Libor, We Knew You All So Well For so many years when a Mortgage Loan Originator was asked, “What index is used for this adjustable loan?” Most of the time, the answer was LIBOR. Now there could be others such as 11th District Cost of Funds, 10 Year Treasuries, Moving Treasury Average. That was not […]
One Of The Biggest Problems For State Licensed Mortgage Loan Originators Is Using Proper Advertising You can have completely accurate ads and still violate many State and Federal Regulations. Last week, I introduced a new form to my classes. Most of them have never seen one. Of 60 students active in lending, only one had […]
The Vote For The Dodd-Frank Reform Was: 233 Republicans Yea, 185 Democrats Nay 1 Republican Nay. It now moves to the Senate where it will face more opposition and discussions. Should be interesting. McConnell and Warren; Schumer and Hatch; Waters and Republicans. Understand That It Is Not Being Abolished The key reforms of the […]
House GOP Moves To Repeal Provisions Of The Dodd-Frank Act A couple weeks ago, the House GOP moved a step closer to changing the Dodd-Frank Act. A House Panel approved a bill that would repeal about 40 provisions of the Law. It is expected to easily pass the House and go on to the Senate. There […]
Jim Eszlinger taught an outstanding 20-Hour MLO Pre-Licensure Course in San Diego recently. At the end of the course, students must pass an exam to receive Certification ,allowing them to apply to take the famous NMLS MLO Exam. Good news, all of the students passed the Course Exam and can now signup for the Fed […]
Why Is it So Difficult to Find Refinance Rates and Purchase Rates? In our MLO classes, I have mentioned many times that I can never find information on refinance rates and purchase rates for my rental houses. Every ad that I see talks about rates on my home, etc. etc. etc. There are many people out there […]
Two words people should understand are Prequalified and Preapproved. Buyers and Sellers should know the difference. It is important. I will quote the Consumer Financial Protection Bureau site: “Prequalification is a lender’s estimate of how much you could be eligible to borrow based on information you supply. Prequalification does not mean you will get the […]
MLO’s in California can be licensed in three categories. FDIC – The Big Banks like Wells Fargo and Bank of America; DBO – Formerly the Dept. of Corporations; CalBRE – Formerly the Dept. of Real Estate. Did you know that the Federal Requirements for Education and Exams vary for these groups? FDID originators have no […]
