COMPLIANCE HOT TOPIC
Is it true there is a new law that permits transitional licensing authority for mortgage loan originators (MLO)?
Yes. On May 24, 2018 (the “Enactment Date”), the President signed a Dodd-Frank roll back regulation, known as the Economic Growth, Regulatory Relief, and Consumer Protection Act, which, among other things, provides MLO transitional licensing authority effective 18 months after the Enactment Date.
Under the new regulation, a federally-registered MLO that has been registered as such for at least one year may obtain temporary authority to act as a MLO for up to 120 days after becoming employed by a state-licensed company and submitting a MLO application in a particular state. In order to qualify the MLO cannot (i) have had an application for a MLO license previously denied, revoked or suspended, (ii) be subject to or served with a cease and desist order in any governmental jurisdiction or under the SAFE Act; or (iii) be convicted of a misdemeanor or felony that would preclude licensure in the application state.
Additionally, under the new regulation, a state-licensed MLO that has been licensed as such for at least 30 days may obtain temporary authority to act as a MLO for up to 120 days in another state if the MLO submitted a MLO application in that other state. Again, to qualify, the MLO must meet the requirements outlined in (i)-(iii) above.
To schedule a time to speak with the team at MQMR, contact: firstname.lastname@example.org or call 818.940.1200.
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Led by its recent acquisition of Georgia based, Valuation Management Group, Dart Appraisal is now able to offer their clients commercial appraisals under their suite of valuation products. The acquisition also allows Dart to expand their footprint in the Southeast US, specifically Florida, Georgia, North Carolina, South Carolina and Alabama. As a full-service appraisal management company, this addition also provides great value to Dart’s existing client base, by having the ability to work directly with one appraisal management company on both their residential and commercial valuation services as opposed to having to contract separate providers.
Dart’s standard commercial service includes:
The commercial review team brings a wealth of knowledge and experience to the table. The team’s combined appraisal experience includes a wide variety of commercial property appraisals performed for lending institutions, attorneys, accountants, individuals, and governmental authorities. The average appraisal experience of the commercial review team is 23+ years. Collectively, the team holds 36 state Certified General Real Property Appraiser licenses.
Last month both houses of Congress passed, and President Trump signed into Law the Economic Growth, Regulatory Relief and Consumer Protection Act, (the Act). This new law has many provisions, as it primarily seeks to “roll back” earlier laws and regulations that have not proven to add value to consumers. AHA isn’t anti-regulation or pro regulation. AHA is for regulation that provides a true benefit to the consumer, taxpayer or most importantly, existing and aspiring homeowners. There are two provisions of particular importance to prospective homeowners in the Bill signed into law by the President. The first removes the additional data reporting requirement for smaller banks (that do fewer than 500 mortgage loans/year) that was a requirement of the Home Mortgage Disclosure Act (HMDA). While some consumer groups fear that not requiring this data will impede fair housing enforcement, proponents expect that these effects will be negligible and that the reduction in this regulatory requirement for about 80% of the banks will have a favorable impact on the cost of home financing for borrowers.
Even more importantly, in Section 310 the Act requires that the regulator of Fannie Mae and Freddie Mac expand the usage of alternative credit scoring models:
“The Federal Housing Finance Agency (FHFA) must, by regulation, establish standards and criteria for processes used by Fannie Mae and Freddie Mac to validate and approve credit-scoring models in accordance with the bill.”
This is a win for prospective homeowners because use of these modern alternative credit scoring models is expected to deliver a credit score to millions of Americans who do not have a credit score today. Additionally, of those new credit score recipients, many would be eligible for home financing in the very near future. AHA will continue to follow the progress on this as the FHFA develops the guidelines and Fannie Mae and Freddie implement them.
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We're thrilled to again be sharing some great news about our lender members! In the recently released NAHREP 2018 Top 250 Latino Mortgage Originators Report, our lender members had a great showing. Of the top 100 originators that made the list, one third of those honored were from TMC Lender Member companies!
Originators from TMC Lender Members Honored:
#2 Alex Varela - PrimeLending
#14 Tania Guzman - New American Funding
#15 Rodrigo Ballon - CrossCountry Mortgage
#19 Michael Carvajal - Equity Prime Mortgage
#24 Diego Ramos - Envoy Mortgage
#25 James Driscoll - Equity Prime Mortgage
#29 Daniel Estrada - New American Funding
#30 Rudy Benitez - Annie Mac Home Mortgage
#36 Steven Badovinac - New American Funding
#43 Andrew Pasillas - New American Funding
#44 Diego Bisbal - Equity Prime Mortgage
#46 Christopher DeMatteis - Equity Prime Mortgage
#47 Dalia Lemus - New American Funding
#50 Ubaldo Deleon - Alterra Home Loans
#52 Rudy Lopez - Envoy Mortgage
#56 Karla Mendoza - First Community Mortgage
#60 Kevin Garcia - New American Funding
#61 Winston Penalosa - New American Funding
#64 Grace Gomez - New American Funding
#68 Daniel Cerruto Jacobs - Noble Home Loans
#70 Monique Sanchez - New American Funding
#71 Gabriela Rodriguez - First Community Mortgage
#72 Justin Casares - New American Funding
#73 Angie Mata-Ramierez - PrimeLending
#74 Jose Plascencia - Equity Prime Mortgage
#75 Christina Eskina - New American Funding
#76 Christina Arias Luna - PrimeLending
#79 Natalya Chacon - US Mortgage Corporation
#81 Michael Luna - New American Funding
#87 Stephen Tiscione - Equity Prime Mortgage
#88 Ivory D. Contreras - New American Funding
#92 Mirian Iglesias - Equity Prime Mortgage
#97 Romel Meza - New American Funding
Congratulations from the entire TMC team on being recognized for your hard work and dedication! Keep up the great work!
Click here to access the full list of all those who were honored.
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