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Debra Killian

What New Mortgage Loan Originators Need to Know That Nobody Ever Tells You

August 26, 2024

The mortgage origination field can seem quite appealing, offering the potential for high earnings, autonomy, and the satisfaction of assisting others with their home financing. However, this allure often leads to unrealistic expectations and, ultimately, disillusionment and failure. True success in the mortgage industry requires setting realistic goals and taking full ownership of your career. Many companies tend to over-promise and under-deliver, advertising top-tier rates, extensive support, and lucrative compensation plans to attract newly licensed …

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Debra Killian

When Starting a Mortgage Broker Business…Hope is Not a Strategy!

August 1, 2024

I have been receiving many inquiries about what it takes to start a mortgage broker business and how to get started.  I recently spoke to a gentleman who thought he wanted to start his own business, but after our lengthy conversation, he came to the conclusion “I just want to originate.”  How much time and money did a conversation possibly save him? In 1994, I became an originator.  I was being recruited by a local …

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Debra Killian

The Top 10 Reasons to Teach Real Estate Continuing Education!

July 16, 2024

For the past 20 years, I have been teaching real estate classes. Initially, I began teaching as a way to build and maintain professional relationships and gain referrals. Unlike sponsoring open houses or arranging casual coffee meet-ups, I found that educating was a more effective and respectable approach. The courses I taught were not just general marketing or time management workshops. They were state-approved continuing education (CE) courses, allowing agents and brokers to earn credits …

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Debra Killian

MLO Licensing to Mastery – Your 1st Year

February 15, 2024

The definition of insanity: doing the same things over and over and expecting different results. Welcome to the mortgage business! Mortgage company owners and recruiters often entice new Mortgage Loan Originators (MLOs) into the industry with the allure of minimal entry requirements. However, this approach frequently leads to a puzzling outcome: these new entrants struggle to succeed. The critical question arises: where is the emphasis on truly understanding the mortgage business? Beyond the basics of …

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Debra Killian

Employee or Independent Contractor Classification Under the Fair Labor Standards Act

December 20, 2022

On October 13, 2022 the Federal Department of Labor published findings in Vol. 87, No. 197 of the Federal Register. The W-2/1099 controversary hits many businesses.  As stated in previous posts, there is no special 1099 consideration for mortgage loan originators.   Regardless of which state you work in or which type of employer your work for,  Mortgage Loan Originators are required to have their income reported on IRS Form W-2. There are many companies that …

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Debra Killian

UDAAP-ECOA-TILA Are You Ready for Examiners?

May 27, 2022

The overlap between federal and state laws and regulations becomes very apparent once there is an examination and/or an enforcement action. With COVID dominating our work environment over the past two years, not many audits or exams were scheduled by state regulators.  That is all about to change.  They are way behind and will begin the process of catching up sooner than you may be ready for. In many cases where mortgage companies get caught …

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Debra Killian

Changes to the Appraisal Form and Data Coming!

March 16, 2022

With the new URLA behind us…along comes the next major change in residential lending. Fannie Mae and Freddie Mac (aka the GSEs) have provided an update on the new URAR.  Yes, the Uniform Residential Appraisal Report is undergoing some major changes.  Here are just a few highlights: Input was gathered from 107 stakeholders across the industry in designing the new form.  The key benefits of the new form are: Dynamic output with commentary placed within each …

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Debra Killian

The Feds Beef Up Employment Enforcement on Independent Contractors

February 14, 2022

With rates going up, refinance volume quickly heading south and originators looking for the next shiny thing, we are bound to see movement in the industry.  That means mergers, buyouts and some companies closing.  Migrating originators can be a tricky challenge for the next employer.  There are two issues that may surface; who owns the customer and how were the originators compensated?  I’ll save the former for another time.  Last week I received a call …

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Debra Killian

CLOES.online – On Demand BSA/AML Training

October 13, 2021

Real estate transactions are the easiest way to launder money due to the size of the transactions and the amount of money that can be “cleaned”.  All financial institutions are required to comply with the Bank Secrecy Act. Money laundering may also involve tax fraud as well as other potential crimes. All “financial institutions” must comply. According to the Bank Secrecy Act, a  “financial institution” includes an exhaustive list of entities, including but not limited to: …

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Debra Killian

Are Customers “Cleaning” Their Money In Your Transaction?

October 28, 2020

Money laundering is a huge problem for financial institutions and monitoring compliance and reporting is a challenge.  As I read through FinCEN’s recent announcement, it became clear…the law is not really clear!  Because real estate transactions are large in dollars, they are one of the easiest places to “clean up the money.” If you think Anti-Money Laundering regulations are vague or too complicated, now is your chance to help clarify how current regulations may be …

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Debra Killian

CLOES.online Announces a New Product For Originators!

May 18, 2020

Recently a mortgage loan originator in another state contacted me for help.  He was stuck with an underwriter and was challenged by how to calculate the self employment income.  In that conversation he told me how helpful it would be to originators to have a “loan advisor” to consult with.  He encouraged me to set up Advisory Sessions and they are now available to any originator who knows the value of time.  In addition to …

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Debra Killian

Did He Just Suggest We Open Up The SAFE Act?

May 6, 2020

Why the two tier system anyway? Do consumers realize the difference? For the sake of full disclosure, my business is education. I am a mortgage educator. I write, record and instruct courses for depository and non-depository originators alike. Their job is the same! One could reasonably argue that I have an agenda; I earn my living on education. Does that make the argument for all originators to be educated any less valid? In 2007, I …

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Debra Killian

CFPB Issues Rule on TILA Financial Emergency, Rescission & Change of Circumstances

April 29, 2020

April 29, 2020 – The CFPB issued an Interpretive Rule today titled: Application of Certain Provisions in the TILA-RESPA Integrated Disclosure Rule and Regulation Z Right of Rescission Rules in Light of the COVID-19 Pandemic. The rule allows for COVID-19 to be a “financial emergency reason for borrowers to WAIVE the TRID closing waiting period and the three-day right of rescission. “The Bureau understands that the COVID-19 pandemic could pose temporary business disruptions and challenges …

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Debra Killian

Zoom Meeting: I.R.S., COVID19 & 1099s!

April 26, 2020

26,000,000 people filed for unemployment in the past several weeks; and it’s not over! The Coronavirus is causing serious financial issues for states. For the first time ever, independent contractors are eligible under the CARES Act , even though unemployment taxes may not have been paid in. When the states start looking at all the workers who were 1099, what action will they take? The IRS is just as interested in independent contractors, even more …

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Debra Killian

Hey…What’s a Tripod? I Want One!

April 20, 2020

Learn how to get YOUR Tripod. Free LIVE Webinar on May 5th 12:00 Noon ET! In this COVID-19 world, companies need all possible resources at their fingertips to keep businesses going and growing to recruit and provide quality professional development in a safe environment. Is consumer direct the future of mortgage origination with all the hidden pitfalls? While it may be a smart strategy for banks and credit unions to grow market share, retain servicing …

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Debra Killian

4 Things Customers Need to Know BEFORE Selecting a Mortgage…

March 29, 2020

Every customer should receive a written analysis; it helps take emotion out of the equation. I do it for all my purchases and refinances. Yes, we have lots of long discussions, but hearing and seeing are two different things! The point of an analysis (particulary for refinances) is for a consumer to know the interest costs and principal reduction between a new loan and the original loan at it’s current balance. (you may need to …

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Debra Killian

Jobless Claims at 3.2 MILLION Today! 9 Things Every Originator Should Be Doing

March 26, 2020

Is there any good news today? I guess at least people who have filed will begin collecting some income. The mortgage world is in flux and the challenges are coming faster than we can deal with. We play a very important role as mortgage professionals by helping people make the right decisions; what’s in their best interests. This week I told three customers NOT to refinance. If you are submitting 100% of approvable files you …

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Debra Killian

When You Know 1,000 Mortgage Concepts…Tech Can’t Compete!

February 26, 2020

In December, 2019 McKinsey & Company’s article “Competing on Customer Experiences in US Mortgage,” they sited reassurance, transparency, simplicity, and speed as the four dimensions of a mortgage experience.  The #1 priority; GETTING THINGS RIGHT, THE FIRST TIME!  Speed and simple processes are up there, but what do you have to know to get it right the first time? Consumers still like advisors; someone to run things by, ask questions, review the numbers with and rely on …

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Debra Killian

Originate More! What Top Producers Know…That You May Be Missing.

February 7, 2020

A picture is worth a thousand words! Take a good look at that image; then ask yourself, how long will you wait before you really learn the business? Why do top producers have time to bring in more business? Minimum knowledge to fill out a 1003 doesn’t cut it! To assume it’s enough, indicates the lack of knowledge about the real business of residential lending. Analysis, critical thinking, mathematics, problem solving, communications and the ability …

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Debra Killian

Effective In-house Training Outsourcing What Everyone Needs to Know.

January 13, 2020

It’s a new year with all the hopes that January brings…it’s also Monday. New week, same old issues. You are in charge of “training.” You yawn, sip your coffee and try to remember where you left off on Friday afternoon. In-house training departments face many challenges. They are expensive and labor intensive. The cost to acquire, develop, maintain, update and deliver content and systems is an ongoing battle. Compliance takes over when new mortgage laws …

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