The title for this post should be “Are the people at HUD out of their fracking minds?” HUD has extended the deadline for correspondent lenders (mortgage brokers) to provided their audited financials. The big problem is that the extension period is useless. It’s a 30 day extension. Since HUD has a proposed rule change in [...]
Net Branch Update for Texas – Big changes for mortgage loan officers and branch managers As Texas completes the transition to the NMLS. The Texas Department of Savings and Mortgage Lending issued a statement about the departments new rules for considering information in a loan officers credit report as part of the application process. The [...]
This year, 2010 is the deadline for all states to become part of the National Mortgage Licensing system (NMLS). Net Branch Managers should full understand the new rules and how they may change the way you operate your branch and how you hire new loan officers. Many loan originators under their current state banking laws [...]
The new year brings in big changes for mortgage net branch managers. 2010 will see some of most sweeping changes in our industry. If you are consider joining a mortgage company that offers a net branch opportunity you should be considering these changes before you decide on which company to join. Big Net Worth Change [...]
In the first post on this topic I mentioned that some net branch companies are promoting a system where you can get around the “other” states licensing requirements to originate and still get paid. I learned about this from a prospective branch manager when I asked if she was considering other companies. I asked what [...]
