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Loan Modification Salesmen in WA State Must Be Licensed LOs, Mortgage Brokers, or Work at Consumer Loan Companies
From the Washington State Department of Financial Institutions: DFI Advises Homeowners To Verify The Licenses Of Anyone Offering Loan Modification Services Before Hiring Them OLYMPIA – The Washington State Department of Financial Institution’s Consumer Services Division advises homeowners who are delinquent on their mortgage to be cautious about using the services of someone offering to help... »
Distressed Property Law
There has been a lot of confusion, anger and fear surrounding the new Distressed Property Law. I’m not going to jump on the bandwagon and do a critical analysis of the law, tearing apart each section. The WA Assoc of Realtors has put their educational seminar online for free here for all of us. Instead of all... »
Will Real Estate Agents Embrace a Loan Originator with Fiduciary Duties?
I’m beginning to wonder. I’ve always put the clients best interest first…it’s just something I naturally have to do in order to be able to sleep at night. There has been a time or two when a real estate agent has told me that my job is solely to provide mortgages and... »
Washington State Legislative Alert: SB 6381 and SB 6452
Two Senate bills have been introduced into the state legislature this session. The first bill, SB 6381 (link opens a 2 page PDF) will change the state’s Mortgage Broker Practices Act to require that mortgage brokers owe fiduciary duties to consumers. In order to make fiduciary duties meaningful, they must be extended to include the loan... »
Professional Status: Perceptions and Reality
In part one of this series of blog articles about the subprime meltdown, I briefly sketched the rise and fall of subprime loan products and their relation to predatory lending practices within a capitalist system. Today’s part two will examine the structural relationship between a professional and his or her client. Is your barista at... »
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