Tag Archives: mortgage broker

Scary Low Prices on NMLS CE From OnlineEd!

Sign up today! Offer expires 11:59pm October 31, 2015. Jeff SorgJeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing […]

NMLS Smart Deadlines for 2014 License Renewal

(OnlineEd – Jeff Sorg) – The deadline to complete NMLS CE for MLO license renewal is December 31, 2014. However, NMLS Rules allow course providers seven days to report their course completions to NMLS. This means licensees will not want to wait until the last minute before completing their education requirement. If the licensee completes before the […]

CFPB Orders Connecticut Lender to Pay $83,000 Civil Penalty

(Consumer Financial Protection Bureau – Washington, D.C.) Today, the Consumer Financial Protection Bureau ordered a Connecticut mortgage lender, 1st Alliance Lending, LLC (First Alliance), to pay an $83,000 civil money penalty for violating federal law by illegally splitting real estate settlement fees. First Alliance self-reported these violations to the Bureau, admitted liability, and provided information related […]

Oregon Amends Provisions of Foreclosure Avoidance Notice

(Jeff Sorg, OnlineEd – Portland, OR) Oregon has amended the provisions of its Foreclosure Avoidance Notice by providing for the form and content of the notice when a lender determines that a homeowner is not eligible for foreclosure avoidance measures or has not complied with an already agreed upon avoidance measure. The form [Form 20] requires […]

CFPB Finalizes April Clarifications to Mortgage Rules

Rule Will Improve Consumer Protections in Qualified Mortgages and Mortgage Servicing (CFPB, WASHINGTON, D.C.) — Today, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today’s clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers. […]

The CFPB Issues Procedural Rule on Supervising Nonbanks That Pose Risks to Consumers

(CFPB -WASHINGTON, D.C.) —The Consumer Financial Protection Bureau (CFPB) issued a rule that establishes procedures to bring under its supervisory authority certain nonbanks whose activities it has reasonable cause to determine pose risks to consumers. Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have […]

CFPB Issues Proposed Modifications to Mortgage Rules

The CFPB finalized several mortgage rules in January 2013 that are addressed by today’s proposal. The Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules established strong protections for homeowners facing foreclosure, and the loan originator compensation rules address certain practices that incentivized steering borrowers into risky and/or high-cost loans. The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.

Free List of Mortgage Abbreviations and Acronymns

(Jeff Sorg, OnlineEd) – Is your CAN-SPAM in compliance with your GENESYS or are they both in need of PEP? Don’t be confused by all the mortgage abbreviations and acronyms being tossed around today! OnlineEd has put together a list of the most commonly used mortgage industry abbreviations in this free PDF.  ### If you have questions or […]

CFPB Releases Informative Videos on YouTube

Confused about the CFPB’s January 2013 new mortgage rules? Don’t have an afternoon to read a series of .pdf files? Check out the new videos that the CFPB just posted on YouTube. “We’re trying to make our rules more understandable and more user-friendly, setting out as clearly as we can what you need to know, […]

It’s Time For Mortgage Loan Originators to Start Their Annual NMLS Continuing Education

(OnlineEd) – Every state-licensed mortgage loan originator (“MLO”) in any approved status is to complete at least 8 hours of NMLS approved license renewal education as part of their license renewal requirements.  This annual continuing education must include 3 hours of Federal law, 2 hours of ethics, which includes fraud, consumer protection, and fair lending […]