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ComplianceMadeSi
27 Posts |
 Posted - 01/01/2009 : 06:19:48 AM
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Does your employer put the burden of complying with the SAFE Act on you? Do you want to take time away from originating loans to handle the licensing process? If no, then contact CMS and we will work with you to get things done.
NEED HELP WITH STATE OR LOAN OFFICER LICENSING OR HAVE QUESTIONS, JUST CALL?
Compliance Made Simple, LLC is a specialized licensing and regulatory compliance company that is dedicated to providing the mortgage professional the required assistance to survive in today's ever changing lending environment. At CMS , whether you are just entering into the mortgage industry, or are a seasoned mortgage professional seeking to expand your business or renew existing licenses, CMS can help you with all of state & loan officer licensing needs. Remember, getting a mortgage license in a state can be a tedious task. Each state requires different information depending on whether an individual is looking for a lenders license or a brokers license.
Additional services include, License renewals, Loan Officer licensing and tracking (SAFE Act Compliance) and QC reviews.
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tard
117 Posts |
Posted - 01/08/2009 : 07:41:06 AM
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| Nobody will pay for this. Compliance is a waste of time. |
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morsolo
281 Posts |
Posted - 01/28/2009 : 07:23:17 AM
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Yes, in Illinois you could lose your license and even suspended your mortgage brokerage.
It is a good idea to have a compliance and quality control for mortgage brokers.
In Illinois, mortgage broker are audited maybe every 2 years, 3 years or 4 years and regulated by IDFR especially the closed files, financial statements, continuing education, licensing and advertisement (papers and website). There are stiffer fines, penalty or revoke your license and it is a big help to seek somebody who does quality and compliance pre-audit. Our company does for Illinois only. www.maxibomeromarketingservice.com
Our company offers in Illinois such as on-site compliance and quality control for mortgage broker or lenders only. Loan officer is not audited, only mortgage broker ocmpanies.
Look for the mortgage companies who are in trouble with IDFR in 2009.See the violations and fines.
http://www.obre.state.il.us/RESFIN/Discipline/Enforcement2009.htm
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1003s.com
4161 Posts |
Posted - 01/29/2009 : 06:05:07 AM
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quote:
Originally posted by tard
Nobody will pay for this. Compliance is a waste of time.
In the past, brokers were clearly not willing to pay for quality
compliance consulting services. Moving forward with increased
government regulation, many brokers may experience a serious
change of heart on that issue.
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LeadMaster
93 Posts |
Posted - 02/16/2009 : 4:50:05 PM
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| I hope they find a a way to have strong compliance while providing a legitamate broker a way to truly make a living. Clearly the industry needed a tune up as it was running rampant with some shady individuals that were ruining things for everyone out there. It just seems like the restrictions are becoming so tight at this point that it is causing the entire industry to come to a screeching halt. I am not in any way claiming to have a solution, but it sure seems like there has got to be a way to protect the customers without totally handcuffing the loan officers ability to function. |
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The Money Man
24 Posts |
Posted - 02/19/2009 : 08:44:42 AM
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I completely agree that the powers that be left over from the last eight years are continueing to pander to the high powered banking lobby.
Branch companies with strict compliance and SUPPORT will be the only way to go by the end of 09.
I have been with VanDyk Mortgage for 9 months and its been great. If anyone would like to discuss my experience just drop me a line'
'
John Shaw
VanDyk Mortgage
http://www.mtgbuy.com
http://www.nc-fha-mortgage.com
http://www.nc-home-loans.com
quote:
Originally posted by ComplianceMadeSimple
Along with regulators, now PMI will not insure loans from third party originators. See the full article at www.compliancemadesimplellc.com, What's next?
OPTION - Convert to a mortgage banker/lender.
Whether you like it or not, mortgage brokers are now the targets of Congress, state legislators and regulators and now MI companies. New legislation and regulatory changes are being enacted that will impact your day to day operations (ie. S.A.F.E Act, HVCC, changes to REG Z & RESPA along with other licensing changes).
You may not think compliance is important, but today, you can no longer survive with that mentality. You need to stay informed and one step ahead of the regulators. Don't give the regulators and/or legislators a reason to place more burdens on the industry because they don't feel brokers know what they are doing or what's going on. Let's stay up to date and informed.
Register to receive FREE industry updates.
George Marentis, J.D.
Compliance Made Simple, LLC
President/CEO
303.859.8550
web: www.compliancemadesimplellc.com
email: georgem@compliancemadesimplellc.com
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go34blue
159 Posts |
Posted - 02/19/2009 : 09:57:55 AM
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| Complanice is a waste of time. No one wants Brokers in business and by the end of the year, they will all be gone. Believe me, I hate it as much as anyone, I was a very successful broker for 15 years, but the run is over, at least for now. Become a retail branch of a bank and wait a few years for things to settle down. There will be a need for Brokers again, once rates and turn times get REALLY horrible. But to fight it out now will only mean your own demise. Adapt or die brokers! |
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ComplianceMadeSi
27 Posts |
Posted - 02/19/2009 : 10:52:52 AM
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That's the mentality that got the industry in the position it is today.
quote:
Originally posted by go34blue
Complanice is a waste of time. No one wants Brokers in business and by the end of the year, they will all be gone. Believe me, I hate it as much as anyone, I was a very successful broker for 15 years, but the run is over, at least for now. Become a retail branch of a bank and wait a few years for things to settle down. There will be a need for Brokers again, once rates and turn times get REALLY horrible. But to fight it out now will only mean your own demise. Adapt or die brokers!
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go34blue
159 Posts |
Posted - 02/19/2009 : 11:02:03 AM
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no, its not. I fought and fought and fought. Worked with the NAMB on the local and national level, lobbied in Washington four times. So you dare sit there on your high horse, talking down to me, while you are trying to sell something that NOBODY needs. Bottom line is that Brokers are taking the fall for this mess, as unfair and wrong as it may be. MI companies wont do business any more with brokers. Wholesale lenders are droping out like flies, and the ones left are requiring guidelines that make it impossible to compete with even with the big banks. New RESPA rules will make it harder with YSP disclosure (if brokers are even left at all). And that doesnt begin to take into account all the measures that the States are taking to squeeze out brokers. You are not even a broker so you have NO room to talk. You are trying to sell a useless product to an ever-decreasing market and praying you still have a company in a few months, which you wont, unless you find somone else to sell to.
Best of luck to you, but any Broker who doesnt make a move now will be one of thousand people looking for job from Bankers and Banks and there will not be room for them all. |
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The Money Man
24 Posts |
Posted - 02/19/2009 : 11:10:59 AM
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Yep its getting tuff on us brokers. Its the banking comish appealing to lobbyist
John Shaw
VanDyk Mortgage
http://www.mtgbuy.com
http://www.nc-fha-mortgage.com
http://www.nc-home-loans.com
quote:
Originally posted by go34blue
no, its not. I fought and fought and fought. Worked with the NAMB on the local and national level, lobbied in Washington four times. So you dare sit there on your high horse, talking down to me, while you are trying to sell something that NOBODY needs. Bottom line is that Brokers are taking the fall for this mess, as unfair and wrong as it may be. MI companies wont do business any more with brokers. Wholesale lenders are droping out like flies, and the ones left are requiring guidelines that make it impossible to compete with even with the big banks. New RESPA rules will make it harder with YSP disclosure (if brokers are even left at all). And that doesnt begin to take into account all the measures that the States are taking to squeeze out brokers. You are not even a broker so you have NO room to talk. You are trying to sell a useless product to an ever-decreasing market and praying you still have a company in a few months, which you wont, unless you find somone else to sell to.
Best of luck to you, but any Broker who doesnt make a move now will be one of thousand people looking for job from Bankers and Banks and there will not be room for them all.
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ComplianceMadeSi
27 Posts |
Posted - 02/19/2009 : 12:09:12 PM
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I mean no disrespect. I know how difficult it has been out there. I was a broker up until a couple of years ago. Although I am no longer acting as a broker, I am on your side. I also have been talking to legislators and others on behalf of brokers and the lending industry to no avail, but will not give up until it's over.
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RANDY P
4163 Posts |
Posted - 02/19/2009 : 4:34:11 PM
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I for one will always believe that brokers will exist, the big question is how competitive we are compared to a banker.
Bottom line, until we get more alternative sources of money and we are tied to the same investors banks use, rely on banks for our funding we're going to be subject to their rules. They are making this run now since we have nothing different anymore. It will remain tough until investors come back and start offering Alt-A, subprime, and so on
We are still dealing with private enterprise- This legislation and whatnot isn't as big as a problem as the Banks tighten down on Brokers. Even if you were to roll back the disclosure requirements back to 1999 we'd still be screwed.
Add the negative legislation into the mix and now it's really lethal.
People still say "brokers will always be needed" - Sure, to an extent. But you need to ask yourself is it worth it fighting day in and day out against unfair legislation and dwindling market share, and against banks who have given their LO's orders to take any deal possible?
The problem isn't finding enough clients to refi or purchase, but finding MONEY for the clients - the ones that don't fit Conforming are still there, but are ignored. Until their needs are met with viable product we are going to be hating life. They didn't qualify when the times were good, they definitely won't qualify now.
Best thing we can do now is hope that the doorway isn't permanently closed to alternative products because of new laws. I don't think that will happen, there are still many good borrowers out there with credit and assets who can afford loans. Banning stated and alternative products is not only government interference with private enterprise but also detrimental to the economy as a whole. Investors just need to be stricter about granting them loans, that's all.
rjp
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The Money Man
24 Posts |
Posted - 02/19/2009 : 7:57:52 PM
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This whole mortgage /economic mess is simply a matter of flat wages.
8 years of flat wages and 3.5% inflation pover 8 years means that it costs 30% more to buy the same stuff it did when Bushy took office.
If momma loses her job for even 3 months the family is never able to catch back up and they lose their home.
quote:
Originally posted by The Money Man
Yep its getting tuff on us brokers. Its the banking comish appealing to lobbyist
John Shaw
VanDyk Mortgage
http://www.mtgbuy.com
http://www.nc-fha-mortgage.com
http://www.nc-home-loans.com
quote:
Originally posted by go34blue
no, its not. I fought and fought and fought. Worked with the NAMB on the local and national level, lobbied in Washington four times. So you dare sit there on your high horse, talking down to me, while you are trying to sell something that NOBODY needs. Bottom line is that Brokers are taking the fall for this mess, as unfair and wrong as it may be. MI companies wont do business any more with brokers. Wholesale lenders are droping out like flies, and the ones left are requiring guidelines that make it impossible to compete with even with the big banks. New RESPA rules will make it harder with YSP disclosure (if brokers are even left at all). And that doesnt begin to take into account all the measures that the States are taking to squeeze out brokers. You are not even a broker so you have NO room to talk. You are trying to sell a useless product to an ever-decreasing market and praying you still have a company in a few months, which you wont, unless you find somone else to sell to.
Best of luck to you, but any Broker who doesnt make a move now will be one of thousand people looking for job from Bankers and Banks and there will not be room for them all.
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clarenceworley
5717 Posts |
Posted - 03/02/2009 : 4:45:42 PM
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| This mess is a factor of people buying houses that they couldn't afford. They couldn't afford houses, because in many areas home prices were 8 times the median household income, or something along those lines. |
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Loan Modificatio
9 Posts |
Posted - 03/04/2009 : 3:37:37 PM
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quote:
Originally posted by morsolo
Yes, in Illinois you could lose your license and even suspended your mortgage brokerage.
It is a good idea to have a compliance and quality control for mortgage brokers.
In Illinois, mortgage broker are audited maybe every 2 years, 3 years or 4 years and regulated by IDFR especially the closed files, financial statements, continuing education, licensing and advertisement (papers and website). There are stiffer fines, penalty or revoke your license and it is a big help to seek somebody who does quality and compliance pre-audit. Our company does for Illinois only. www.maxibomerofengshuiconsultant.com
Our company offers in Illinois such as on-site compliance and quality control for mortgage broker or lenders only. Loan officer is not audited, only mortgage broker ocmpanies.
Look for the mortgage companies who are in trouble with IDFR in 2009.See the violations and fines.
http://www.obre.state.il.us/RESFIN/Discipline/Enforcement2009.htm
Quite a website name you have there... |
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morsolo
281 Posts |
Posted - 03/07/2009 : 09:14:35 AM
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Being a mortgage broker-owner in Illinois is a big responsibility. To avoid penalties and fines, Please be prepare with IDFR audit. Our client's company does it for you. www.maxibomeromarketingservice.com.
Call 773-980-8091 and we do compliance and quality control for closed files and posted it in the required log sheet.
The IDFR OF ILLINOIS audits may be done in every 2, 3, or 4 years depending on your previous score. They do not audit loan officers or solicitors but the mortgage company itself. |
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Carlsbadd
758 Posts |
Posted - 03/12/2009 : 8:37:22 PM
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| Thank you ACORN for turning Ill into a wasteland |
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Carlsbadd
758 Posts |
Posted - 03/12/2009 : 8:39:16 PM
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| Thank you ACORN for turning Ill into a wasteland, remember that Obama was once a lawyer for these lawsuits |
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Carlsbadd
758 Posts |
Posted - 03/12/2009 : 8:40:46 PM
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| Thank you ACORN for turning Ill into a wasteland, remember that Obama was once a lawyer for these lawsuits |
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madonna
365 Posts |
Posted - 04/04/2009 : 12:07:53 PM
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we are calling mortgage broker-owners in Illinois.
www.maxibomeromarketingservice.com
We do compliance and quality control -Be prepare in the audit by IDFR. Avoid fines, suspension or revocation of license.
http://www.obre.state.il.us/RESFIN/Discipline/Enforcement2009.htm
call 773-980-8091.
Our quality and compliance staff are former mortgage broker-owners, who have undergone audit with good audit score.
Closed files can be done monthly and will help you to log in your log sheet as required by IDFR. |
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U812
589 Posts |
Posted - 05/07/2009 : 3:51:55 PM
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What type financial guarantees do these compliance companies provide along with their services?
Please post for all to see. |
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ComplianceMadeSi
27 Posts |
Posted - 05/09/2009 : 06:27:44 AM
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Providing compliance or licensing services to an entity or individual is not that cut and dry to provide guarantees. Alot of factors go into providing these services. One such factor deals with whether the requesting entity/individual is providing the compliance company with ALL the requested information to answer a specific issue or complete a task in a timely manner.
If you have specific questions, I suggest you contact us or any of the other compliance service companies.
quote:
Originally posted by U812
What type financial guarantees do these compliance companies provide along with their services?
Please post for all to see.
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Mandyvilla
6395 Posts |
Posted - 07/19/2009 : 1:18:23 PM
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George, I don't know if you are still monitoring this....but in oneof the links you have an article you wrote for The Niche Report that states MDIA isn't effective until October 1. Everything I am seeing states July 30.
What's up? |
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Mandyvilla
6395 Posts |
Posted - 07/19/2009 : 1:21:49 PM
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George, I don't know if you are still monitoring this....but in oneof the links you have an article you wrote for The Niche Report that states MDIA isn't effective until October 1. Everything I am seeing states July 30.
What's up? |
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Mandyvilla
6395 Posts |
Posted - 07/19/2009 : 1:22:50 PM
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| Never mind, just found another post of yours w/ the July 30 date. Guess they got it in the Federal Register sooner. |
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Mandyvilla
6395 Posts |
Posted - 07/19/2009 : 1:46:50 PM
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| Never mind, just found another post of yours w/ the July 30 date. Guess they got it in the Federal Register sooner. |
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