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Proposed RESPA Reform March 15, 2008

When I read the news on HUD’s proposed reform of the Real Estate Settlement and Procedures Act (RESPA) I was skeptical. Cathy from Sequim challenged me to read the 96-page federal register document so we could all figure out what’s going on. I am here to tell you that there is one very [...]

Washington State Legislative Alert: SB 6381 and SB 6452 January 25, 2008

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 originators [...]

Banker, Broker, Consumer Lender or Credit Union? June 17, 2007

In this four part series of blog articles, I will outline the possible advantages and disadvantages of different types of lending institutions. I will also offer suggestions on how a consumer can help himself or herself before and during your loan process. First, a quick primer.  Consumers often tell me they think of the word “lender” [...]

End of Month Fireworks: LOE’s and YSP’s January 26, 2007

(LOE) Letter of Explanation:
Can a loan officer draft their own letter of explanation (typically to explain issues on a credit report or some other circumstance) on behalf of the borrower? Is this ok, ethical or worse, fraudulent. If they can draft the letter and the borrower signs it, is it acceptable at that [...]