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Do you have a Quality
Control Plan?
Are you
Red Flag Compliant?
Effective December 31, 2010 you must
have a written Policies and Procedures Plan.
Click on the Link on our
links page
for a Free Broker Tool Kit from Informative Research
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Welcome to National Quality Assurance div of SMC
Specialists in Mortgage Loan Compliance Audits
Audit Services include the following: Short Sales, Loan
Modifications, Foreclosures, FHA, VA, Conventional, Reverse, and
Private Lender Loans.
In addition to the Audit Services we provide FHA Quality Control
Plans, FHA Compliance and Consulting. Quality Control Plan /
Auditing for
mortgage origination.
Sonja has been doing Compliance Auditing for the past 13 years.
She
has over 40 years of mortgage experience including owning two
mortgage companies. Sonja has over 150 hours of continuing education
since 2002.
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Email:swheeler@sonjamortgage.com
Web Site:
www.sonjamortgage.com
551 Sandy Hook Road -
Treasure Island, FL 33706-1212
Phone: (727) 368-0042
Fax: (727) 360-8409
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Secretary of the Florida Association of Mortgage Professionals
Education Foundation for the past three years.
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Member of the Florida Quality Council
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References available upon request.
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Call us for all of your compliance needs.
Mortgage Loan Compliance Audits
Audit
services for:
Auditing , Short Sales, Loan
Modifications, Foreclosures, FHA, VA, Conventional, Reverse, Private
Lender, Compliance, Quality Control, Quality Control Plan for
mortgage origination, Auditing for mortgage origination
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How to Adapt to
the New Disclosure Rules
Change is inevitable, except from vending machines! I want to share with
you some of the rules and regulations that mortgage lenders must comply
with--and how working together, we can insure smoother transactions &
closings! There were 2 new laws that affect all of us:
The Mortgage
Disclosure Improvement Act
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Uniformity
– Lenders must all use the same Good Faith Estimate
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Business
Days – Defined as Monday thru Saturday, EXCEPT holidays
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Re-disclosure – If APR rates changes an 1/8% over original
disclosure
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Waiting
Periods – Time to review disclosures and HUD 1
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Comparison
Shopping – GFE encourages rate comparisons from 3 lenders
RESPA & New
Good Faith Estimate
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New Good
Faith Estimate, 3-page Form ALL lenders must use
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New HUD
Settlement Costs Booklet
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GFE needs
to match HUD1 at closing (some tolerances apply)
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No
“waiting time” Waivers Allowed
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No
Last-minute negotiations between buyers & sellers
What to Advise your Clients to Insure Smoother Transactions
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Lock
interest rate 10 days before closing
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Encourage
buyers to SHOP for their mortgage BEFORE buying a home.
(Switching lenders starts the disclosure (and waiting periods)
all over again)
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Review
“good faith WORKSHEET” (not the uniform GFE) with your clients
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Read the
HUD Settlement Cost Booklet (first pages describe the role of
real estate agents)
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Add clause
to purchase agreement with “automatic extension” due to RESPA/GFE
delays
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Make sure
clients get a REAL pre-approval
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Ask Title
Company to Provide “mock” HUD1 at least 10 days before closing
"The information provided has been based on rules
and regulations issued by Federal Agencies and interpreted for you
by MortgageCurrentcy.com. Interpretations are not guaranteed but we
attempt to make them both easy to understand and help you sell more
real estate. Check with your local and state authorities to ensure
that you meet all requirements and disclosures."
Copyright © 2010 Reprinted with permission
MortgageCurrentcy.com
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