Mortgage complaint trends
Compliance doesn’t prevent all consumer complaints, but it goes a long way toward happier customers and borrowers — and better business for MLOs.
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Tag: mortgage loan originator (MLO)
Form-of-the-Week: Credit report disclosure forms for originating an SFR mortgage — Forms 302, 217, 217-1, 217-2 and 219
A mortgage loan originator (MLO) processing an SFR mortgage application pulls a credit report, advises the applicant of the credit agency’s score and any derogatory financial information which suggests adverse action on the application. Critical to approval, the applicant provides the MLO with explanations for the derogatory items so the MLO can process the application.
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Fannie Mae, Freddie Mac accept new credit score model
Lenders and MLOs now have more Enterprise-approved options for qualifying homebuyers with thin credit histories.
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CFPB cuts into mortgage discrimination rules
A new CFPB federal rule shaves down the definition for what lender actions qualify as mortgage discrimination.
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Annual assessment increase for DFPI mortgage licensees
Declining DFPI licensee numbers, and the fees they charge, means the remaining individuals need to pick up the slack — with their wallets.
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What buyer- and tenant-clients need to know about credit reports
This article offers a bird’s eye view on credit report fundamentals across real estate sales and rentals.
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Form-of-the-Week: Mortgage Broker Representation Agreement, and Disclosure of Mortgage Loan Originator Fees — Forms 104 and 119-1
A broker and their agent use RPI Form 104 to arrange a mortgage with a buyer or owner of real estate or a holder of a trust deed note and RPI Form 119-1 to disclose to all parties the receipt of a mortgage-related fee in addition to a sales fee on the transaction.
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Predatory mortgages, discouraged by TILA section 32
Learn what a Section 32 loan is, and why MLOs try to avoid originating these types of loans.
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Appraisal rules for high-priced mortgages
A Section 35 higher-priced mortgage loan classification triggers certain appraisal report requirements.
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Section 32 disbursements, servicing and modification restrictions
Learn the ten prohibited lender actions which protect the borrower after origination of a high-cost (Section 32) consumer-purpose mortgage.
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Section 32 homeowner protections limiting mortgage note provisions
Several repayment provisions in the note documenting a Section 32 mortgage origination are restricted in their scope — or outright prohibited.
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The points and fees test for Section 32
Learn when a consumer-purpose mortgage falls under Section 32 limitations and disclosure rules.
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Meet the MLO video course that fulfills your NMLS CE renewal needs
Your NMLS renewal just got more entertaining now that firsttuesday’s 8-hour NMLS CE Online Video course is freshly approved.
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As consumer mortgage complaints jump — originations plummet
In 2022, the number of consumer mortgage loans originated by DFPI licensees was down a shocking 70% from the prior year.
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California is experiencing unlawful telemarketing practices — are you in compliance?
California’s attorney general recently announced a crackdown on illegal telemarketing.
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Mortgage Concepts: The California Residential Mortgage Lending Act (CRMLA) Part 2
Part 2 of this video reviews CFL and MLO licensing by the DFPI, consumer mortgage originating, and reporting under the CRMLA.
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Mortgage Concepts: The California Residential Mortgage Lending Act (CRMLA) Part 1
This video reviews CFL and MLO licensing by the DFPI, consumer mortgage originating, and reporting under the CRMLA.
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Mortgage concepts: Limited “changed circumstances” for TRID disclosures
Learn the factors which compel delivery of a Loan Estimate – and when changes may be made with a Revised Loan Estimate.
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Mortgage concepts: The modern-day ARM
The face of the ARM has changed over the years, most markedly during the Millennium Boom of the mid-2000s.
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Mortgage Concepts: The birth of the adjustable rate mortgage (ARM)
The face of the ARM has changed over the years, most markedly during the Millennium Boom of the mid-2000s.
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