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New Home Loan Application Coming

It's rare for financial forms to last twenty years virtually unchanged. The Uniform Residential Loan Application (URLA), otherwise known as Form 1003 or Form 65, is a notable exception. For two decades, it has served as the industry standard form used by lenders to evaluate borrowers seeking mortgage loans.

That is about to change with the new URLA published by Fannie Mae and Freddie Mac in August of 2016. The August release was intended to allow those in the mortgage loan industry time to establish a transition plan for the new form, supporting systems such as the Uniform Loan Application Dataset (ULAD), and corresponding changes in automated underwriting systems (AUS).

The changes were driven in part by increased reporting requirements under the Home Mortgage Disclosure Act (HMDA). As a means of ensuring that discrimination does not take place in lending practices, the new URLA is designed to collect more information about gender, race, and ethnicity (primarily through subcategories of race and ethnicity) and maintain the data in a more usable form through the ULAD.

Man accused of stealing $10M from 122 elderly West Side victims in reverse mortgage scheme

A judge determined Tuesday that he is to be held until his next hearing, investigators said.

“Diamond knowingly participated in a mortgage fraud scheme by using a name and registration number belonging to another loan originator for compensation or gain due to the fact that Diamond’s registration was expired,” Popovits wrote in an affidavit meant to establish probable cause to arrest Diamond.

The main focus of the investigation was into reverse mortgages, Popovits wrote, as she explained what they are and who is eligible.

“A reverse mortgage loan is available to homeowners age 62 or older and allows the homeowner to borrow the equity in their home minus fees and costs. It may only be secured by a primary residence for which all title holders are borrowers and are age 62 or over. To be eligible, borrowers must receive reverse mortgage counseling explaining the fees, costs, and ramifications of getting a reverse mortgage. Reverse mortgage payouts can be in the form of a line of credit or lump sum, with limits on the size of the lump sum payout,” she wrote.

What's the best way for me to become a Mortgage Broker in CT?

I have been a Loan Originator for a year now, but I'd like to become a mortgage broker. This way, I can shop around to different lenders to help close more loans.

You can try Countrywide, but honestly...your current position is the safer bet of the two. Mortgage Brokers and getting the short end of the stick lately and banks (like Wichovia) are no longer even dealing with them.