This document provides an overview of a 20-hour mortgage licensing course. It covers several key sections:
1. The national mortgage licensing exam costs $92, takes 2.5 hours, has 100 multiple choice questions including 10 sample questions, requires a 75% score to pass, and provides feedback on strong and weak areas.
2. The exam tests on federal law (35%), general mortgage knowledge (25%), loan origination (25%), and ethics (15%).
3. The document reviews important concepts like underwriting ratios, documentation requirements, title insurance, non-traditional lending guidelines, fiduciary duties, fair housing laws, consumer protection, and mortgage fraud.
4. Key laws covered include
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Mortgage Basics provides information about mortgage products and programs that will help real estate agents realize success. Topics include:
- when you need to ask for more time to close,
- property types and characteristics that might be more difficult to sell (and how to sell them),
- how to use various products/programs to help increase a buyer's purchasing power.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Mortgage Basics provides information about mortgage products and programs that will help real estate agents realize success. Topics include:
- when you need to ask for more time to close,
- property types and characteristics that might be more difficult to sell (and how to sell them),
- how to use various products/programs to help increase a buyer's purchasing power.
Our Steps to Success Buyer Presentation is about educating your buyer clients right from the beginning. As a Realtor®, you are a trained, knowledgeable, experienced professional. You know the market nationally, regionally and locally. With a strong buyer presentation such as ours, you will get the commitment of buyer prospects to work with you. We all know that working with buyers can be like herding cats. Our Buyer Presentation is a tool designed to help designate you as the real estate professional and establish control of your client.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
Communicating Loan Process To Customers Powerpoint Presentation SlidesSlideTeam
Loan Process Product Description This deck covers the loan approval process to understand how the credit score facilitates the loan application process. The objective of this deck is to provide the details to the customers about the loan offerings, communicate the lending process to the clients, and evaluate the borrowers ability and willingness to repay the loan. We have focused on the banks overview wherein we have covered about the bank, mission, vision, and values, milestones, team members, products and services offered, why choose our bank and client testimonials. The need for business loans in the organization, types of business loans offered, features, and benefits of the loan and competitive landscape of business loans are shared in this template. All the steps required in the loan process are shared in this deck covering pre qualification, mortgage programs, and rates, the application, processing, required documents, credit report, appraisal basics, underwriting, and closing. We have also shared the checklist required for a business financing application. Borrower s ability and willingness to repay the loan are focused on this deck which covers basic factors of credit risk assessment, five Cs of credit, credit evaluation process, and credit approval process. This PowerPoint presentation can be used by various banks, and its agents to give an elaborative description to the customers about the loans offered by them. https://bit.ly/3a34Yaj
These PPT slides are for students who are studying to pass the NationalLoan Originator Licensing Exam with Uniform State Component, and are students of Jillayne Schlicke, CE Forward, Inc.
RE/MAX Realty Advantage has a continued commitment to providing the entire real estate community with useful, reliable real estate information. This is a slide presentation, that goes over the basics of mortgages, specific to San Antonio, but is applicable nationwide.
Our Steps to Success Buyer Presentation is about educating your buyer clients right from the beginning. As a Realtor®, you are a trained, knowledgeable, experienced professional. You know the market nationally, regionally and locally. With a strong buyer presentation such as ours, you will get the commitment of buyer prospects to work with you. We all know that working with buyers can be like herding cats. Our Buyer Presentation is a tool designed to help designate you as the real estate professional and establish control of your client.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
Communicating Loan Process To Customers Powerpoint Presentation SlidesSlideTeam
Loan Process Product Description This deck covers the loan approval process to understand how the credit score facilitates the loan application process. The objective of this deck is to provide the details to the customers about the loan offerings, communicate the lending process to the clients, and evaluate the borrowers ability and willingness to repay the loan. We have focused on the banks overview wherein we have covered about the bank, mission, vision, and values, milestones, team members, products and services offered, why choose our bank and client testimonials. The need for business loans in the organization, types of business loans offered, features, and benefits of the loan and competitive landscape of business loans are shared in this template. All the steps required in the loan process are shared in this deck covering pre qualification, mortgage programs, and rates, the application, processing, required documents, credit report, appraisal basics, underwriting, and closing. We have also shared the checklist required for a business financing application. Borrower s ability and willingness to repay the loan are focused on this deck which covers basic factors of credit risk assessment, five Cs of credit, credit evaluation process, and credit approval process. This PowerPoint presentation can be used by various banks, and its agents to give an elaborative description to the customers about the loans offered by them. https://bit.ly/3a34Yaj
These PPT slides are for students who are studying to pass the NationalLoan Originator Licensing Exam with Uniform State Component, and are students of Jillayne Schlicke, CE Forward, Inc.
RE/MAX Realty Advantage has a continued commitment to providing the entire real estate community with useful, reliable real estate information. This is a slide presentation, that goes over the basics of mortgages, specific to San Antonio, but is applicable nationwide.
Loan Originator Pre-Licensing and Exam Prep Powerpoint Slide Deck for students of Jillayne Schlicke and CE Forward, Inc. To be used in tandem with your course book.
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Single Asset Real Estate Cases (Series: Fairness Issues in Real Estate-Based ...Financial Poise
Anyone involved in the field of creditors rights on a matter involving an LLC that exists solely to hold the principal asset has surely seen the play where, the night before property is scheduled to be sold at a foreclosure auction, the debtor files bankruptcy. For those not familiar with the process, doing so invokes the “Automatic Stay”, which prohibits the secured lender from foreclosing on the property. The debtor then attempts to make their case to the court for reorganization.
But is failing to pay your mortgage really something bankruptcy was meant to solve? If the bank was going to agree to a loan modification, wouldn’t the parties have worked something out by the time the sheriff sale was set? The bankruptcy code recognizes this and therefore has a section devoted to dealing with this specific kind of bankruptcy—the Single Asset Real Estate (“SARE”) case. The goal of this episode is to look into ethical issues surrounding these matters.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/single-asset-real-estate-cases-2021/
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Code of Ethics: This is a synopsis of some of the most important ethical
considerations you need to be aware of as a professional in the real estate
industry.
Terminology:
Agency: The fiduciary relationship created between a principal and an agent whereby the agent
can act on behalf of the principle for certain transactions. Agency is usually created when the
principal signs a listing agreement to list their property for sale or a management contract to rent
a property for instance.
Agent: The broker or sales associate acting on behalf of the principal (see Agency)
Client: The person with whom the broker or sales associate has a legal contract to represent.
Customer: Is not contractually bound to the industry professional
Principal: Person who hires an agent to act on his or behalf.
Code of Ethics:
#1: The agent has a responsibility to promote the interests of their client(s) and treat all involved
in any real estate transaction in an honest and fair manner. They must disclose if they are a
dual agent (representing both buyer and seller in a transaction) or a designated agent
(represent either the buyer or seller depending on state law), or they are a limited representative
(will provide only certain duties in the transaction per state law).
#2: Agents must openly acknowledge to clients any personal interest they might have in any
transaction prior to showing a property; they must acknowledge any personal relationships
involved. Ex: Agent says, “I want to disclose to you before we look at it, that this property
belongs to is my brother and my sister in-law is his agent.”
#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the
property of the client.
#4: Never overstate benefits or attributes of a property or opportun.
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Code of Ethics: This is a synopsis of some of the most important ethical
considerations you need to be aware of as a professional in the real estate
industry.
Terminology:
Agency: The fiduciary relationship created between a principal and an agent whereby the agent
can act on behalf of the principle for certain transactions. Agency is usually created when the
principal signs a listing agreement to list their property for sale or a management contract to rent
a property for instance.
Agent: The broker or sales associate acting on behalf of the principal (see Agency)
Client: The person with whom the broker or sales associate has a legal contract to represent.
Customer: Is not contractually bound to the industry professional
Principal: Person who hires an agent to act on his or behalf.
Code of Ethics:
#1: The agent has a responsibility to promote the interests of their client(s) and treat all involved
in any real estate transaction in an honest and fair manner. They must disclose if they are a
dual agent (representing both buyer and seller in a transaction) or a designated agent
(represent either the buyer or seller depending on state law), or they are a limited representative
(will provide only certain duties in the transaction per state law).
#2: Agents must openly acknowledge to clients any personal interest they might have in any
transaction prior to showing a property; they must acknowledge any personal relationships
involved. Ex: Agent says, “I want to disclose to you before we look at it, that this property
belongs to is my brother and my sister in-law is his agent.”
#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the
property of the client.
#4: Never overstate benefits or attributes of a property or opportun ...
SAMP Dinner Meeting September 15, 2021
Current Issues in Mortgage Lending
RESPA Affiliated Business Arrangements, Bitcoin and Blockchain, Climate Change, Pricing Exceptions
Real estate agents are using drones themselves or hiring third party vendors to take drone footage, either of these meets the definition of "commercial purpose." What are the FAA rules surrounding this new issue?
Dodd Frank Act 2015 Rule Implementation: Will The World End?Jillayne Schlicke
The Dodd Frank Act Rule Implementation of 2015 will bring another set of changes to the lending and escrow industries. Spoiler alert: The world will not end.
Marijuana and The Practice of Real Estate: Illegal Marijuana Grow House PicturesJillayne Schlicke
For the students from Jillayne Schlicke's class: Marijuana and the Practice of Real Estate. These slides show pictures from illegal marijuana grow houses.
Stand Alone Uniform State Test for Mortgage Loan Originators EXAM PREPJillayne Schlicke
These slides are used during Jillayne Schlicke's Exam Prep course for mortgage loan originators who are studying to pass the 25 question Stand-Alone Uniform State Test. These are to be used along with your in-class course packet.
Total Environment Tangled Up In The Green - Residential Plots Where Nature an...JagadishKR1
Embark on a journey where lush landscapes and contemporary living converge at Total Environment's Tangled Up In The Green Residential Plots in Devanahalli, Bangalore. Surrounded by verdant expanses, these plots offer an idyllic setting for your dream home. Immerse yourself in the serenity of nature while enjoying the finest amenities and design, where every moment is a harmonious blend of luxury and tranquility.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
2. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 1 Module 1.1
National exam $92
2 and a half hours
100 questions, 10 are sample questions
75% to pass
If you pass you will know your score.
If you fail, they will give you a printout showing your
strong and weak areas.
Prometric.com
2
3. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 1 Module 1.1
Exam Components
35% Federal Law
RESPA, TILA, ECOA, FCRA, SAFE
25% General Mortgage Knowledge
programs, products, terms
25% Loan Origination
application, qualifying, title, escrow, math
15% Ethics
consumer protection, fraud, fair housing
3
4. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 1 Module 1.1
Exam prep basics: If you understand the purpose of each
law, you are on your way to selecting the best answer
on a multiple choice exam.
There will be two obvious wrong answers. If you know
the purpose of the law, you will be able to spot these.
Of the two that remain, one will be a little bit better
than the other.
Exam writers do not write trick questions. The language
of the test questions look tricky because you are
being tested on law and most lay people are not use
to reading law on a daily basis. This is the only fair
way to deliver a 50-state exam.
4
5. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 2 Module 2.1 Title Insurance, Escrow
Secondary market
Underwriting
There are many
moving parts in Appraiser
the Mortgage Home inspector
Machine. The Loan originator
function of loan Loan processors
origination is just
Realtors/ Real estate
one piece.
brokers
Mortgage insurance
Hazard insurance
Flood insurance
State/Fed regulators
5
6. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 2 Module 2.3
Last two most recent paystubs
Last two years W-2s
Last three months bank statements
Most recent statement on 401Ks or IRAs
Documentation of ownership of stocks, bonds
Last two months statements from any investment account
Information on current mortgage or landlord contact info
Soc number or green card for all borrowers or co-signers
Letter of explanation for any known credit problems
Documentation supporting any other income
For self employed, borrowers paid on commission or in the field
of sales, and borrowers who own other real property:
Two years signed personal tax returns including all schedules
6
7. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 2 Module 2.4
FIRST RATIO
PITI
Principal, Interest, Taxes, Insurance
Divided by
Total gross monthly income
=%
SECOND RATIO
PITI plus all other monthly revolving debt
Divided by
Total gross monthly income
=%
7
8. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 4 Title Insurance Module 4.1
What does it mean when we say we hold title
to something?
Is there a document called “title” that we
get when we buy a home?
Can we do anything we want with and to our
home and land?
How deep into the ground and how high up
do our property rights extend?
8
9. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 4 Title Insurance Module 4.2
For a one time fee, a title insurance company
will check the public records system and
disclose all matters that affect the title of
real property.
They will insure against loss and defend you
should somebody lay claim to your title.
Pay once, it’s good for as long as you or your
heirs own the property.
Starts the day of closing and looks backward
in time.
9
10. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 9 Assignment
Review the CSBS/AAMR Guidance on Non-Traditional
Lending
CSBS = Conference of State Bank Supervisors
AAMR = American Association of Mortgage Regulators
Oct 2006 banking regulators published guidelines on
non-trad lending. Examples:
Interest only loans
Pay option ARMs
Reduced/no documentation
Simultaneous second lien
10
11. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 9 CSBS/AAMR Guidance
Ability to repay
Watch for payment shock
Assure borrower understands the loan terms
Avoid misleading claims…payment, rates, refi-out
Risk management strategies
11
12. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.1 Ethics
Law
Minimum moral standard
“Have to”
Ethics
When there’s no clear statement in the law telling
us what to do.
“Ought, should.”
12
13. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.2 Ethics
Different sources of moral authority
Religion
We can’t use religion to solve ethical dilemmas
when holding a professional role because there
are thousands of different religions in the
world. Which one would we us?
Intuition
Intuition can sometimes steer us in the wrong
direction
Emotion
“If I can’t sleep at night it’s not ethical.”
If the only reason we’re choosing to do/not do
something is out of fear, that’s a pretty low
standard of motivation 13
14. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.2 Ethics
Different sources of moral authority
Written codes of ethics
There is no source of moral authority over
LOs other than the law. What written codes
of ethics that do exist are voluntary and not
mandatory. The written codes of ethics that
exist are weak, vague, have no sanctions for
violations and in most cases, just simply re-
state federal law.
Philosophical ethics
Moral philosophical ethical theories can take
the place of a mandatory code of ethics
until one is written.
14
15. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.3
Professional Status
Specialized knowledge
Formal, pre-licensing education
Mandatory continuing education
Test
Licensing
Fiduciary Duties
Code of ethics with sanctions for violations
Compare to non-professionals such as a retail salesperson.
15
16. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.3 and 10.5
Question: Are loan originators professional?
Specialized knowledge
Formal, pre-licensing education
Mandatory continuing education
Test
Licensing
Fiduciary Duties (this is emerging in some states)
Code of ethics with sanctions for violations
(this piece is not yet in place.)
LOs are classified as “an emerging profession.”
16
17. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.4
Assignment: Small group discussion:
What do you remember from past classes in
ethics?
What is ethics?
Think about a person you admire or look up
to as a mentor, living or dead. What do
admire about that person?
Think about an ethical dilemma you’ve faced
in your career. How did you solve your
dilemma? 17
18. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.4
Assignment: Large group recap after small
group discussion, while instructor slowly
completes the slide with the three
normative moral theories.
Lacking any mandatory, prescriptive and
descriptive ethical code, this is the best
way for LOs to learn ethics. The next slide
lays out the following:
--what kind of person do I want to become?
--what duties do I have?
--what are the possible consequences?
18
19. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Aristotle Kant J.S. Mill
Respect Duty-based Utilitarianism
honesty ethics
(promotes Maximize good
autonomy) If we have a consequences for
Loyalty duty to do the most number
something, of people and also
Responsibility we ought do minimize bad
Integrity it. consequences
Beneficence for the most
Non-maleficence What I want for number of people
Compassion myself, I must
also want for
Justice the other.
384 BC-322 BC 1806-1873
1724-1804
19
20. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 10 Module 10.5
Fiduciary Duties May Include…
1. Disclose all loan information to
the borrower
2. Act in good faith and deal fairly
3. Avoiding secret fees or
undisclosed fee splitting
4. No self dealing
20
21. National Association of Mortgage Fiduciaries
Jillayne Schlicke
1968 Civil Rights Act
Section 11 1968 Fair Housing Act
Module 11.1, 11.3 ~
Protected Classes:
Realtors and lenders Race
have great power to Color
affect neighborhoods Religion (Creed)
Sex
National Origin
Familial Status
Intent v. Effect
Sexual orientation added
in 2012
Disability
Fair Housing/Fair Lending
http://www.hud.gov/offices/fheo/lending/index.cfm
21
22. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 11 Module 11.2 Blockbusting
Steering Encouraging
Redlining
white property
Denying or Guiding owners to sell
increasing the prospective their homes at a
cost of homebuyers to loss by
services to or away from a fraudulently
residents of a specific implying that
racially neighborhood racial or
specific based on religious
geographical his/her race minorities were
area moving into
Fair Housing/Fair Lending their
http://www.hud.gov/offices/fheo/lending/index.cfm neighborhood
22
23. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 11 Module 11.4
In Mortgage Lending: No one may take any of the
following actions based on race, color, national
origin, religion, sex, familial status or handicap
(disability):
Refuse to make a mortgage loan
Refuse to provide information regarding loans
Impose different terms or conditions on a loan, such as
different interest rates, points, or fees
Discriminate in appraising property
Refuse to purchase a loan or
Set different terms or conditions for purchasing a loan.
Fair Housing/Fair Lending http://www.hud.gov/offices/fheo/lending/index.cfm
23
24. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 11 Module 11.7
Fair Housing Thought Questions
Should sexual orientation be added as one of the
protected classes?
Should we make a woman on maternity leave return
to work before counting her income when qualifying
for a loan?
Should we make long term disabled applicants
provide additional documentation proving that they
will stay disabled?
Fair Housing/Fair Lending http://www.hud.gov/offices/fheo/lending/index.cfm
24
25. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 12 Consumer Protection
Module 12.1
Module 12.2
Module 12.3
Pages 53-54 in the course book
Case Study: Carnell v. KMC Funding
Read the case. In small groups discuss the questions.
As a large group, share your anwers
25
26. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 13 Module 13.1
Fraud for Housing, or fraud for property, is
perpetrated by borrowers and/or one or more
industry professionals when they misrepresent
information on the loan application. This type of
fraud does not usually result in significant losses to
a financial institution.
.
FBI
US Department of Justice
Financial Crimes Report to the Public 2010-2011
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011
26
27. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 13 Module 13.1
Fraud for profit consists of systematic transactions by
industry professionals who are attempting to steal a
significant amount of the funds associated with one or
more mortgage transactions. This type of fraud usually
involves multiple parties in various disciplines within the
mortgage industry, such as mortgage originators,
appraisers, real estate brokers, escrow closers, builders
and title companies. Fraud for profit usually results in
significant—if not catastrophic—losses to financial entities
involved in mortgage loan transactions and it is of major
concern to the mortgage industry
FBI
US Department of Justice
Financial Crimes Report to the Public 2010-2011
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011
27
28. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 13 Module 13.2
Property Flipping
Silent Second
Straw Borrowers
Identity Theft
Appraisal Fraud
Foreclosure Rescue
Equity Skimming
Loan Mod Scams
Short Sale Fraud
FBI
US Department of Justice
Financial Crimes Report to the Public 2010-2011
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011
28
29. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 13 Module 13.3
Red Flags
When seeking employment as an LO
When working with real estate agents or Realtors
When working with consumers
FBI
US Department of Justice
Financial Crimes Report to the Public 2010-2011
http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011
29
30. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 13 Modules 13.6-13.20
SARS
Suspicious Activity Reports
AML
Anti Money Laundering
Pages 46 in the 2013 course book
Financial Crimes Enforcement Network
Anti-Money Laundering Program and Suspicious Activity Report Filing
Requirements for Residential Mortgage Lenders and Originators
AGENCY: Financial Crimes Enforcement Network (‘‘FinCEN’’), Treasury.
ACTION: Final rule.
Federal Register / Vol. 77, No. 30 / Tuesday, February 14, 2012 / Rules and
Regulations Page 8159
Subpart C—Reports Required To Be Made by Loan or Finance Companies
http://www.gpo.gov/fdsys/pkg/FR-2012-02-14/pdf/2012-3074.pdf
30
31. 20 Hour SAFE Comprehensive
Pre-Licensing and Exam Prep
Jillayne Schlicke
DAY 2
32. National Association of Mortgage Fiduciaries
Jillayne Schlicke
The Main Fed Law Acronyms
TILA
Truth in Lending Act
MDIA
Mortgage Disclosure Improvement Act
RESPA
Real Estate Settlement
And Procedures Act
ECOA
Equal Credit Opportunity Act
FCRA
Fair Credit Reporting Act
SAFE
Secure and Fair Enforcement Act 32
33. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 Truth in Lending Act
Modules 16.1-16.3
Purpose: To promote informed use of credit.
(Instead, creates mass confusion.) Gives
consumers the right to cancel some transactions
(o.o. refi), regulates variable rate loans.
TILA Disclosures: 3 days from date of application,
final disclosure at settlement
Disclosure content: variable rate features, payment
schedule, demand feature, prepayment penalty,
security interest in the property, insurance
cancellation, assumption policy.
CHARM Booklet required on ARM loans
Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html 33
34. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 Truth in Lending Act
Modules 16.3
Four Government Boxes
This info must be presented in clear and conspicuous
place:
Annual Percentage Rate/APR (will cover this soon)
Finance Charge Interest + closing costs
Amount Financed Loan amount less closing costs
Total of Payment All P&I if all payments made
Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html 34
35. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 Truth in Lending Act
Modules 16.4-16.5
Rescission: on an o.o. refinance, the
borrower has 3 days after signing the final
loan documents to cancel and receive a
full refund from the lender. LOs must
refund any money collected for third
party services, even if spent.
For TILA RESCISSION purposes, business
days include Saturday.
Can the 3 day right of rescission ever be
waived? Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html
35
36. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 TILA Module 16.4
Case Study: What is the first business day on
which funds may be disbursed if:
Closing date: Thurs, May 2
1st bus. day: Fri, May 3
2nd bus. day: Sat, May 4
Sun, May 5
3rd bus. day: Mon, May 6
The loan can fund on Tuesday May 7th
Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html
36
37. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 Truth in Lending Act
A closer look at APR (Annual Percentage Rate)
APR is a measure of the cost of credit,
expressed as a nominal yearly rate. It
relates the amount and timing of value
received by the consumer to the amount and
timing of payments made.
Disclosure of the APR is central to the
uniform credit cost disclosure envisioned by
the TILA.
Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html
37
38. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 Truth in Lending Act
A closer look at APR (Annual Percentage Rate)
Common consumer question:
What costs are included when calculating APR?
At a typical mortgage company, software systems
are already programmed to do this for LOs.
However, customers ask questions about the TILA
disclosure forms and regulators expect licensees to
know how to answer basic questions about the
information contained in the TILA disclosure form.
Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html
38
39. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Included Excluded
Prepaid interest
Hazard Insurance
Mortgage insurance
(IF obtained from a
premiums
neutral company)
Wire transfer fees
Seller paid points
Recording fees
Document prep fee
Loan origination fee
Title insurance (lender
Mortgage broker fee policy)
Escrow (closing fee) Notary fee
Discount points Appraisal
Pest inspection (VA only when prop Credit report
is located in mod to high probability of
area of pest infestation and lender is
paying for it.
Impounds for taxes & ins
Flood Ins. premiums Flood Hazard Check
http://www.fdic.gov/regulations/laws/rules/6500-200.html
39
40. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 16 Truth in Lending Act
A closer look at APR (Annual Percentage Rate)
Tip: How to remember which costs are included/excluded
when calculating APR:
Costs included Costs excluded
These are costs These are costs
that benefit the that are paid to
lender or costs and benefit third
that the lender parties other than
requires in order the lender.
to obtain a loan.
Truth in Lending Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html
40
41. National Association of Mortgage Fiduciaries
Jillayne Schlicke
APR Tolerances…Can we make a mistake
and still be in compliance? Yes:
Example:
|________|_______ APR 7.75_______|________|
.25 .125 .125 .25
ARM FRM FRM ARM
ARM = Adjustable Rate Mortgage
FRM = Truth in Lending ActMortgage
Fixed Rate
http://www.fdic.gov/regulations/laws/rules/6500-200.html
41
42. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 17 MDIA Module 17.3
We now have three categories of mortgage loans
HOEPA (Added in 1994 as Section 32 of TILA)
High cost/2nd mtg/HELOC
Higher Priced
High Risk (Added in 2009 as part of MDIA)
1.5 or more points higher (APR) FRM
3.5 or more points higher (APR) ARM
3.5 or more points higher for a subordinate
lien
QRM Qualified Residential Mortgage
(Added as part of the Dodd Frank Act of 2010)
Truth in Lending Amendments
Regulation Z, Subpart C, Closed End Credit, Section 226.17,
Definition of a QRM scheduled to Effective July 30, 2009
General Disclosure Requirements be announced in 2013 42
43. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 17 Module 17.6 Quiz Review
Quiz Question 7:
0 Mon Jan 5
1 Tues Jan 6
2 Wed Jan 7
3 Thurs Jan 8
4 Fri Jan 9
5 Sat Jan 10
Sun Jan 11
6 Mon Jan 12
7 Tues Jan 13
43
44. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 17 Module 17.6 Quiz Review
TILA Quiz Question 10
Mon July 9 Consumer must receive disclosures
Tues July 10
Wed July 11
Thurs July 12 Signing is scheduled
44
45. Federal Reserve
National AssociationRegulation Z: Loan Originator Compensation and Steering 12 CFR 226
of Mortgage Fiduciaries
http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf Jillayne Schlicke
Section 18
Federal Reserve Board (FRB) rule
on Loan Originator Compensation
Module 18.1
Background
FTC v. Golden Empire Mortgage
Federal Reserve
Regulation Z: Loan Originator Compensation and Steering 12 CFR 226
http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf
45
46. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 18
Federal Reserve Board Rule on
Loan Originator Compensation
Module 18.2 Three main prohibitions:
P1: Compensation based on a transaction’s term
or conditions.
P2: Compensation by someone other than the
consumer.
P3: Prohibitions against steering.
Federal Reserve
Regulation Z: Loan Originator Compensation and Steering 12 CFR 226
http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf 46
47. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 18
Federal Reserve Board Rule on
Loan Originator Compensation
Module 18.2 Three main prohibitions:
P1: Compensation based on a transaction’s term
or conditions:
> Payment based on transaction terms or conditions.
> Compensation cannot go up or down based on the
loan’s terms or conditions.
> Minimum or max dollar amount of compensation
may not vary with each loan.
Federal Reserve
Regulation Z: Loan Originator Compensation and Steering 12 CFR 226
http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf 47
48. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 18
Federal Reserve Board Rule on
Loan Originator Compensation
Module 18.2 Three main prohibitions:
P2: Compensation by someone other than the
consumer.
If an LO will be compensated by the
consumer, the LO may not also receive
compensation from the lender funding the
loan, or any other person connected with
that transaction.
Federal Reserve
Regulation Z: Loan Originator Compensation and Steering 12 CFR 226
http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf
48
49. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 18
Federal Reserve Board Rule on
Loan Originator Compensation
Module 18.2 Three main prohibitions:
P3: Prohibitions against steering.
LOs may not steer a consumer to a loan only
because the LO will be compensated at a
higher rate by selling that product, unless the
loan is in the best interest of the consumer.
Federal Reserve
Regulation Z: Loan Originator Compensation and Steering 12 CFR 226
http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf
49
50. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 18
Federal Reserve Board Rule on
Loan Originator Compensation
Module 18.3
Review the Section 18 Handout:
RESPA Roundup
RESPA Roundup: Compliance Guide for REPA as it applies to the Federal
Reserve Board’s MLO Compensation Rules Published on Sept 24, 2010
50
51. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 19
Real Estate Settlement and Procedures Act
RESPA
Modules 19.1-19.2
Applies to all federally related loans; sale or
refi, primary market loans only.
Exemptions: 25 acres or more, temporary
financing, assumptions with lender
approval, conversions (contract to deed),
secondary market transactions, vacant
property.
Which entities must comply?
Real Estate Settlement and Procedures Act
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
51
52. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 19 RESPA Modules 19.1-19.2
Which entities must comply?
Lenders (banks, brokers, etc.)
Real estate agents/Realtors
Title and XO
Appraisers
Home inspectors
Mortgage insurance companies
Credit reporting agencies
Flood hazard check companies
Attorneys
Hazard insurance companies
Home warranty companies
Builders Real Estate Settlement and Procedures Act
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
52
53. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 19 RESPA Modules 19.1-19.2
Purpose
Timely disclosure of settlement costs
Limits on escrow reserve accounts
Prohibits seller-directed title insurance
Forbids kickbacks (Section 8. See next slide)
GFE and HUD 1
Disclosure of Affiliated Business Arrangements
Disclosure of potential loan servicing charges
“Settlement Cost Booklet”
Lender required use agreements
Real Estate Settlement and Procedures Act
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
53
54. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 19 RESPA Modules 19.1-19.2
Section 8 Referral Fees
Prohibits the giving or taking of a fee or other
thing of value for a referral involving a federally
related loan
Un-earned fee
A fee we receive but we have performed no
work in exchange for receiving the fee.
Real Estate Settlement and Procedures Act
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
54
55. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 19 RESPA Modules 19.1-19.2
TILA/RESPA Definition of “an Application”
Financial Data
Borrower’s Name
Soc
Income
Estimated value
Loan Amount
…..
Prop address (will have this if refi, might not have
this right away if borrower is still house-shopping.)
…..
Any other info deemed necessary by the LO
Real Estate Settlement and Procedures Act
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm 55
56. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 20
RESPA Amendments in 2009
Modules 20.1
New Good Faith Estimate
Mortgage Brokers who table fund are mortgage brokers
All yield spread premium dollars credited from the
lender when a borrower selects a higher note rate is
for the borrower’s benefit.
This was a huge change for mortgage broker LOs and
many fled to non-depository lenders after these 2009
changes were enacted. Then FRB rule on LO Comp
(which went into effect April 5, 2011) disallowed
steering borrowers into a higher rate loan, solely for
the purpose of LOs making more money for all LOs no
matter where they work.
Real Estate Settlement and Procedures Act (2009 Changes)
http://www.federalreserve.gov/boarddocs/supmanual/cch/respa.pdf
56
57. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 20
RESPA Amendments in 2009
Modules 20.1-20.7
GFE tolerances
Violations, penalties
Definition of “An Application”
GFE delivery, loan term availability
Changed circumstances
Seller paid fees
Required use
Average charge pricing, volume discounting
RESPA Amendments Quiz
Real Estate Settlement and Procedures Act (2009 Changes)
http://www.federalreserve.gov/boarddocs/supmanual/cch/respa.pdf
57
58. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 21 Module 21.1 and 21.2
Equal Credit Opportunity Act ECOA 1974
ECOA points us toward the evaluation based on
creditworthiness only.
Nine categories; the prohibited bases:
Race
Color
Religion Equal Credit Opportunity Act
http://www.fdic.gov/regulations/laws/rules/6500-1200.html
Sex
Marital Status
National Origin
Income from Public Assistance
(Age)
Whether an applicant has exercised his or her
rights under this act. 58
59. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 21 ECOA Module.21.2
It is a violation to discourage an applicant
from making an application for credit on a
prohibited basis.
Cannot ask an applicant if he or she receives
alimony, child support. The applicant may
volunteer such information.
You must ask if he or she PAYS alimony or
child support.
Unmarried…
ECOA requires the lender to provide a copy
of the appraisal report.
Application need not be in writing for this act
to apply.
Can we ask questions NOT related to
creditworthiness?
Adverse Action Form Equal Credit Opportunity Act
http://www.fdic.gov/regulations/laws/rules/6500-1200.html 59
60. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section21
Module 21.2
Equal Credit Opportunity Act ECOA
Marital Status
1. Unmarried =
Single
Divorced
Widowed
2. Married
3. Separated
Equal Credit Opportunity Act
http://www.fdic.gov/regulations/laws/rules/6500-1200.html
60
61. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 22 Module 22.1 and 22.2
Fair Credit Reporting Act FCRA Fair Credit Reporting Act
http://www.fdic.gov/regulations/laws/rules/6500-200.html
Passed to ensure consumers have access to
credit information used by lenders and
others so that remedial steps could be taken
when incorrect or outdated information
remained in their file.
Purpose of a credit report:
Insurance, licensing, instruction from
consumer, extension of credit, employment,
response to a court order, potential investor
risk, other legitimate business needs.
Credit reports are deemed privileged info.
A CRA has 30 days to respond to a disputed item
Adverse Action: Name, address and phone
number of the CRA, reason, and info on how
to obtain a free copy of their report. 61
62. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 23 Modules 23.1-23.10
Other Federal Laws Governing Mortgage Lending
HMDA Home Mortgage Disclosure Act
CRA Community Reinvestment Act
GLB Gramm Leach Bliley Act AKA Privacy Act
HOEPA Home Owner’s Equity Protection Act
Bank Secrecy Act
U.S. Patriot Act
PMI Act
FACTA Fair and Accurate Credit Transactions Act
Do Not Call
Additional Federal Laws Quiz
62
63. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 24
SAFE Mortgage Licensing Act
Module 24.1
The SAFE Act of 2008
SAFE = Secure and Fair Enforcement Act
Passed in order to increase uniformity, reduce
regulatory burden, enhance consumer protection, and
reduce fraud. Establishes the Nationwide Mortgage
Licensing System and Registry.
Title V SAFE Mortgage Licensing Act of 2008
http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS
%20Document%20Library/SAFE-Act.pdf
63
64. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 24 SAFE Act Module 24.2
“Registered Loan Originator”
An employee of:
a depository institution;
a subsidiary that is:
owned and controlled by a depository
institution AND
regulated by a federal banking agency OR
An institution regulated by the Farm Credit Admin
Title V SAFE Mortgage Licensing Act of 2008
http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS
%20Document%20Library/SAFE-Act.pdf
64
65. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 24 SAFE Act Module 24.2
State or Federally Chartered Depository
Banks:
LOs are exempt from testing and education.
NOT exempt from “registration.”
Register with the Nationwide Mortgage Licensing
System (NMLS) and will be given a unique identifier.
“Registered” LOs
Title V SAFE Mortgage Licensing Act of 2008
http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS
%20Document%20Library/SAFE-Act.pdf
65
66. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 24 SAFE Act Module 24.2
Issuance of a License:
Never revoked
No felony last 7 years
No felony at any time re fraud, dishonesty, breach of
trust, money laundering
Financial responsibility
Pre-licensing education
Written test
Net worth and surety bond
Title V SAFE Mortgage Licensing Act of 2008
http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS
%20Document%20Library/SAFE-Act.pdf
66
67. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 24 SAFE Act Module 24.2
LO exam:
75% to pass
Can retake 3 X at 30 day intervals
If fail 3 X, must wait 6 months
5 year lapse in license: must retake the test
Title V SAFE Mortgage Licensing Act of 2008
http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS
%20Document%20Library/SAFE-Act.pdf
67
68. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Section 24 SAFE Act Module 24.2
Continuing Ed
3 hours Federal Law
2 hours Ethics, Consumer Protection, Fraud, Fair
Housing
2 hours Non Traditional Lending
1 hour Undefined
No carry-overs
Can’t take the same class each year.
Title V SAFE Mortgage Licensing Act of 2008
http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS
%20Document%20Library/SAFE-Act.pdf
68
69. National Association of Mortgage Fiduciaries
Jillayne Schlicke
Jillayne Schlicke
CE Forward, Inc.
National Assoc of Mortgage Fiduciaries
206-931-2241
jillayne@ceforward.com
mortgagefiduciaries.com
69