The final rule spells out the criteria used to determine whether a state has a system in place for licensing and registering mortgage loan originators as required by the SAFE Act. The rule clarifies the meaning of “engaging in the business of a loan originator,” which determines if an individual must be licensed, and also provides that
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“NMLS sends notifications to users when actions or changes occur that affect their records. It is important for users to keep their email address up to date. Additionally, users may discover that NMLS notifications are being caught in a spam filter. To prevent these notifications from being blocked, users should add NMLS email addresses
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There is a growing trend among lenders to include cell phone bills as debt in the calculation of DTI. I believe this trend is partially due to the fact that most peoples’ cell phones are on monthly contracts at fixed monthly payment amounts. The cost is included in DTI, whether it is for service, usage, equipment, or a combination of the
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THE APPLICATION INTERVIEWWhether you consult with your applicants in person, by email or by telephone, here are a few helpful points to consider.Before you put pen to paper -or fingers to keyboard - remember you cannot ask applicants to sign and date the 1003 until all blanks have been filled in! It’s usually a good idea to make your own
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Michelle Singletary, “The Color of Money” columnist for The Washington Post has something to say about the two home loan forms the Consumer Financial Protection Bureau has recently begun testing. Last week, the agency announced the “Know Before You Owe” project to combine the two disclosure forms into a double-sided single d
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