform: Limit Of Mortgage Tax Reduction
A committee appointed by President Bush has come up with an alarming recommendation. They want to limit the tax deduction for mortgage interest! The bipartisan tax reform committee appointed by President Bush is making a mess of things. . . .
>>>> READ MORE...
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