This Mortgage Concepts explainer video breaks down counseling requirements for consumers considering a Home Equity Conversion Mortgage (HECM).
Mortgage Concepts: Steering homeowners to preferred counselors on HECMs
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California Mortgage Lending
Learn the core concepts of consumer and business mortgage lending and brokering.
Stay current on the latest news, videos, forms, and updates for California Mortgage Lending.
Latest Articles
Loan production costs are drowning mortgage brokers
Just 32% of loan companies were able to remain profitable in 2022.
MIP, PMI, or neither?
Which is better for first-time homebuyers reliant on mortgage insurance: MIP or PMI?
The source of home price movement: buyer purchasing power
Find out what today’s buyer purchasing power means for tomorrow’s home prices in California.
Press Release: Q1 2023 Buyer Purchasing Power Index down 23% from a year earlier
A homebuyer with the same income is able to borrow 23% less purchase-assist mortgage money than a year ago due to interest rate hikes alone.
Home sales volume finds a new low, ARMs no longer an option to extend purchasing power; Monthly Statistical Update (April 2023)
Home sales volume in the basement; FRM rates to fall back in 2023 — but not yet; ARM rates crossover the FRM rate
Mortgage Concepts: ARM awareness by an informed consumer
This Mortgage Concepts video breaks down the critical elements of an adjustable rate mortgage (ARM).
National mortgage balances increased by $1 trillion in 2022
During the fourth quarter of 2022, total national mortgage debt increased by $254 billion, contributing to a $1 trillion increase in mortgage balances in 2022.
ARM-FRM crossover removes last support for home prices
The interest rate inversion has completely eliminated the appeal of ARMs — and the price support ARMs provided before the inversion.
Errata & Updates
- Chapter 3: The Agency Law Disclosure. The updated statutory Agency Law Disclosure and confirmation provision went into effect the beginning of 2019. Both the content of the form and when it is to be used have been modified. Further, prior printings indicate the Agency Law Disclosure is not required on a lease with a term exceeding one year. However, lease transactions greater than one year are targeted transactions requiring the disclosure. For a thorough analysis of the new disclosure and confirmation practices, see the digital eBook version of the book.
- Chapter 72: Home mortgage interest deductions. The definition for principal residence on page 472 is partially obscured. It should read “The residential property where the homeowner resides a majority of the year.”
- Quiz 3 Question 3 has been simplified to read:
California anti-discrimination law is enforced by:
a. the Department of Business Oversight (DBO).
b. the Department of Fair Employment and Housing.
c. the Department of Housing and Urban Development (HUD).
d. Fannie Mae.