Wrong! There are particular circumstances when a senior mortgage is recorded after a junior one. Remember, the lien priority rule is generally "first in time, first in right."However, a loan that is recorded first may be given a lower lien priority than one recorded later. This is the case when a subordination clause has been i
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There are over 17,000 California real estate licensees with a Mortgage License Endorsement. Both licenses require continuing education – 8 hours annually to renew a mortgage license and 45 hours every 4 years to renew a real estate license.California real estate licensees asked ProSchools if they could use any part of their 45 hour
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The Department of Housing and Urban Development has recently made their Final Rules concerning the SAFE Act, including a change to the number of times a candidate may retake the Loan Originator License Exam.Starting August 29, 2011 the total number of times a person may take the test is three, at 30 day intervals, before having to wait 6 months to
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Start here. This is where Jack Guttentag, writing for Inman News, launches into the first of his two-part series about the new Consumer Financial Protection Bureau’s attempts at consolidating the TIL and the GFE. Past efforts by HUD and the Federal Reserve to do this, he says, have never succeeded in helping borrowers to more effec
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I talk to a lot of loan originators who, it turns out, have never actually read all the fine print on a 1003. In particular I get questions about Section VI where it talks about “Pledged Assets.”What is a pledged asset? In essence it’s an item that has a lien on it. The borrower “owns” it and it has value but
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In the discussion forum segment of our mortgage lending course, people get the chance to relate interesting or humorous things that they’ve seen or done while working on loans for their clients. Here are a few of the best stories reported recently...A loan officer had to leave before finishing a client interview because he got horribly s
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The NMLS reminds us that mortgage loan originators employed by federally regulated institutions have until July 29 to comply with the SAFE Act’s federal registration requirement. For specific instructions, visit the NMLS’s “Getting Started: Mortgage Loan Originators” page.
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The Obama Administration announced adjustments to FHA requirements for servicers to extend the forbearance period to 12 months for unemployed homeowners. The Administration also intends to require servicers participating in the Making Home Affordable Program (MHA) to extend the minimum forbearance period to 12 months wherever possible under regulat
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Transferring equity as a means to avoid foreclosure is a risky practice. And if you are in a state that has specific Equity Conveyance laws, trying to understand the mechanics of the process for your licensing exam can be confusing.An equity purchaser is not the bank or lender holding the current mortgage note. An equity purchaser is an o
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