5 15 mortgage

5 15 mortgage
With the mortgage industry in turmoil and state legislature in session, we can expect a lot of changes in the next 2 quarters. The Nationwide Mortgage Licensing System debuted last month and is already going strong in 7 states. FHA is expected to dramatically change with the U.S. Congress on a new law. Many countries are likely to propose bills to require the lender to verify the ability of the borrower to repay their loans. That means, said earnings will probably be a program from the past. States its rules are dramatic in a sector that is already regulated. This means that more countries, the Loan Officer Licensing and Licensing Branch.

Here is an update on mortgage licensing elements to be aware of:

• Clarification Colorado trigger for licensing


• Nebraska Licensing Branch


• New York Loan Originator Licensing


• Nationwide Mortgage Licensing System (NMLS) Update


• FHA Update

Colorado clarification trigger for licensing

On 7 January, the Colorado Division of Real Estate in a position to resolve "uncertainty ... on the market, who is required to license. "" The guide states that "persons who are directly supervised, that people negotiate, originate, or offer or attempt to negotiate or originate for a borrower, and for a commission or any other value, a residential mortgage loan to complete and financed by a mortgage lender "must be individually licensed as a mortgage broker. The Division goes on to clarify that only those administrative tasks are not required to be individually licensed as a mortgage broker. The opinion sets out administrative tasks to: (i) the receipt, recording , distribution and analysis of information for the common processing or issuance of a mortgage, and (ii) communication with the consumer to get the information required for the processing or underwriting a loan, to the extent that this communication or negotiation with credit rates or terms, or advice to consumers on prices, terms and conditions.

Nebraska Licensing Branch

Nebraska is the first state, for the transition to the Nationwide Mortgage Licensing System (NMLS), with a transitional period of the 28th February 2008. In this period, new branch licensing requirements for the state. Make sure to cover all branches, you can do in Nebraska after the deadline.

New York Loan Originator Rules

On 19 December, the New York State Banking Department (NYSBD), the regulations implementing the new government mortgage loan originator licensing statute (NY CLS Bank § 599 et seq). "The entry into force on 1 January 2008. Under the rules, the author, not previously worked in New York is applying for approval before 1 April 2008, but the originators of or in connection with a New York banker or broker before 2008 are not required to submit an application until 1 July 2008. The authorization will make use of the nationwide Mortgage Licensing System (NMLS), which is on 2 January 2008. Applicants are also required, fingerprints, credit history, and documentation of their financial and criminal history disclosures.

Nationwide Mortgage Licensing System (NMLS) Update

With the release of the new Nationwide Mortgage Licensing System, 2 January 2008, there was much speculation as to whether the system would be up to the objectives for the unification of licensing, the license for the simple maintenance licensees and regulators and help regulators track the bad companies. Even in the transitional phase, we have not seen whether the last goal has been achieved, but we have a chance to see how the system works and how easy it is to be used. So far, I have found the system to standardize the law dramatically. Much of the time of application in several states was the process before filling the same information and more for each state. The system was user friendly for multiple users to access company, branch, and details of the loan to be updated and the change for each state at the same time. Another thing that has worked well for the system is the Call Center. The people there are very helpful, answers to the phones quickly, and try their best to all the questions in as much detail as possible. I personally had a run with the state in which they are not very cooperative, since most States, but the system forced them to follow protocol and move forward whereas she should have Let It Go in the past. Overall, I see the system, much needed changes to a major problem with the current path mortgage licensing in many states.

FHA Update

FHA is one of the most interesting points to talk about in this month. The Parliament has passed a law that is the FHA loan limits as high as 125% of the median house price, which would be around $ 775,000 in California. The house also has an invoice for the provision of a guarantee in lieu of audited financial information when applying for or extension a FHA Loan Correspondent (Mini-Eagle) approval. The Senate bill only proposed that the limit for FHA Fannie Mae Conforming Loan Limit to $ 417,000 at the moment. The Senate bill also does not guarantee the provision. At that moment, the Senate and the House are in the committee reached a compromise on the two bills. To set the voltage to the House, Senate, administration, and an agreement to stimulate the economy last week demanded that the FHA bill to us quickly, as well as a number of other important changes designed to help the ailing housing market. This means that the House of Representatives and the Senate bill is likely to be affected in a few weeks if not sooner. The pressure is very high, because we can heading into a recession. Expect to see some major changes to the FHA in the very near future.

Steven Sheasby, founder of Integrity Mortgage Licensing, has collaborated with numerous companies, the mortgage licensing across the country. He has several departments for compliance with nationwide lenders and brokers. His experience in mortgage mortgage licenses, and other issues, the compliance to it within the track for dealing with the states without the expensive cost of a lawyer. Contact Integrity Mortgage Licensing at 714-721-3963 or ssheasby@integritymortgagelicensing.com. Or visit the website at http://www.integritymortgagelicensing.com