Mortgage guidelines change all the time and we’re here to help you navigate through them.
They sneak up on you out of the blue and you have to be prepared! Every mortgage broker dreads the day they receive the notice that they’re going to be audited by their regulator. Whether you think you’re prepared or not, it’s not strange that you’re concerned. There’s so many small details that go into […]
Depending on how a Mortgage Broker runs their operation, the ability to have the wholesale lender doing the Loan Estimate for them has been both a plus and somewhat difficult. Why? Well, it all comes to three specific reasons that are now emerging. Certainly not all wholesale lenders have these issues or circumstances, but I […]
By now everyone is aware of the TRID rule and is coping with compliance and how it is affecting their day to day business. Of particular interest is how this regulation is impacting Mortgage Brokers and their operations. I have heard the wailing and gnashing of teeth, but an apparent solution, provided by wholesale lenders […]
Unless you have been living on a remote planet somewhere you know the new TRID (Tila-Respa-Integrated-Disclosure) is the hot topic in the mortgage industry. Originally slated to go into effect Aug. 1, 2015, it is now scheduled to go into effect on Oct. 3, 2015. This is a completely new disclosure that replaces all current […]
By now I am sure everyone knows that compliance has become paramount and must be given a priority status by every company in the mortgage industry regardless of size. In particular this has become a major issue for Mortgage Brokers as they struggle to keep the cost of compliance down without the use of a […]
You remember the day well. A beautiful morning, the market is growing, business is going very well and you are just on top of the world as you pull up to your office. It all ends in the next 30 minutes as you find out you are being audited by your regulator. A thousand things […]
Mortgage borrowing is a complex procedure and the process is susceptible to mortgage fraud for a variety of reasons. Mortgage fraud can significantly damage all those involved in the process including the lenders, borrowers, mortgage brokers, loan officers, appraisers, credit repositories and attorneys. Regulators are swamped with investigations of mortgage fraud dating back as much […]
Mortgage brokers and loan officers are at great risk of prosecution due to originated stated income loan products. Even if they originated a prime stated loan there is a risk that they may face jail time or a large fine, frequently even both. Necessary precautions have to be taken to ensure that you are protected in case you are questioned […]