The Mortgage-e-Alert© is published at least four times per month. The subscription fee is for one year. The Mortgage-e-Alert© keeps you informed on the latest changes in the laws, regulations and cases governing the mortgage industry, including THE CONSUMER FINANCIAL PROTECTION BUREAU, MORTGAGE FRAUD prosecutions, RESPA prosecutions and civil penalties; TILA/Reg Z changes, New state and federal mortgage laws and regulations; changes in the laws and regulations of the various states; causes of discipline to licensees in various states such as the California Bureau of Real Estate, Californiia Finance Lender Laws, California Residential Mortgage Lending Act laws; Nevada Division of Mortgage Lending; Arizona Department of Financial Institutions, changes to TILA and RESPA and FHA. This allows you to avoid the problems that cause other licensees to be disciplined. The Mortgage e-Alert© allows you to maintain compliance in a heavily regulated field, especially with all the new laws and regulations that have occurred recently. Criminal indictments for mortgage fraud are published to give you additional methods of fighting fraud and checking to see if you have brokered or funded any loans from these parties or entities for purposes of loss mitigation. Proposed new laws and regulations and commentary are published concerning all states as we discover them as well as on TILA, Reg Z, RESPA, HUD/FHA before they become law so you have advance notice to prepare your marketing ideas. Keep the e-Alert in one file so you can later do a “word search” by remembering you read it and save the legal fees instead of asking your legal counsel.
2. SAFEGUARDING PRIVACY MANUAL (2013)
You are required as brokers, lenders, appraisers or title companies to have the manual that is distributed at the seminar. We discuss how to use it to stay out of trouble. Penalty for not having one can be as high as $100,000.
3. RESPA/TILA SYLLABUS
The Real Estate Settlement Procedures Act (RESPA) covers referral fees and how to pay others legally, as well as special comments and the Home Mortgage Disclosure Act disclosures required to determine high rate high fee loans and the Fair Housing Act. This straightforward syllabus addresses some of the most commonly asked questions, including the new rules on Yield Spread Premium, referral fees, the new Good Faith Estimate and the new HUD-1.. Contains the changes to Truth In Lending (TILA) and especially Section 35 changes relating to Mortgage Loan Originator Compensation. Lists the do’s and don’t’s for 2011.g Z.
4. HOW TO SURVIVE A BRE AUDIT WITHOUT A LAWYER
This new edition has major changes including the the new DODD-FRANK ACT and Mortgage Loan Disclosure Statements as well as the MLO requirements. This allows you to audit yourself for compliance with the BRE and Dodd-Frank Act laws and regulations. It audits BRE rules on Mortgage Loan Originators and no longer allowing unlicensed employees to take the 1003 applications and quote rates. Explains how to obtain payment from escrow for the credit report and/or appraisal fee so there is no violation of BRE Trust Account laws. Explains the Reverse Mortgage Loan disclosure and restrictions and checks for Reverse Mortgages and potential HUD violations when doing Reverse Mortgages. .Checks the compensation of MLO’s to see there is no violation of Dodd Frank, Anti-Steering. Looks for compliance with the Consumer Financial Protection Bureau
5. HOW TO SURVIVE A CFL AUDIT WITHOUT A LAWYER
This allows the Quality Control officer to self-audit the company license and files so it stays in compliance with new Department of Business Oversight laws and regulations including new net worth conditions under the Dodd Frank Act. Explains process of how CFL is now verifying loan officers are in fact W-2 employees. Looks for compliance with the Consumer Financial Protection Bureau (CFPB) rules.
6. “RED FLAGS” IDENTITY THEFT PREVENTION MANUAL REQUIRED BY FEDERAL LAW
This allows the the employees and Quality Control officer to self-audit for identity theft “red flags” as required by the FTC pursuant to Title 15 of the United States Code and Title 16 of the Code of Federal Regulations. Failure to have a manual if identity theft occurs leaves the mortgage broker and mortgage banker liable for civil damages, punitive damages and a civil lawsuit by the United States Attorney General .
7. HOW TO SURVIVE A NEVADA MORTGAGE LENDING DIVISION AUDIT WITHOUT A LAWYER (2013)
The Nevada MLD Audit Manual will update you on laws and regulations used by MLD in auditing licensees including new changes to NRS 645F. It will explain issues that can trigger an audit. The manual covers disclosures required to be in your loan files and separation of business operating from the same location.
8. EMPLOYER OBLIGATIONS UNDER MINIMUM WAGE AND OVERTIME LAWS
This syllabus discusses minimum wage and hour laws including the Federal Fair Labor Standards Act and California and Nevada laws, including exemptions from minimum wage and overtime for certain types of employees. In certain states such as Arizona it explains why you can be personally liable in addition to the corporation for unpaid wages of employees.
9. HOME EQUITY SALES CONTRACT
The Home Equity Sales Contract Act requires the Contract for the purchase and sale of a Home in Foreclosure to strictly comply with the California Civil Code. Otherwise you could be subject to punitive damages. One of the provisions under the Home Equity Sales Contract Act requires the Purchaser to provide the Seller with a Notice of Right to Cancel, allowing the Seller to cancel the Contract with the Purchaser until midnight of the 5th business day following the day of signing the Contract or until 8 AM on the day scheduled for the sale of the property, whichever occurs first. If you would like to know more about this or other provisions, please contact THORDSEN LAW OFFICES. Thordsen Law Offices offers a Home Equity Sales Contract specifically prepared to address the provisions of the Home Equity Sales Contract Act.
10. CASES, LAWS, LEGISLATION AND REGULATIONS AFFECTING THE MORTGAGE LOAN INDUSTRY
This casebook contains the laws, regulations, rules and cases involving the mortgage loan industry for California, Nevada and other states. This includes, but is not limited to, TILA, RESPA, employer/employee issues, licensing issues in the various United States, and mortgage fraud. It also presents Mr. Thordsen’s comments on how to make changes to comply keeping your overhead in mind. Organized by subject matter, in an easy-to-read format, provides you with an understanding of different areas of regulatory compliance and law as they affect your business.
11. TELEMARKETING AND PRIVACY LAWS AND REGULATIONS
The Telemarketing “Do not Call List” Federal Trade Commission Regulations carries penalties as high as $11,000 fine per violation. This manual also includes information on privacy rules at the state and federal levels.
12. MORTGAGE FRAUD
This includes methods for the lender to uncover fraud (complete with new indictments and fraud lawsuits) along with relevant criminal, civil, state, and federal laws. Review will allow an underwriter or loan processor to locate fraud more easily. It includes recent indictments, convictions and sentencing.
13. HOW TO SURVIVE A HUD AUDIT WITHOUT A LAWYER
Learn the violations that HUD searches for when they audit your files. Learn what your employees must not do when they are involved in Reverse Mortgages. Learn the documents that are missing from your loan files. See the major violations discovered by HUD; such as dual employment by employees causes HUD to make you refund the points and fees. Learn how HUD is using the Mortgage Loan Originator (MLO) identifiers to audit your employees. Learn the best way to reply to a HUD “Findings Letter.” HUD is the primary loan via FHA insurance now and the audits by HUD are in fact tougher.
14. HUD QUALITY CONTROL PLAN
Learn how to stay in compliance as required by the Mortgagee Handbook, 4060.1, REV-2, Chapter 7. The requirements for the Quality Control Plan have changed. They have changed again with the new GFE and HUD-1/1A as well as the Reverse Mortgage restrictions and the introduction of the Mortgage Loan Originator (MLO) identifiers being introduced into the HUD/FHA audit system.
15. FORECLOSURES-HOW THEY WORK, TIME LINES INVOLVED AND MISTAKES MADE BY LENDERS IN FORECLOSING
This manual covers the California foreclosure laws, the national laws on tenant occupied property before and after foreclosure starts and the rights of the tenant to keep the lease in full force and effect. the discussion includes the length of time it takes to foreclose under various conditions and what makes it take longer or shorter depending on your actions during the default process.
If you are interested, please contact Herman Thordsen at (714) 662-4990
If you desire a copy of one or more of the above, please mail your check payable to Thordsen Law Offices and mail to:
THORDSEN LAW OFFICES
151 KALMUS DRIVE
COSTA MESA, CA 92626
Your order will be forwarded to you upon receipt of your check. I trust you will find it beneficial and informative.
THE INFORMATION HEREIN IS NOT LEGAL ADVICE. AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE.