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April 5, 2011: The Appellate Court has lifted the stay issued Friday, April 1, 2011 regarding the Federal Reserve Board Rule on loan officer compensation. Previously slated to start on April 1, the stay has now been lifted and goes into effect immediately. It appears that most lenders will accept loans submitted tomorrow, April 6, [...] The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders. Today, [...] House Passes Resolution to Dictate Mortgage Loan Officer Pay, ComplianceA House Resolution (HR), passed on Capitol Hill, added a series of provisions to the Senate’s Wall Street Reform and Consumer Protection Act, including guidelines that dictate origination fees policy and holds individual loan officers accountable for compliance with the new law. The legislation is also [...] STATE OF CALIFORNIA DEPARTMENT OF CORPORATIONS May 4, 2010 FROM: California Department of Corporations SACRAMENTO 95814-4052 SAN FRANCISCO 94102-5303 LOS ANGELES 90013-2344 SAN DIEGO 92101-3697 1515 K STREET, SUITE 200 71 STEVENSON STREET, SUITE 2100 320 WEST 4
Currently be licensed or have held in the past an active California Real Estate [...] The SAFE Act will take effect for Department of Corporation (DOC) licensees in July, 2010, and for DRE licensees in December, 2010. To originate loans anywhere in California (or in the United States, for that matter), each originator who does not work for a federally charted institution must take and pass both a national [...] |
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