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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Tag: Nationwide Mortgage Licensing System (NMLS)
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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Paying appraisers
Fee appraisers are to be compensated by mortgage lenders and their agents at a reasonable rate – but there are exceptions that effectively gut this rule.
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The APR Coverage Test: Part 2
Part 2 of this video series provides examples for how MLOs can determine whether a transaction is subject to Section 32 compliance.
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Mortgage Concepts: Timelines for lender RESPA disclosures
This video covers delivery of the Loan Estimate and Closing Disclosure.
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A consumer mortgage becomes a Section 32
A consumer-purpose mortgage origination secured by the borrower’s primary residence earns a Section 32 designation based on a three-step set of APR tests.
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Conflicts of interest facing appraisers and mortgage lenders
An appraiser must not have a direct or indirect interest, financial, personal or otherwise, in the property they have been retained to prepare an appraisal.
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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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Mortgage Concepts: Lender ECOA disclosures of action taken, Part 2
Part 2 explains ECOA-mandated disclosures advising the borrower of the action the lender has taken on the borrower’s mortgage application.
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Mortgage Concepts: Lender ECOA disclosures of action taken, Part 1
This video covers the disclosures advising the borrower of the action the lender has taken on the borrower’s mortgage application.
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Mortgage Concepts: How to issue the Adverse Action Notice, Part 2
Which disclosures are required by the FCRA when a loan is denied, instead of approved?
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Mortgage Concepts: How to issue the Adverse Action Notice, Part 1
When a loan is denied, instead of approved, the FCRA requires the loan originator to disclose the adverse action.
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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: Advertising – a complete representation of the mortgage terms mentioned
While no guidelines exist for an “ideal” mortgage ad, there are standards an MLO needs to follow.
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Mortgage concepts: MLO telemarketing, deception and FTC regs
This video discusses the rules governing telemarketing campaigns conducted by mortgage loan originators (MLOs).
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Mortgage Concepts: Section 35 disclosures for higher-priced consumer mortgages
Mortgage Concepts is a recurring video series covering best practices and compliance education...
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