How to lose your Broker’s License

Hi People, We have two things of interest here we think you should read.

The first is a Consent Order from a state regulator.

What I would like you to see is on the bottom of page one and top of page two. Notice how vague items a and f were. Any good regulator could drive a truck through that open door and run right over you. This is public record but I redacted anyway. This likely could have been prevented by having a serious compliance program and actually following the guidance. How about you? Have you used the materials we have provided? Do you have a “Compliance Shelf” both physically and virtually? Actual Books for reference, with desktop links on key computers?

Redacted Final Order for Client Review 011116

That brings me to my second attachment. Congratulations to my client Eddie Lester. This is his Compliance Shelf. I visited his office yesterday and everything was good. Locks on files, posters and necessary policies on the wall, “Tool Kits” printed and ready for use, name and hours on the door, and more. How about you?

WP_20160112_001

If you are clients already let us hear your questions.

If you are not our client yet, what are you waiting for? Wait long enough, and you might end up like the broker that was shut down January 4th.

Pick up that 800 pound phone and call me. (800) 656-4584. Confidentiality will apply, tell me your problems and we will fix them!

Nelson A. Locke, Esq.

Compliance Services

Commercial Loans and Private Lenders

Commercial

 

January 2nd, 2016

Because of the aggressive nature of the CFPB audit practice and the predictable fear that it creates among brokers and lenders, some of you have chosen to focus on the commercial niche. The mistaken belief is that by switching to commercial, you avoid the risks associated with RESPA, TRID, and the usual compliance requirements of a mortgage broker or lender. Some of you even think you are exempt from the SAFE Act and can let your licenses lapse.

Folks, don’t do this. You can run from compliance but you can’t hide, and they will get around to you eventually. Even if your business model changes to full commercial lending, you still have a healthy list of rules and regulations you MUST comply with in order to pass an audit. And in 99% of the situations I have investigated a license is required.

I drafted a compilation of some Q&A I searched out. It is informative and can be helpful to you. Download this and read it before you make any decisions about reducing or eliminating your compliance efforts.

Commercial Loans and RESPA TRID FAQ 123115

Thanks for reading, call us at (800) 656-4584 and request information about how to engage Compliance Services. You will be amazed at how easy we will make the process for you. Hundreds of clients  and all of them happy.

Nelson A. Locke, Esq

(800) 656-4584

Foreign Nationals and RESPA TRID

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January 2nd 2016,

Yes it is true, I cannot stay away from the office for very long. Good for you, huh.

During the past quarter we were engaged by several mortgage companies that  specialize in loans to Foreign Nationals. they also offer federally related loans, but foreign national loans are a specialty.

So I decided to create a one  page summary of when you need to apply RESPA and TRID, and when you can revert to the old way of using a HUD-1 and maybe a classic GFE.

Foreign National Guidelines 100315

Happy New Year everybody!

Nelson A Locke, Esq.

(800) 656-4584

http://www.expertlenderservices.com