Tag Archives: Mortgage education

The Consumer Financial Protection Bureau by the Numbers

CFPB Actions Result in $11.7 Billion in Relief to 27 Million Consumers By Jeff Sorg, OnlineEd Blog (July 15, 2016) – July 21, 2016, will mark five years since the CFPB opened its doors. After the 2008 financial crisis, Congress created the CFPB as the only federal agency with the sole mission of protecting consumers in […]

Court Upholds $5 Million Judgment for Violating Mortgage Assistance Relief Services (MARS) Rule

(Jeff Sorg, OnlineEd) –  The US Circuit Court of Appeals, Sixth Circuit, has issued a decision upholding a district court ruling that several defendants in the US and Canada deceived consumers through a telemarketing scheme designed to sell phony mortgage assistance and debt relief programs. The district court’s order bars the defendants from working in the debt relief […]

Mortgage Lender to Pay $104,000 for Income Discrimination

 (Jeff Sorg, OnlineEd) – The US Department of Housing and Urban Development (HUD) announced that Freedom Mortgage Corporation will pay $104,000 to settle allegations that it discriminated against mortgage loan applicants with disabilities by requiring them to provide medical or other documentation regarding their disability. Under the terms of the settlement agreement, Freedom will set […]

Amerisave to Pay $19.3 Million for Bait and Switch

 (Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) has found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated third-party services. According CFPB, Amerisave Mortgage Corporation, its affiliate Novo Appraisal Management Company, and […]

Three Charged In Connection With $18.5 Million Mortgage Modification Scheme

  (Jeff Sorg, OnlineEd) Preet Bharara, the United States Attorney for the Southern District of New York, and Christy Romero, Special Inspector General of the Troubled Asset Relief Program (“SIGTARP”), announced charges against PED ABGHARI, also known as “Ted Allen,” DIONYSIUS FIUMANO, also known as “D,” and JUSTIN ROMANO for a mortgage modification scheme that […]

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 […]

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 […]

8 New Mortgage Regulation Deadlines Coming Out of the CFPB

(OnlineEd – Portland, OR) – The Consumer Financial Protection Bureau (“CFPB”) gave 12 months (and sometimes less) from the “issue date” to implement the majority of these new requirements.  Because the CFPB considers the “issue date” as the date of publication on the CFPB’s website – rather than publication in the Federal Register,  your company will have less […]

OnlineEd Offers MLO Continuing Ed at CAMP Convention

  (OnlineEd) – It’s time for Summer Camp! The California Association of Mortgage Professionals annual trade show will be happening in San Jose, CA on August 4-5, 2011.  The two-day event will include continuing education to cover both NMLS and California Department of Real Estate requirements.  The OnlineEd continuing education courses are approved by NMLS and […]