The FHA Single Family Handbook has been updated. Check out the complete list of changes. Some highlights include an update to the legal age for members of an LLC, an update to the standard to limit non-commission employees to those employees that perform underwriting or quality control activities, that Mortgagees must report employee compensation following IRS requirements, as well as providing guidance on the use of Third Party Verifications, (TPV) services to verify borrower’s employment, …
Introducing Mortgage Professional News a streaming information service that delivers timely information directly to your inbox. Content is from three major sources: Articles and discussion on recent Mortgage Professional topics Live Webinars, New Courses, Presentations, Videos on Mortgage Education Major Notices for Mortgage Professionals Keep up to date on the information every Mortgage Professional needs to know. Get live updates on changes as they occur that directly affect you. Get immediate notices on new on …
We like less confusing! Right after I finished my Only Three Conditions on the First Underwrite webinar today I received a FNMA update. Thank you Fannie Mae. In response to feedback from lenders and technology providers, Fannie Mae has rewritten and simplified the DU Validation Service messages. According to their release today, the DU 10.3 update replaces 41 current messages with 11 messages, including changes for findings regarding commission income, as well as some updates …
Our CLOES.online Mortgage Professional Program is coming soon and I am in “content hell” but, happy to say with light at the end of the tunnel. The program will be available April 1, 2019 but there is one area I want to share because we are in tax season and it may be helpful, a sneak preview! Mortgage Practices 1 includes an episode on Mortgage Math & Income Calculations, with a detailed review of tax …
FINRA Regulatory Notice 18-19 issued May 11, 2018 expands AML Program requirements to include additional risk-based procedures, or the “fifth pillar” required for AML programs under the new FinCEN CDD Ruling Since all AML programs are customized based upon the size and risk of a Mortgage Lender, Broker or Individual Licensee, the application of the “fifth” pillar must be factored into all programs beginning on May, 11, 2018. Therefore all AML programs must be modified …
At the 2019 NMLS User’s Conference in Orlando, FL., I participated on a panel with state regulators and a compliance attorney about how working together can improve NMLS approved Continuing Education. If educators could obtain the results of federal and state regulator’s examinations and investigations, could we could make Continuing Education more meaningful and engaging? Examinations (which are performed routinely) and investigations, (which are a result of a consumer or competitor’s complaints) are enforcement cases …
Continuing Education and the Supervisory Process Hilton Orlando Lake Buena Vista1751 Hotel Plaza Boulevard, Lake Buena Vista, Florida, 32830 For the past three years, SRR has been working with the Multi-state Mortgage Committee (MMC) to understand and identify reoccurring problems discovered on mortgage exams that can be addressed through annual continuing education (CE) process. Now in its third year, this session will explain how SRR, the MMC, and continuing education providers are working together to …
Charter Oak Systems, LLC and CLOES.online is pleased to announce the National Association of Mortgage Brokers (NAMB) now offers a new Online, On Demand Video-Recorded course, Mortgage Professional Practices. NAMB is committed to continuing to build a robust, education platform to support the professionalism of all mortgage originators. Most originators agree, none of us were really ever educated. Yes, we got on-boarding, prospecting, internal systems, policies and procedures training but, where would we have gone …
The National Association of Mortgage Professionals recently announced its newest offering! NAMB will offer members discounts on NMLS Pre-licensing education. The 20-hour NMLS approved PE course is online, on demand. Start and Watch Anytime! NMLS Approved Course ID#7366
A majority of the students appreciated hearing some new content from a peer who was experiencing the same issues as them and in the same business environment.