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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 …
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 …