Jack M. Guttentag, known to most of us in the industry as The Mortgage Professor, is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania. His new article What Is a Voluntary Mortgage Recast, and Why Aren't There More of Them? is particularly timely with the numbers of families across the nation struggling to make t
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Clamoring for more ways to learn and retain mortgage material the NMLS requires of you? Then you’ll be happy to know we’re in the process of producing both web-based and printed Mortgage Lending Flashcards for those who find them a helpful adjunct to their study methods.
Learning and retaining your ProSchools lesson material is
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People are leery and suspicious of what they have been told about “junk fees” that are added into the cost of their mortgage loan. A common belief is that these charges are just thrown in so a mortgage broker can make more profit! As a loan officer are you prepared to explain all those fees and what they are for? Or do yo
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As mentioned in Jim Wiltse's post here on February 16, a monumental amendment to federal Regulation Z affecting mortgage loan originators will take effect on April 1, 2011. It's being called, somewhat ominously, the "Final Rule."
Currently, an MLO receives compensation in a transaction from both the yield spread premium and origination
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Early in my originating career I was asked by a young couple if they would qualify for a certain loan. The refinance would pay for their house to be re-roofed and possibly consolidate some consumer debt. Their credit was sterling, they had reserves in the bank and they’d been at their jobs for more than a couple of years. Pretty straightforwa
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Some students in our course have difficulty understanding how Adjustable Rate Mortgages work. Even some "old timers" have difficulty presenting the facts of these sometimes confusing loans.
In addition to our lesson material (which is quite comprehensive) there are numerous websites where you can learn more, or see differe
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Perhaps these two double entendres can help double your understanding of a singularly confusing subject! I receive at least one call or email a week about this subject... seems we're all trying to get our heads around it. So maybe it's a good time to address the MLO "licensed vs. registered" dilemma. Who needs to be licensed? Who needs to
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There is a new government website you may want to look into. It was just unveiled in Feb. 2011 and is the home for the Consumer Financial Protection Bureau which was created by the Dodd-Frank Act. Currently operating under the Dept. of the Treasury, this bureau is the “bite” that goes with the “bark” as far as enfo
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As you know by now, the SAFE Act requires licensing and registration of all State-regulated mortgage loan originators (MLOs). Over the past year and a half, much focus has been on MLOs meeting new mandates and standards to become licensed, which included completing education, passing a SAFE Test, getting approved for a credit report, and passing a
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How do you study? Do you skim, scan, peruse and flip pages, screeching to a halt when you come across info that grabs your attention while searching for an unrelated subject? Well, good… that works. Some of the time.
Lloyd Alexander, children’s fantasy book author, shares that “we learn more by looking for the answer
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