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musicman
75 Posts |
 Posted - 11/03/2009 : 1:56:42 PM
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| Is anybody worried about the potential for a loss of loan officers based on bankruptcy and foreclosure within the previous 12 months. I hope that they grandfather in those that are already operating in the business. It's just a concern because the SAFE act requires us to agree to allow the agency to pull credit. |
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jfrederick
580 Posts |
Posted - 11/03/2009 : 4:30:44 PM
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| We are not even on the list yet in CA. We don't have the capacity to deal with another bit of bureaucracy. WE BROKE ! plus, we already have stringent licensing requirements with criminal background checks. Spoke to my broker and we are hearing that the Broker will need to be NMLS and we will work under that. |
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homebroker@sbcgl
7371 Posts |
Posted - 11/03/2009 : 4:58:27 PM
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Don't see how this will help, the shady Lo's put every deal together and make money. The honest LO's walk away from questionable deals and cannot pay their bills.
I think the politicians got it backwards this time. |
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jfrederick
580 Posts |
Posted - 11/03/2009 : 5:06:58 PM
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| The shady's are working for the TBTF banks - I have heard of more fraud coming from their end than from TPO. I turn a client down because I won't omit things from the 1003, and the guy from WF say's don't worry, has the manager push it through - no 4506.... |
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musicman
75 Posts |
Posted - 11/03/2009 : 5:52:13 PM
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| CA DRE newsletter states that implementation of SAFE is due by March 1, 2010. Said it looks like an addendum to the license that already exists. The provision I'm talking about comes from the Feds in order for the states to be compliant. |
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jfrederick
580 Posts |
Posted - 11/03/2009 : 6:30:30 PM
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| You got an online link for that newsletter? |
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ahetrick@deltale
115 Posts |
Posted - 11/03/2009 : 8:38:48 PM
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| www.dre.ca.gov |
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nci1
503 Posts |
Posted - 11/04/2009 : 09:12:46 AM
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Loan officers will have to be licensed, not just the broker.
quote:
Originally posted by jfrederick
We are not even on the list yet in CA. We don't have the capacity to deal with another bit of bureaucracy. WE BROKE ! plus, we already have stringent licensing requirements with criminal background checks. Spoke to my broker and we are hearing that the Broker will need to be NMLS and we will work under that.
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jstar
1230 Posts |
Posted - 11/04/2009 : 10:51:46 AM
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quote:
Originally posted by nci1
Loan officers will have to be licensed, not just the broker.
quote:
Originally posted by jfrederick
We are not even on the list yet in CA. We don't have the capacity to deal with another bit of bureaucracy. WE BROKE ! plus, we already have stringent licensing requirements with criminal background checks. Spoke to my broker and we are hearing that the Broker will need to be NMLS and we will work under that.
You are correct. I am going through the process right now. I am 10 hours into the 20 hour classroom requirement. |
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SSINGH88
673 Posts |
Posted - 11/04/2009 : 11:18:48 AM
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Still doesnt answer the post topic question
I am licensed in CA, I have a Foreclosure...Am I screwed?
This is the question at hand...and if this does happen and a TON of great LO's have to walk out of the business, then the system failed IMO
The system created a way for people to buy homes and sell them for TONS of profit within months of owning...They System created these negative amortization loans and 2/28's and 40 Year IO...the system and greed created huge profits and revenues and "look the other way" attitudes...now the system wants to be the "good guy" by implementing dysfuntional laws and regulations and guidelines causing the real GOOD people to get hurt and the original loop hole finders to profit once again
Its sad when you hear "FHA IS THE NEW SUB PRIME" then you see lend america type s h i t in the news...When I say the GOOD people are hurt...I am a good originator I am honest and ethical but becuase I bought in the height of the market...The SAFE Act may deem me ineligible to lend WTF??? My clients are GOOD clients, they make their payments on time, but because they are under water they cant get a loan, but the loser sub prime shady mutha ****as that sold them a loan mod at the cost of $5000 made a profit while telling them to become late so they will qualifuy and now they will foreclose
HOW DOES THIS BUSINESS EVEN MAKE SENSE ANYMORE????? |
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nci1
503 Posts |
Posted - 11/04/2009 : 11:24:05 AM
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No, where do you see that a foreclosure will preclude you from licensing.
the only thing i see that will keep you from being licensed is felonies regarding fraud and other felonies within the past 7 years.
quote:
Originally posted by SSINGH88
Still doesnt answer the post topic question
I am licensed in CA, I have a Foreclosure...Am I screwed?
This is the question at hand...and if this does happen and a TON of great LO's have to walk out of the business, then the system failed IMO
The system created a way for people to buy homes and sell them for TONS of profit within months of owning...They System created these negative amortization loans and 2/28's and 40 Year IO...the system and greed created huge profits and revenues and "look the other way" attitudes...now the system wants to be the "good guy" by implementing dysfuntional laws and regulations and guidelines causing the real GOOD people to get hurt and the original loop hole finders to profit once again
Its sad when you hear "FHA IS THE NEW SUB PRIME" then you see lend america type s h i t in the news...When I say the GOOD people are hurt...I am a good originator I am honest and ethical but becuase I bought in the height of the market...The SAFE Act may deem me ineligible to lend WTF??? My clients are GOOD clients, they make their payments on time, but because they are under water they cant get a loan, but the loser sub prime shady mutha ****as that sold them a loan mod at the cost of $5000 made a profit while telling them to become late so they will qualifuy and now they will foreclose
HOW DOES THIS BUSINESS EVEN MAKE SENSE ANYMORE?????
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jstar
1230 Posts |
Posted - 11/04/2009 : 11:39:58 AM
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I am not sure what the credit requirement will be. There is language in the licensing requirements indicating you need show a history responsible financial behavior. It also states you will have to allow NLMS the right to review your credit. However I am not sure if they are going to do this or not. I am getting signed up ASAP to avoid any further tightening of the rules.
This is the link to the SAFE homepage. you can find more info there.
http://www.csbs.org/AM/Template.cfm?Section=SAFE_Act |
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nci1
503 Posts |
Posted - 11/04/2009 : 11:44:03 AM
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it won't, the states will just adopt the same federal guidelines, which mention nothing on foreclosures
quote:
Originally posted by jstar
to be honest I am not sure what the credit requirement will be. There is language in the licensing requirments indicating you have to show responsible financial behaviour. It also states you will have to allow NLMS the right to review your credit. However I am not sure if they are going to do this or not. I am getting signed up ASAP to avoid any further tightening of the rules.
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madonna
365 Posts |
Posted - 11/04/2009 : 3:36:18 PM
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If they will implement or include credit check, there will be a lots of loan officers and brokers will not be able to get license.
As of this date, because of our slump economy, lots of loan oficers and brokers lost their income, thereby lost thei home and lead to bk or foreclosure. We feel this is not right. Maybe background check is okey.
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musicman
75 Posts |
Posted - 11/05/2009 : 5:59:03 PM
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| In California we already comply to backround checks. Conviction of a felony and not paying child support can loose one's license here. We are very strict I just hope that we will not be punished for using a system that the Federal Govt. states is there for the purpose of giving an individual a new start. |
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AndrewSoss
906 Posts |
Posted - 11/05/2009 : 7:15:28 PM
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They have not clarified completely the implementation of the federal safe act guidelines. From conversations that we at CAMB have had with Jeff Davi, they are keenly aware of the credit impact upon people in our industry and will likely not be implementing a minimum credit score requirement or other seemingly too stringent requirements on LO's.
More to come in the next few months. SB36 just passed, so it needs to be interpreted and implemented.
The one great thing is that the DRE recovery fund is coming over with the new licencing, so we won't have to meet the net worth or surety bond requirements. |
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carriemaese
3887 Posts |
Posted - 11/05/2009 : 7:50:20 PM
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| If they do it on loan officer licensing won't they have to do it on anyone that is licensed for anything in CA that are on commission. I would think that if not, we could file a class action lawsuit on the basis that they are discriminating. Just a thought. |
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californiagrape
94 Posts |
Posted - 11/05/2009 : 8:36:35 PM
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| California brokers have an extention to July 2010 and possiblly December 2010 b/4 the test is made and required to be taken.. Thanks to CAMB (California Assoc of Mortgage Brokers) |
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AlbertSmythe48
466 Posts |
Posted - 11/05/2009 : 10:01:00 PM
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quote:
Originally posted by homebroker@sbcglobal.net
Don't see how this will help, the shady Lo's put every deal together and make money. The honest LO's walk away from questionable deals and cannot pay their bills.
I think the politicians got it backwards this time.
You guys are starting to sound like appraisers... |
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