Tuesday, March 04, 2008

March 2008 Mortgage Licensing Update

With the Economic Stimulation measure passed, it looks like the Federal Housing Administration modernisation measure have been held up once again. The President asked United States Congress to travel forward with the latter measure during the sign language of the Economic Stimulation bill, and many are hoping it will go through this month.

Massachusetts finally released the new chemical bond format. The former formatting released about 6 calendar months ago have made it virtually impossible for anyone to acquire a chemical bond without posting $75,000 in a concern line of credit. Hartford, one of the biggest surety bearers in the world, still have got declined to publish the new chemical chemical chemical chemical bond stating in a fourth estate release that "the State now means to be able to look to the bond to retrieve any "past owed Division costs, assessments, penalties, and other obligations...all of which were outside the duties of the anterior bond form." Most surety companies still happen it too hazardous to publish a bond in this State, which will do it hard for those trying to begin new concern and those trying to renew in the state.

FHA Licensing Update

Everyone looks to have their ain sentiment on the Federal Housing Administration modernisation bill.

There are those who are very optimistic, somewhat optimistic,
and pessimistic. Some believe the measure will definitely go through on March 15,
some think it will hopefully go through by August 15, and some don't think it
will ever go through this year. I am of the persuasion that we have
no thought what United States Congress means on doing so we necessitate to travel forward with
hope that it go throughs soon but outlook that it may never pass.

With this in mind, if you are planning on getting FHA
licensing this twelvemonth and you ran into the nett worth demand ($63,000
company network worth), I urge starting the procedure now. If
you don't ran into the nett worth requirement, I urge looking for an
employment human relationship with a company that volition let you to originate
Federal Housing Administration loans. There are numerous little companies that volition give
you the flexibleness of running your ain mortgage company while being an
employee of theirs. Hopefully we'll cognize more than in two weeks,
but don't delay. Act now to begin taking portion in the Federal Housing Administration loan

Massachusetts Issues FAQs on Licensing Law

The Bay State Division of Sir Joseph Banks just released replies to frequently
asked inquiries (FAQs) in sees to recent alterations to that
state's mortgage loaning laws and regulations. The FAQs discourse newly
established (i) loan originator
licensing provisions, (ii) 90-day Correct to Cure for residential
mortgages, and (iii) a demand to supply guidance to subprime
borrowers. To see the FAQs in full, take a expression at http://www.mass.gov/dob.

MORTGAGE LOAN originator licence applications ACCEPTED
THROUGH NMLS beginning February 19TH

Individuals who were employed by their current employer
prior to November 30, 2007 may submit a license application to the
Division through the Nationwide Mortgage Licensing System (NMLS)
between February 19, 2008
and May 27, 2008.

New Centennial State Licensing Requirements

1. Pre-Licensing Education - All mortgage agents will necessitate to finish the pre-licensing instruction demands and the needed test. This volition demand to be completed by all mortgage agents prior to January 1, 2009. Mortgage agents who neglect to finish the pre-licensing and diagnostic test demand are subject to disciplinary action regarding their license. The Director, Erin Toll, appointed a 10 member Mortgage Agent Education Undertaking Military Unit to assist develop and find the figure of pre-licensing hours required, course of study of study content, course approval, the pre-licensing diagnostic test and continuing education.

2. All mortgage agents will necessitate to finish a lower limit of nine (9) hours of continuing instruction every three years.

Alaska Proposes Mortgage
Lender, Loan Originator Rules

On February 12, the Last Frontier Department of Commerce published a notice
proposing regulations implementing the Mortgage Lending Regulation Act,
requiring licensure of mortgage lenders, brokers, and loan originators.

Fortunately the Last Frontier legislative assembly gave ample clip for the
state to set up the new licensing requirements. The enactment was passed last summer, but makes not travel into consequence until July
1, 2008. The projected regulations cover (i) loaner and agent licensing obligations
and procedures, (ii) loan conceiver licensure and education
requirements, (iii) record keeping formatting and demands for
regulated entities, (iv) sketches specific delusory advertising
practices, and (v) enforcement powerfulnesses and processes of the Department
of Commerce. It also inside information applicable fees for licensure,
registration, and renewals. Full textual matter of the regulations can be establish at http://www.commerce.state.ak.us/occ/pub/MTG0208.pdf.

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