Back
Showing 1-20 of 23 results
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 …

Read More
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 …

Read More
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 …

Read More
Debra Killian

CFPB Issues Fines for Favors: Mortgage and Real Estate Firms Handed $1.95M Penalty for RESPA Violations

August 17, 2023

In a startling turn of events, two major players in the mortgage and real estate industry have been dealt a hefty blow with fines totaling a staggering $1.95 million. The penalties come as a result of their failure to comply with the Real Estate Settlement Procedures Act (RESPA), a federal law designed to safeguard consumers in real estate transactions. The mortgage company, known for its prominence in the market, and the real estate agency, a …

Read More
Debra Killian

“Accelerate Your Success with Our Exclusive 20-Hour Pre-Licensing Education Program: Unbeatable Value at Just $299!”

June 13, 2023

Ready to embark on a rewarding career as a mortgage loan originator? Look no further! We’re thrilled to announce our latest offering: the comprehensive 20-Hour Safe Pre-Licensing Education Program  Our newest course was written by and taught by veteran mortgage loan originator Debra Killian.   It’s packed with valuable insights, industry knowledge, and expert guidance and is designed to equip you with the essential skills needed to thrive in the mortgage industry. We believe that high-quality …

Read More
Debra Killian

7 Hours in Front of 125 Real Estate Agents! Loan Originators Pay Attention! Now Is The Time…Learn to Teach Real Estate Continuing Education!

March 29, 2023

In the last 3 weeks, I spent 7  hours in front of 125 real estate agents!  A captive audience.  Curious how I got there? If you’ve read this far, this is not a brag post.  It’s an opportunity for you to get in front of your target audience and with someone else driving them into your seats!  It’s to make you realize, you have to be different from your competitors to get different results than …

Read More
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 …

Read More
Debra Killian

Mortgage Company Compliance Requirements for AML Training

July 11, 2022

How does a mortgage company meet the statutory requirement for Anti-Money Laundering education? The question comes up because many companies do not comply with the annual education requirement for all employees. In our opinion the law and regulations on AML training is purposely not specific because the term education is defined by the outcome and not the input. More simply put if you understand the requirements of the law you are educated. To be sure …

Read More
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 …

Read More
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 …

Read More
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 …

Read More
Debra Killian

Happy Thanksgiving! – 2021 Loan Limits Released!

November 24, 2020

You wouldn’t know we were in the middle of a pandemic based on the housing market.  That conforming limit keeps creeping up. It all seems crazy from when I started in the mortgage business in 1994, the conforming loan limit was $225,000. Fast forward 26 years…the 2020 limit was just increased another 9.0% to $548,250 for 2021. Checkout the Loan Limit Geocoder.  Now, all we need to know is…what will Fannie and Freddie  be doing come …

Read More
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 …

Read More
Debra Killian

Fannie Requiring Business Accounts for Self-Employed!

June 1, 2020

My analogy to guidelines these days is they are like trying to hold jello in the palm of your hand.  Squishy, slippery, moving; slipping through your fingers! Patience is a virtue!  We need to understand that underwriters spend MUCH more time determining the amount of income that can be used for qualifying, how consistent it is or will be, the job status of employees, viability of employer’s business and documenting the file to meet secondary …

Read More
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 …

Read More
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 …

Read More
Debra Killian

Update: NMLS Test Centers Start Opening Again!

May 1, 2020

The Nationwide Multi-state Licensing System and Registry just posted an update on MLO testing. Here is the list of NMLS test centers opening as of May 1, 2020. The announcement went on to state alternative testing options: Starting in mid-May, SAFE MLO National Test candidates will also have the option to take the test via remote proctoring. More details will be provided soon. Once remote proctoring begins, test candidates will continue to have the option …

Read More
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 …

Read More
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 …

Read More
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 …

Read More

Powered by CLOES.online.