In October 2011, the Consumer Financial Protection Bureau released the first edition of the CFPB Supervision and Examination Manual, a guide that explains how the CFPB will supervise and examine consumer financial service providers under its jurisdiction for compliance with Federal consumer financial law. Training is a key component of this new examination. Choose the [...]
18Jun2012 | Rackl | 0 comments | Continued
Mortgage professionals around the country have been taught about and held accountable for fair lending practices and the Equal Credit Opportunity Act (ECOA) since its enactment in 1974. The Consumer Financial Protection Bureau (CFPB) released a statement yesterday regarding their intentions to eliminate credit discrimination under the ECOA. They are giving “fair notice” that they [...]
On July 30th, 2008, the President signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law to stabilize the housing market and help alleviate the financial crisis. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, is specific to the registration and education of mortgage loan originators across the country to aid with consumer protection and fraud reduction.
The S.A.F.E. Mortgage Licensing Act mandates that all loan originators be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS) and establishes uniform minimum national standards for testing and both pre-licensing and continuing education.
23Mar2009 | admin | 0 comments | Continued
Please note that North Carolina has revised their SAFE Act to now require an MLO who fails to maintain a valid license to re-take their SAFE exam after 5 years. Their law previously stated that the exam must be taken 3 years after license expiration. This change went into effect on June 12th. Below is [...]
Mortgage loan professionals across the country have proposed a great number of questions regarding whether states may permit transitional licensing of mortgage loan originators. The Consumer Financial Protection Bureau (CFPB) recently responded to several inquiries on the issue, explaining both transitions from one state to another as well as transitions of registered loan originators from [...]
Are you or someone you know planning to do business in Puerto Rico? TrainingPro is excited to announce its new, online NMLS test-prep course for Puerto Rico mortgage professionals. Using its proprietary Ax5 Formula, TrainingPro has created a study tool that includes: Downloadable study sheets Downloadable content outline (issued by NMLS) Pre-test Course material organized [...]
There is more good news on the housing and economic front, according to recently released data from Standard and Poor’s and Experian. The S&P/Experian Consumer Credit Default Indices show that the rates of defaults fell in three of the four measured categories. This “comprehensive measure of changes in consumer credit defaults”[1] revealed that defaults on [...]
It seems that following developments in the mortgage and housing industries is like riding an old wooden rollercoaster. There are dramatic spikes followed by steep climbs, and just when you think the ride is over, the structure creaks and the car lurches forward for another lap. Midway through the last week of June, the news [...]
In a planned effort to lessen the federal government’s role in the mortgage market, maximum loan limits are scheduled to decrease as of October 1, 2011. Currently, the maximum loan amount that will carry federal backing (Fannie Mae, Freddie Mac and FHA) is $729,750. If the October 1 plan moves forward as scheduled, the new, [...]
With the news this week that Wells Fargo has joined Bank of America in exiting the reverse mortgage business, the two largest lenders of that particular product are now gone. Bank of America, the second largest lender, announced in February that it would discontinue offering reverse mortgages. Together the two lenders owned approximately 43% of [...]
On Monday, June 20, 2011, the Department of Housing and Urban Development (HUD) launched a program designed to provide no-interest loans of up to $50,000, for a period of up to two years, to distressed/delinquent borrowers. The Emergency Homeowners’ Loan Program (EHLP) is funded in the sum of $1 billion provided under provisions of the [...]
