This article discusses changed circumstances in the course of the mortgage origination process and the disclosures required.
MLO Mentor: Changed circumstances and TRID disclosures
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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.
Recent updates to the course e-book
- 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.
06/25: The 2025 rules for buyer representation and fee-splitting avoidance are currently being edited into this e-book.
Newly published related content
Homebuyers now lean on ARMs to cover lost purchasing power — and that crutch is about to vanish; Monthly Statistical Update (September 2022)
https://vimeo.com/743160543 The Monthly Statistical Update (MSU) keeps agents and brokers current on the market trends affecting California real estate transactions. In the September 2022 MSU, we cover: the leveling of California home prices, with prices barely rising...
DFPI Bulletin Digest: August 2022
The August 2022 DFPI Bulletin focuses on a crypto-asset survey and consumer alert, and AARP’s Scam Chat, among other topics.
Mortgage application volume hasn’t been this low since 2000
For the first time in years, independent mortgage brokers reported net losses in Q2 2022.
Mortgage Concepts: Regulation O recordkeeping
This video discusses recordkeeping rules for mortgage loan originators (MLOs) under Regulation O.
MLO Mentor: consumer privacy
This article discusses privacy laws for financial institutions under Regulation P, the Privacy of Consumer Financial Information.
Homebuyers turn to ARMs in 2022 as FRM rates jump
ARM rates remain below FRM rates – for now.
MLO Mentor: The adjustable-rate mortgage, Part II
MLO Mentor is an ongoing series covering compliance best practices for mortgage loan originators (MLOs). This article discusses the purpose, popularity and elements of the adjustable-rate mortgage (ARM). Review Part 1 of MLO Mentor: The adjustable-rate mortgage. The...
Does a mortgage holder violate the Homeowner Bill of Rights (HBOR) when using multiple representatives to handle a loan modification request?
Morris v. JPMorgan Chase Bank, N.A.