|Your window to the latest mortgage news! |
|Weekly Newsletter |
|Wednesday, March 2nd, 2016 |
|Mortgage Broker Comp and Other Compliance Essentials Webinar |
|You may not realize it but your loan officer comp plan may not be compliant. What happens to you if you are not paid correctly? CAMP invites you to learn from Daniella Casseres at our upcoming Free Member Webinar on Thursday, March 10th, 2016. During this webinar, Daniella Casseres, Esq., will discuss how to structure compliant loan originator compensation for mortgage brokers as well as other key compliance considerations impacting brokers such as dual employment, Bank Secrecy Act, and marketing rules. Click here to register. |
|Home Ready Mortgage |
|Fannie Mae has enhanced their affordable lending product with the new Home Ready Mortgage. This product is designed to help lenders confidently serve today's market of creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. Check out this Lender Fact Sheet for more information on the program. |
|Low Down Payment Options |
|If you would like to do more low down payment mortgages, you should consider signing up for Freddie Mac's webinar called "Closing more down payment mortgages, here's how to safely and confidently close 3% down loans." Click here for more information. |
I came across this great article that you may want to share with your realtors about low down payment options. Many times, realtors are not aware of the options available to their clients. Click here for more information.
|What do the next few years have in store for the mortgage industry? With the five-year anniversary of the Consumer Finance Protection Bureau coming up in July, CFPB Director Richard Cordray has released his 9-point plan on how the CFPB plans to reshape the financial industry. I don't know about you, but I find it hard to believe that the CFPB has been around for almost five years. There have been so many changes already with our industry, click here to find out what is next. |
|Legislative Efforts |
|There is nothing more empowering than to be the voice for your industry to our legislators and walk the halls of our nation's Capitol. You have a chance to do just that! Join us for the 2016 NAMB Legislative and Regulatory Conference taking place Saturday-Wednesday, April 9th-12th in Washington, D.C. This is a "must attend" event for all mortgage professionals. Last year, more than 10,000 realtors attended NAR's Lobby Day. This year, NAMB would love to get 1,000 mortgage professionals to D.C. to help NAMB lobby on Capitol Hill. Join NAMB as the association rallies to fight for consumers, small businesses, and mortgage professionals. THIS IS A MEMBERS-ONLY EVENT. Click here to register. |
State Lobby Day will be set for Wednesday, May 11th in Sacramento. Click here for more information and watch the state's newsletter as new information arises!
CAMP is reviewing a couple of federal bills and may be weighing in on those bills soon: H.R. 2121, the SAFE Transitional Licensing Act of 2015 would amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license of 120 days for registered loan originators: (1) moving from a financial institution to a state-licensed non-bank originator, or (2) moving interstate to a state-licensed loan originator in another state. Any person registering a registered loan originator with the Nationwide Mortgage Licensing System and Registry shall be subject to this Act and to applicable state law to the same extent as if that registered loan originator was licensed and registered as a state-licensed loan originator.
H.R. 2901, the Flood Insurance Market Parity and Modernization Act would amend the Flood Disaster Protection Act of 1973 to make technical amendments to requirements for flood insurance under either the federal program or private flood insurance. "Private flood insurance" shall include, in addition to a policy issued by a company licensed, admitted, or otherwise approved by the state (as in current law), any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located.
The flood insurance program under the Act, including both private and federal flood insurance, shall extend to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
|Upcoming Events |
East Bay Chapter presents Combined Event with WCR - Policies Affecting Our Communities with Assemblywoman Catharine Baker on Friday, March 11th from 9:00am - 11:00am at Round Hill Country Club, 3169 Roundhill Road, Alamo, CA. Call Audrey Boissonou for more information at 925.788.1351.
Silicon Vally Chapter presents their Broker Roundtable Breakfast on Friday, March 11th from 8:30am - 10:00am at Three Flames Restaurant, Banquet Room, 1547 Meridian Avenue, San Jose, CA. This is a standing meeting the second Friday of each month. Visit www.siliconvalleycamp.com for more event details.
Greater Sacramento Chapter presents Calyx Point Live Training on Thursday, March 24th from 9:30am - 12:00pm at the Sacramento Association of Realtors, 2003 Howe Avenue, Sacramento, CA. Click here to register.
San Francisco Peninsula Chapter presents NMLS CE on Thursday, March 31st from 8:30am - 5:30pm at the San Mateo County Association of Realtors, 850 Woodside Way, San Mateo, CA. Contact Alan Kirth at email@example.com for more info.
Excellence & Integrity in LendingMICHELLE VELEZ, CMC