Hi Friends!
This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A. Our friends at Nationwide Mortgage sent us this alert to advise us the wrong attachment was included on the June 10th report. Herman Thordsen (www.lendinglaw.com) was kind enough to send us this alert so we could share it with you.
These were the headlines:
1. Consumer Financial Protection Bureau Ability to Pay Rule for consumers goes into effect, January 10, 2014. Learn more about it as to recent updates.
2. Direct Endorsement Lenders filing claims for FHA insurance may find they get sued by the United States Attorney under the False Claims Act.
3. Here are five states where the likely hood of Direct Endorsement Lenders will be or have been audited by HUD-FHA or HUD-OIG. Would you like to know the probability of your mortgage company being audited. We can tell you. If you are in a State other than the five above, we can still tell you. We do know the triggering event. For those of you that have been audited, it is more likely than not, that you pushed the “trigger” unless the investigation was criminal in the first instance.
4. HUD settles disability discrimination claim against Bank of America and Fannie Mae for failing to give a loan modification.
5. Affordable Health Care Act takes effect January 1, 2014. Are you prepared? Are you subject to it? Read on.
6. California Department of Real Estate now allows “team names” as part of the fictitious business name registration. BUT be sure you register it with DRE first and correctly if you want to use it without triggering a DRE Audit.
7. California Loan Servicer can file a Judicial Foreclosure action against the owner.
8. Connecticut increases recording fees to more than “double” for recording the first page if MERS is the nominee beneficiary.
9. Connecticut Attorney sentenced to 2-1/2 years in federal prison for mortgage fraud.
10. Nevada now requires mortgage brokers to have WRITTEN POLICIES for supervising the mortgage agents. No more oral policies allowed.
11. Nevada adopts new SAFE ACT test so loan originators can take one test at one place rather than one for NMLS&R and then another given by the state.
12. Oregon Supreme Court now says MERS as nominee can conduct nonjudicial foreclosures.
13. Sixty year old Tennessee Attorney gets four years in federal prison for mortgage fraud.
14. Texas woman gets two years in federal prison for mortgage fraud.
Click Here to download a free copy of the full report.
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That’s it for this time! Make it another great day!
Your Hard Money Lender in Tucson and Southern Arizona,
P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at: