The fall 2021 edition of the DRE Bulletin serves as an annual report focusing on the DRE’s accomplishments throughout the previous fiscal year (which ended June 30, 2021).
DRE Bulletin Digest: Fall 2021
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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
Mortgage Concepts: How to issue the adverse action notice
Mortgage Concepts is a recurring video series covering best practices and compliance education for California mortgage loan originators. This video discusses guidelines for issuance of the adverse action notice/notice of action taken under both the Equal Credit Opportunity Act (ECOA) and Fair Credit Reporting Act (FCRA). For course credit toward renewing your NMLS license, visit firsttuesday.us.
MLO Mentor: Anti-Money Laundering
This MLO Mentor article outlines common money laundering practices and the programs that counter them.
Mortgage Concepts: What are the elements of a nontraditional mortgage risk?
Mortgage Concepts is a recurring video series covering best practices and compliance education for California mortgage loan originators. This video discusses the elements of a nontraditional mortgage risk. For course credit toward renewing your NMLS license, visit firsttuesday.us.
MLO Mentor: Red Flags Rule
This MLO Mentor guide helps you quickly identify suspicious activity as detailed under The Red Flags Rule. Enroll in firsttuesday’s 8-Hour NMLS CE to renew your California mortgage loan originator license and learn more about identity theft prevention in your practice.
MLO Mentor: Section 32 coverage tests
This MLO Mentor guide helps you quickly identify when a loan falls under Section 32 requirements. Enroll in firsttuesday’s 8-Hour NMLS CE to renew your California mortgage loan originator license and learn more about Section 32 loans in your practice. The Home...
LIBOR phase out begins on December 31, 2021. Are you ready?
As LIBOR’s demise quickly approaches, the Secured Overnight Financing Rate (SOFR) is the backup rate of choice.
Construction awaits a full jobs recovery; Monthly Statistical Update (December 2021)
The faltering recovery progress for jobs; Low labor force participation continues; Construction recovery hampered
Mortgage Concepts: When is the credit exception notice used?
Mortgage Concepts is a recurring video series covering best practices and compliance education for California mortgage loan originators. This video discusses circumstances that require the issuances of the credit exception notice. For course credit toward renewing your NMLS license, visit firsttuesday.us.