CSBS and NMLS Explained
Saturday, June 26
To mortgage loan originators the purpose and activities of various national associations and agencies, which are most often known only by their acronyms, may seem confusing and complicated. In this paper we will describe, and clarify the missions of, agencies including the Conference of Sta...
Pass or Fail: What Every Mortgage Broker Should Know About SAFE Act Testing
Monday, June 21
Unless you’ve been selling real estate on Mars for the past few years, you’ve heard about the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act of 2008). The SAFE Act mandates increased federal regulation of the mortgage lending industry, e...
Second Lien Strip
Saturday, June 12
One day Suzie homeowner reviews her personal finances and comes to a stomach-churning realization: the house that she has lived in and made payments on and invested with her dreams is worth less than her total mortgage debt. She is deeply “underwater.” Her financial situation is serious enough ...
The Age of Misinformation on the Internet
Tuesday, June 08
When perusing the wealth of information that runs rampant across and throughout the Internet, one is inundated with a plethora of information about topics that range far and wide, but how does one decipher the mountainous terrain and a million blog posts from people all qualifying themselves as p...
Requirements For SAFE Act Compliance by MLOs
Sunday, June 06
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act of 2008) requires state-licensed mortgage loan originators (MLOs) to fulfill a set of state and federal licensing requirements with the Nationwide Mortgage Licensing System (NMLS). The g...
The SAFE Act, NMLS and What it Means to the Mortgage Industry
Saturday, June 05
Following the dramatic expansion in the United States housing market, default rates on subprime and adjustable rate mortgages (ARM’s) began to rise. Credit tightened and refinancing became more difficult. Home prices fell. The foreclosure epidemic was a contributing factor in the global economic...