VanEd Newslog

Veterans Day ~ Thank You Veterans and Active Duty personnel

Van Education Center is proud to support our troops, both those who have served our Nation in the past and those who are on Active duty. And to honor their service, VanEd is offering special discounts on real estate licensing courses and appraisal licensing courses to active and retired military personnel and their spouses. Discounts of 20% off the full program price will be available online beginning today, and students will be able to register with the discount directly on the VanEd web site through Sunday.

After Sunday our normal 10% discount will still apply for all veterans. 

For those interested in learning more about the required coursework for real estate, mortgage or appraisal courses, visit the VanEd web links below. Veteran discounts are available directly on the enrollment page. VanEd also continues to offer a 5 day Free Trial to all enrolling students. Have questions? Send us an eMail! We're here to help!

>>> Real Estate Licensing

>>> Appraisal Licensing

>>> Mortgage Broker Licensing

Division of Real Estate posts Mortgage Broker Education Matrix

In answer to industry questions, the Colorado Division of Real Estate has published a mortgage broker education matrix designed to assist licensed mortgage brokers in fulfilling their education requirements. The matrix is linked below.

It is important to note that in 2009 licensed mortgage brokers in Colorado have no continuing education requirements that must be fulfilled. Beginning in January of 2010 all mortgage brokers in Colorado will become subject to passage of SAFE Act education requirements, including passage of the National SAFE Exam.

VanEd will update our students when the national exam becomes available. Click Here to view the education matrix.

Colorado Mortgage Brokers prepare to transition to NMLS

The S.A.F.E. Act, which was signed in 2008, requires all mortgage brokers to register with the National Mortgage License System (NMLS) Registry. The Colorado Division of Real Estate has been working with the NMLS to create an implementation strategy that will easily allow all licensed mortgage brokers in Colorado to register with the NMLS in 2010.

Beginning in January of 2010 all Colorado licensed mortgage brokers will be required to create an account with the NMLS, submit a new set of fingerprints, pass only the national component of the S.A.F.E. Mortgage Loan Originator exam and submit a transition request to the Colorado DRE.

VanEd will be sending out a checklist later in the year to our registered students that will clearly identify the steps necessary to register with the NMLS. We will also make that information available online. To be included in our newsletters, you can simply subscribe to the VanEd NewsLog (on the left) or click here to create a free VanEd student account. Previous students need not create a new account.

Low-risk entities get Red Flag Compliance extension

The FTC announced on July 29, 2009 that it will extend, until November 1, 2009, the date for financial companies and creditors to comply with the FACT Act's identity theft red flag rule. Included in the definition of "creditor" is one who "arranges for credit" and NAR has argued that the usual activities of real estate agents do not typically include arranging for credit. The latest extension will allow FTC staff to finalize further guidance for "low risk entities" such as real estate agents. In addition, the FTC will create a special link on the FTC website for small businesses and low-risk entities to assist them in achieving compliance. NAR staff continues to be in contact with the FTC as further guidance is being developed for low risk entities.

FTC announcement on compliance extension
FTC red flag rule faqs

Finance Friday: Colorado updates Mortgage Broker education rules to meet S.A.F.E. Act

Last week the DRE in Colorado published the new education and examination rules for mortgage broker licensees in order to meet the requirements of the S.A.F.E. Act. The Act, which went into effect last year, required changes to Colorado's licensing and registration structure.

Rule 1-4-1 - Education - clarifies that those who are licensed prior to January 1st, 2010 must complete the required education and pass not only the two-part Colorado mortgage broker exam but also must pass the national portion of the two part S.A.F.E. Mortgage Loan Originator exam.

Those applying for licensure after January 1st, 2010 shall complete the required education and pass BOTH parts of the S.A.F.E. Mortgage Loan Originator Exam.

VanEd will announce when the new S.A.F.E. exam is available in Colorado when that information becomes public. Questions may be emailed to us at info@vaned.com, or you may follow our stream on Twitter for the most current updates by clicking the link below.

Colorado Division of Real Estate issues position on Independent licensing

Yesterday the Director of the Colorado Division of Real Estate issued a one paragraph position statement on licensing requirements for independent contractor loan processors and underwriters. The statement came out of questions the DRE was answering regarding Title V of the S.A.F.E. Act that defined minimum national licensing standards for mortgage loan originators.

The Act requires states to adopt provisions that at least comply with those set for at the National level, including the requirement that all independent contractor processors or underwriters are to be licensed as state-licensed loan originators. In Colorado the General Assembly passed HB 1085 in May that defined the requirement for licensure but did not specify a timeline for those independent contractors to be licensed. Position Statement MB 1.6 defines that timeline.

The Position Statement clarifies that independent contractor loan processors and underwriters shall be licensed as state-licensed loan originators by July 31st, 2010. Beginning August 1st, 2010, any independent contractor loan processor or underwriter shall not engage in residential mortgage loan origination activities as a processor or underwriter unless they are licensed by the state.

Due to upcoming changes in national education and testing, VanEd is recommending that independent processors and underwriters consider completing the education and testing requirements in 2009, which will be prior to any changes that will occur in 2010. After January 1st, 2010 it may be more difficult to complete the education and testing requirement prior to the July 31st, 2010 drop dead date.

Click Hereto view VanEd's online Mortgage Broker Education Packages

Click Here to read Position Statement - MB 1.6 - Independent Contractor Loan Processors and Underwriters

Are you subject to the Red Flag Rule?

The Red Flags Rule was developed pursuant to the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under the Rule, financial institutions and creditors with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft.

The Rule applies to creditors and financial institutions. Federal law defines a creditor to be: any entity that regularly extends, renews, or continues credit; any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit.

But how can you determine if you fit the definition and are required to comply? The FTC has published a How-To Guide for Business. This 17-page document will help you understand who is required to comply. The FTC also launched the Red Flags website where you can complete an online 4-step process to help create your own program in order to help your business comply with the rule.

The Red Flag compliance deadline is fast approaching on August 1, 2009. Penalties for non-compliance can range up to $1,000 per day per customer. Don't delay! The links below will help to guide you through this process.

Visit the Red Flags website by clicking here

Read the How-To Guide for Business by clicking here

And if you determine you need help to ensure that your compliance is in accordance with the law, VanEd has enlisted IDBusiness to assist our students and members with compliance. Click on the logo below for more information.

Red Flag Compliance Deadline coming August 1st, 2009

The Red Flags Rule was developed pursuant to the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under the Rule, financial institutions and creditors with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft.

The Rule applies to creditors and financial institutions. Federal law defines a creditor to be: any entity that regularly extends, renews, or continues credit; any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit.

The Red Flag compliance deadline for Mortgage Brokers is fast approaching on August 1, 2009. Penalties for non-compliance can range up to $1,000 per day per customer. Don't delay! Ensure that your compliance is in accordance with the law. VanEd has enlisted IDBusiness to assist our students and members with compliance.

Click here to watch a brief 5-minute overview of the idBUSINESS Red Flag Compliance Module.

Meet the requirements of the Red Flag Rules that amend the FACT Act of 2003 from idBUSINESS by clicking on the logo below:

Colorado Mortgage Brokers license examination deadline approaching quickly

For Mortgage Brokers in Colorado who have not yet completed their required education and examination, time is quickly running out. In an emergency rule published on December 1st, the Colorado Division of Real Estate created an extension process for mortgage brokers who failed to comply with the education and examination requirements put in place in 2008.

The process includes completing an education extension request form and paying a $100 administrative fee. The Mortgage broker would then be eligible for an extension until March 31, 2009 to pass the written examination and education requirements. The rule also states that those mortgage brokers who fail to comply with either the education and examination requirements or the extension process will be subject to a minimum $500 increase in license renewal fees to cover the increased administrative burden.

VanEd has learned that all of the PSI testing centers are either full or filling up quickly for March testing dates. We urge all Mortgage Brokers to complete their education as quickly as possible in order to be uploaded for the exam. VanEd will upload our students as quickly as possible once your coursework is complete.

After March 31st, you will still be able to take the state exam, but your license may be subject to inactivation by the Division of Real Estate. You may also be subject to increased fees of up to $500 to reinstate your license to active status. To read the extension rule or to download the appropriate forms, click here.

If you have questions, email us at info@vaned.com.

PSI to hold 'pen and paper' mortgage broker exams in Colorado

Attention current Mortgage Broker students—to help with the overflow of students attempting to sign up and take the state exam before January 1^st, VanEd had learned that PSI has opened 2 additional ‘pen and paper’ exam sessions to be held at the Hilton Garden Inn/Denver Tech Center on December 30^th, 2008.

Sessions will run:
11:00 am-1:30 pm & 2:00 pm-4:30 pm
 

located at:  7675 East Union Avenue
                Denver, CO  80237

If you are working to complete your education in time to test before the end of the year, this additional testing option should help with the problem of full testing centers in the Denver Metro area. Once you have completed your coursework VanEd will upload your information to PSI and you will be able to schedule at any open testing site or select the above pen and paper exam at the Hilton.

For information on filing for an extension through the Division of Real Estate, CLICK HERE

 

As always if you have any questions please contact us at info@vaned.com