Office: 3433 W. Dallas St. #1077 , Houston, TX, 77019
Office Phone: 713-857-1009, em:dandevine@ymail.com
The 80th Legislative Session passed three bills that effect the Mortgage Broker License Act (MBLA). House Bill 716, 1716 and 2783 relate to mortgage fraud, financial services companies, and mortgage lending. These laws are reviewed in the consulting session.
Consulting Services are available to the MB/LO/Mortgage Banker which cover statutes as regulated by the Texas Department of Savings and Mortgage Lending (SML), which would include a comprehensive update of Chapter 80 of the Regulations that implement the Mortgage Broker License Act, along with all Federal Compliance Regulations and Acts. (RESPA, TIL, ECOA, FTC-Safeguards Rule). Consulting is also available with reference to FHA pre-examination of loan files for compliance to federal regulations. The SML will inspect licensed MB's and their LO's for compliance with the implementation of the above state and federal Acts. With over 20 years of Mortgage Experience and having been associated with the SML as an examiner, I offer programs to review your office and loan files and train your staff for compliance with all aspects of the Mortgage Broker License Act , the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Texas High Cost Loan Disclosure Act and the FTC Safeguards Rule, affecting secure customer records and information.
The review includes an update of compliance pertaining to your office, advertising, transaction logs, correspondence with the SML, inspection of files for disclosures, unearned fees such as improper credit report, appraisal or yield spread premiums from investors which are not properly disclosed on the GFE, TIL or Mortgage Broker Disclosure; unacceptable TIL Disclosure with incorrect APR variences, rates, disclosed fees or incorrect Calyx/Byte/Encompass calculations, and the proper disclosure of yield spread premiums on ammended GFE. The review will end with a rating of your overall compliance rating as specified by the SML Mortgage Broker Examination Rating Stytem.
The consulting review consists of a full review as will be conducted by SML which will review all applicable laws pertaining to office, licensees, and loan files to be compliant with state and federal statutes; loan files from each licensee to be examined will include the review of 3 denied, 2 pending and 3 closed loan files for compliance. Upon completion of the reveiw process the MB will receive a rating based on the SML Mortgage Broker Examination Rating System.
Consulting fees run $395 for a 4 hr. session for a small mortgage operation, $790 for a 8 hr. session; additional rates are $100 per hour, plus travel expenses for consulting done outside the Houston area. Quotes are given to MB's with larger firms who sponsor additional licensees & with
branch locations.
Office Phone: 713-857-1009, em:dandevine@ymail.com
The 80th Legislative Session passed three bills that effect the Mortgage Broker License Act (MBLA). House Bill 716, 1716 and 2783 relate to mortgage fraud, financial services companies, and mortgage lending. These laws are reviewed in the consulting session.
Consulting Services are available to the MB/LO/Mortgage Banker which cover statutes as regulated by the Texas Department of Savings and Mortgage Lending (SML), which would include a comprehensive update of Chapter 80 of the Regulations that implement the Mortgage Broker License Act, along with all Federal Compliance Regulations and Acts. (RESPA, TIL, ECOA, FTC-Safeguards Rule). Consulting is also available with reference to FHA pre-examination of loan files for compliance to federal regulations. The SML will inspect licensed MB's and their LO's for compliance with the implementation of the above state and federal Acts. With over 20 years of Mortgage Experience and having been associated with the SML as an examiner, I offer programs to review your office and loan files and train your staff for compliance with all aspects of the Mortgage Broker License Act , the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Texas High Cost Loan Disclosure Act and the FTC Safeguards Rule, affecting secure customer records and information.
The review includes an update of compliance pertaining to your office, advertising, transaction logs, correspondence with the SML, inspection of files for disclosures, unearned fees such as improper credit report, appraisal or yield spread premiums from investors which are not properly disclosed on the GFE, TIL or Mortgage Broker Disclosure; unacceptable TIL Disclosure with incorrect APR variences, rates, disclosed fees or incorrect Calyx/Byte/Encompass calculations, and the proper disclosure of yield spread premiums on ammended GFE. The review will end with a rating of your overall compliance rating as specified by the SML Mortgage Broker Examination Rating Stytem.
The consulting review consists of a full review as will be conducted by SML which will review all applicable laws pertaining to office, licensees, and loan files to be compliant with state and federal statutes; loan files from each licensee to be examined will include the review of 3 denied, 2 pending and 3 closed loan files for compliance. Upon completion of the reveiw process the MB will receive a rating based on the SML Mortgage Broker Examination Rating System.
Consulting fees run $395 for a 4 hr. session for a small mortgage operation, $790 for a 8 hr. session; additional rates are $100 per hour, plus travel expenses for consulting done outside the Houston area. Quotes are given to MB's with larger firms who sponsor additional licensees & with
branch locations.
posted by Devine Mortgage Compliance at 8:33 AM
