VanEd Newslog

What we're reading: Top Posts from around the Industry

This is a sample of the articles, posts and videos that made their way onto our computers (and that we found interesting or informative) this week.

Inman Next posted this video of Chris Smith at an Agent Reboot. Our favorite find during the presentation of 20 Mobile Tools that will make you Stand Out (besides the passion Chris shows for his iPad and all of the potential uses for real estate professionals, of course) has to be the CalcMoolator app.  http://next.inman.com/2011/10/20-mobile-tools-that-will-make-you-stand-out/

HUD Secretary Shaun Donovan announced Wednesday that White House officials and state attorney's general are close to a settlement over the "robo-signing" foreclosure issue. Housing markets and borrowers will be thankful to get that behind them. Now we can get back to processing foreclosures the right way. And let's not forget that perhaps as many as a million borrowers will be eligible for some sort of write-down on their mortgages.  http://www.marketwatch.com/story/robo-signing-settlement-close-reports-2012-01-18?reflink=MW_news_stmp

The fact that Fannie Mae sees a 3.5% increase in home sales in 2012 isn't what caught our eyes. Instead we noticed that total loan originations would be down to $1.01 trillion from and estimated $1.36 trillion in 2011. Consider the projected 40% drop in refinance money an added bonus.  http://www.housingwire.com/2012/01/13/fannie-mae-economists-see-2012-home-sales-up-3-5-to-4-72-million

Adding value and ROI for Green features has been nothing short of ... well ... difficult when it comes to getting the appraisal completed. New moves from industry groups should help in the expansion of Green valuation, and as one of his 10 Predictions for Green building in 2012Sean Penrith says home buyers and home sellers asking for Green appraisers will help. http://www.sustainablebusinessoregon.com/columns/2012/01/ten-predictions-for-green-building-in.html

For up to the minute industry information or to receive special promotions and discount offers connect with us online at any of our other social networks listed below!

Colorado Division of Real Estate announces MLO CE Compliance Rates at less than 10%

Mortgage Loan Originators take note: Those who regulate you are watching. The Colorado Division of Real Estate who oversees the Mortgage Loan Originator Program in Colorado published in their Spring/Fall 2011 edition of Real Estate News that MLOs in the state were less than 10% compliant in completing mandatory continuing education. Nationwide less than 20% of all MLOs had completed the mandatory education.

Click here to read the Summer/Fall edition of the DRE's Real Estate News Newsletter

The required Colorado Mortgage Loan Originator continuing education is available online! VanEd is proud to be able to offer our students the 8 hours of NMLS required education and to be the home of the two hour Colorado Mandatory course online.  The 2 hour course was developed by the Division of Real Estate and covers a number of topics.

VanEd also offers access to the 8 hours of required NMLS education in many states. Find your state information online by clicking here.

(Follow VanEd on Twitter to stay on top of current information and receive special discounts and promotions on all of our new courses - perhaps even on the recently launched MLO courses or discount offers on Real Estate Licensing education!)

FBI Annual Report on Mortgage Fraud

The number of pending investgations into cases of suspected mortgage fraud increased by 12% last year over 2009 numbers, according to the FBI's recently released annual report on mortgage fraud.

The report also notes that data collected from Core Logic indicates that more than $10 billion in total loans were closed last year where fraudulent application data is suspected of being used.

The report, just like last year's, concludes that mortgage fraud remains widespread due to the depressed housing market and overall economy. The most common fraud schemes involve the falsification of application data used to qualify borrowers, and inflated appraisals used to increase prices.

The FBI report says that mortgage fraud remains prevelent due to the potential for high profits and the low risk of being caught. They also point out that licensed brokers, loan officers, appraisers and real estate professionals in many cases use their knowledge of the system to find vulnerable areas where they themselves can commit the fraud.

To learn more, take VanEd's recently updated Mortgage Fraud course online anytime!

Discounts available for Mortgage Loan Originators (MLOs) on Licensing and Continuing Education

Van Education Center is proud to offer  Mortgage Broker Licensing Education!

We are offering the entire Mortgage Broker Program online that is required by the NMLS for licensure in all 50 states. And now we are offering a 15% discount on the cost of the required education. VanEd is also offering discounts on the required Core Continuing Education when taken online in 2011.

 

Did you miss your certification period in 2010? Not to worry! there is still time to complete your requirements and meet the Febuary 28th deadline.

To learn more about the requirements or the online course options, Click Here! 

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 10% off the full program price are available online and students will be able to register with the discount directly on the VanEd web site. 

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

Finance Friday: Colorado DRE proposes to license loan modifiers

On Wednesday of this week the Colorado Division of Real Estate issued a Notice of Proposed Rulemaking. The notice proposes to add rule 1-1-6, which would require licensure for individual loan modifiers, direct managers of loan modifiers and would establish requisite use of a loan modification contract.

The purpose, as listed in the rulemaking notice, of the rule is to "clearly notify loan modifiers (those who engage in the act of directly or indirectly negotiating a loan modification) of the applicability of Colorado mortgage broker law and to require use of a loan modification contract."

The DRE has taken the position that an individual who offers or negotiates loan modifications meets the definition of a mortgage loan originator in Colorado, thus a license would be required. The DRE has also created the Colorado Loan Modification Services Contract to ensure compliance with the rule and state laws. Specifically excluded from this rule are employees of non-profit HUD-approved housing counseling agencies, employees of mortgage loan servicers and real estate brokers working on short sales.

Click Here to read the entire proposed rule.

The proposed Loan Modification Services Contract was not available online as of the time of this post, but when available will be found online by clicking here.

Finance Friday: New Colorado licensing requirements for Mortgage Brokers take affect

The requirements for Mortgage Loan Originators (MLO) licensing in Colorado changed on January 1st, 2010. Please look for the category that you fall in to;

Licensed Colorado MLOs (prior to January 1st, 2010): Please click here review our post from January 4th for Registration instructions. Click Here for instructions on registration with the NMLS&R. For those who previously passed the Colorado and National exams and are currently licensed in Colorado, you will be required to pass the Federal portion of the S.A.F.E. Mortgage Loan Originator Exam in the first half of 2010. You are also required to register with the NMLS&R beginning in January.

Note: Registration with the NMLS&R is required to be completed by the end of January. You have until July to complete the Federal examination. Please visit the NMLS website for testing details. Click Here to review the licensing information and to find checklists that describe the steps necessary to maintain your MLO license in Colorado.

If you did not complete the education AND examination prior to January 1st, 2010:

According to the DRE, HUD has stated that you are required to complete an additional 20 hours of education approved by the NMLS and pass the both parts of the new examinations. On January 5th the DRE stated that there are no exceptions to this rule per HUD.

Examinations: The Federal Examination required by all brokers is available to be taken now. You must first register with the NMLS and then you may schedule to take that exam. The state portion of the new exam will not be available until sometime in February. 

Education: Students who failed to complete the Colorado Mortgage Broker courses are subject to new education requirements as of January 1st, 2010. Currently no coursework from any education provider has been approved in Colorado that meets the new 2010 requirements for a Colorado Mortgage Loan Origination License. We will post information on the coursework as soon as it is available. At this time we expect that there will be coursework available beginning in February.  

For those seeking to work as an MLO in Colorado who have either not yet completed or started the education and examination process, we recommend applying for a temporary license using the Temporary Mortgage Loan Originator Application available from the DRE. Temporary licenses will allow you to work as an MLO in Colorado for a period of up to 120 days. During this time you should complete the education and examination, as well as new background check requirements.

Click Here to view the Colorado licensing information and to find the checklist appropriate to your situation.

Colorado Mortgage Brokers can now register with the NMLS&R

As of January 4th, 2010 Colorado mortgage loan originators may now register with th NMLS&R. The registration is part of the new licensing procedures and must be completed during January of 2010. MLOs will also be required to submit a fingerprint background check, as well as a transition request and a form MU4 individual application to the NMLS&R.

The Director of the Division of Real Estate developed the following checklist to help existing licensees comply with the Mortgage Loan Originator Licensing Act which was passed pursuant to the S.A.F.E. Act.  The checklist can be downloaded here:

Open the checklist by clicking here

For those who are not yet licensed or who have not yet completed the education and examination requirements, we will post updates as they become available. Currently there is no approved education or examination that qualifies towards a Colorado Mortgage Loan Originator license.

Getting Started: Mortgage Loan Originator

Step 1 - Speak with your Company The NMLS is an official system of record with your state regulator so it is important that you coordinate your use of this system with your employer. Step 2 - Determine if you or your company is going to create and submit your record in NMLS Either you or your company can complete your first Form MU4 in NMLS. The entity who creates the first Form MU4 will be the entity required to pay when it is submitted to the regulator(s). If your company is creating your first Form MU4, you should STOP here and wait for notification from your company. Step 3 - Create an Account Before logging in to NMLS you will need to create an account.  Click on the "Log in to NMLS" button above and then select “Create an Individual Account.”  The Quick Guide: Creating an Individual Account will help walk you through setting up your account.

Step 4 - What does my state (Colorado) require?

Review the jurisdiction-specific requirements for the state in which you are using NMLS to apply for a license or transitioning an existing license.  You can print out a checklist of jurisdiction-specific requirements and review Professional Requirements by going to the Colorado State Resource Page.

Step 5 - Getting Prepared

The following resources will help you prepare to use NMLS:

Quick Guides - Quick and handy "How To" guides for key tasks.

Form MU4 - Review a printable version to see what information will need to be gathered.

Tutorials- Interactive training tutorials on using NMLS.

Step 6 - Log In & Complete or Review Your Record

You are now ready to log into NMLS.

If your company is creating your first Form MU4, you should wait for notification from them that they have created it and sent it to you. Once they have sent it, you will now need to log into NMLS, review your Form MU4, and attest to its accuracy. Simple instructions on this procedure can be found on the Attestation Quick Guide.

If you are completing your first Form MU4, you should login to NMLS, identify the jurisdictions in which you are or would like to be licensed, complete Form MU4, pay any associated fees and submit it to the relevant regulator(s). Simple instructions on this procedure can be found here: Loan Originator Form MU4 Filing Quick Guide.

Step 7 - SAVE YOUR USER ID AND PASSWORD!

You will need to access the NMLS whenever you update your record, enroll in a test, change companies, and at least once a year to renew your license. Keep your User ID and Password in a secure place but not so secure that you forget it!

You are ready to Create an Account with NMLS&R - once you are ready to create your account with NMLS&R, you can use the link below to be taken directly to the account login page.

Create/login to an individual account by clicking here

Year end Colorado Mortgage Brokers education & examination update

As 2009 turns into 2010, those seeking a Mortgage Loan Originators license in Colorado will face some unique challenges. Here is what we know (disclaimer: information below is based on our best and most current information and may be updated at any time)

Examinations: PSI has stopped offering the state exam for the Mortgage Broker License for 2009.   A new testing company will be taking over in 2010 and offering the state exam under the new NMLS requirements.  For any students having completed the course, or for those who have previously failed the exam and need to retake it, we have been told that you will have the opportunity to take the new exam, and we will post information on registration as soon as it is available. 

For those who failed the state portion of the exam, that test should be available through the NMLS beginning in February. For those who previously passed the Colorado and National exams and are currently licensed in Colorado, you will be required to pass the Federal portion of the S.A.F.E. Mortgage Loan Originator Exam in the first half of 2010. You are also required to register with the NMLS&R beginning in January.

VanEd will post the registration and examination information on Monday, January 4th, 2010.

Education: Students who failed to complete the Colorado Mortgage Broker courses are subject to new education requirements as of January 1st, 2010. Currently no coursework from any education provider has been approved in Colorado that meets the new 2010 requirements for a Colorado Mortgage Loan Origination License. We will post information on the coursework as soon as it is available. At this time we expect that there will be no coursework available until at least March.  

If you would like to stay up to date on all of the changing information, or be notified as soon as the registration information is available, you may subscribe to the VanEd NewsLog using the link to your left, or follow us on Twitter. If you have questions about your specific situation, please send them via email to info@vaned.com.  

For those seeking to work as an MLO in Colorado who have either not yet completed or started the education and examination process, we recommend applying for a temporary license using the Temporary Mortgage Loan Originator Application available from the DRE. Temporary licenses will allow you to work as an MLO in Colorado for a period of up to 120 days.

(Follow VanEd on Twitter to stay on top of current information and receive special discounts and promotions on all of our new courses - perhaps even on the new "RESPA: Keeping Current" course or this weeks discount offer on Colorado Real Estate Licensing education!)

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