This article continues our discussion in Part I of the Mortgage Assistance Relief Services (MARS) rule and its associated disclosure requirements.
MLO Mentor: The MARS Rule, Part II
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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
Jobs still lagging, savings rates fall; Monthly Statistical Update (April 2022)
Jobs are still climbing out of the recessionary pit; Personal savings — back to normal and falling; Yield spread forecasts no double dip recession — for now
MLO Mentor: The MARS Rule
This article discusses the Mortgage Assistance Relief Services (MARS) rule
MLO Mentor: The Fair Credit Reporting Act, Part II
This article gives an overview of the separate disclosures required under Fair Credit Reporting Act (FCRA)
DRE Hot Seat: Danny Yen, owner of Real Estate Educational Services (REES), reprimanded by DRE and DFPI for conducting massive education fraud scheme
This article is part of an ongoing series covering violations of real estate law. Here, the Department of Real Estate (DRE) withdrew the qualification of a real estate course provider and instructor who implemented an elaborate and multi-state educational scheme which fraudulently provided course completion certificates to hundreds of DRE licensees and mortgage loan originators (MLOs) without requiring them to pass — or even attempt — their courses and final exams.
MLO Mentor: The Fair Credit Reporting Act
This article gives an overview of the Fair Credit Reporting Act (FCRA).
MLO Mentor: The Home Mortgage Disclosure Act, Part II
This article discusses the different thresholds that trigger Home Mortgage Disclosure Act (HMDA) data collection and reporting.
2021 sales volume and construction gains offset in 2022 by higher mortgage rates; Monthly Statistical Update (March 2022)
Home sales got a (temporary) boost in 2021; Residential construction is not (yet) meeting demand; Mortgage insurance woes for leveraged buyers
Mortgage Concepts: Common mortgage fraud schemes, Part 3
This video finishes our discussion regarding common mortgage fraud schemes mortgage loan originators are likely to encounter in their business.
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.
06/25: The 2025 rules for buyer representation and fee-splitting avoidance are currently being edited into this e-book.