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9/14/2021

Small House White Picket Fence

 














Dear Ms. Sandra L. Thompson:

Acting Director Federal Housing Finance Agency

"U.S. Department of the Treasury (Treasury) and Federal Housing Finance Agency (FHFA) today agreed to suspend certain requirements that were 

added on January 14, 2021 to the Preferred Stock Purchase Agreements 

(PSPAs) between Treasury and each of 

Fannie Mae and Freddie Mac (the Enterprises).  

FHFA will continue to measure, manage, 

and monitor the financial and operational risks of the Enterprises to ensure that they operate in a safe and sound manner and consistent with the public interest. 

 During the suspension, FHFA will review 

the suspended requirements and consult with 

Treasury on any recommended revisions.  

These suspensions do not affect the 

Enterprises’ ability to build or retain capital.

The suspension of these PSPA requirements 

recognizes that FHFA has the authority and 

responsibility for the Enterprises’ safety and soundness 

and to foster housing finance markets that 

support homeownership and is not intended to 

stimulate aggregate housing demand given 

current conditions in the housing market.

Home prices accelerated rapidly in past nineteen months, 

with the annual rate of national home price 

growth at multi-decade highs. 

Markets are more stable than early predictions 

of foreclosures during the start of the pandemic.

The U.S. residential housing market today 

suffers inadequate housing supply.  

To promote housing stability, we need to build more product.

 

Does keeping the GSE’s on under conservatorship 

(since 2008) make sense today? 

Could funds be better put into building low to moderate income housing?

The U.S. Department of the Treasury (Treasury) provides Fannie Mae and Freddie Mac with financial support through the Senior Preferred Stock Purchase Agreements (SPSPAs), which were executed on September 7, 2008, one day after Fannie Mae and Freddie Mac entered conservatorships (“Original Agreements”).  

The SPSPAs were designed to ensure that Fannie Mae and Freddie Mac, respectively: (i) provide stability to the financial markets; (ii) prevent disruptions in the availability of mortgage finance; and (iii) protect the taxpayer.  

The GSE’s make quarterly dividend payments to Treasury, provide Treasury with a Liquidation Preference, and beginning in 2010 pay Treasury a periodic commitment fee that reflects the market value of the outstanding Treasury commitment, as well as Stock Warrants for the purchase of common stock representing 79.9% of the common stock of Fannie Mae and Freddie Mac, respectively, on a diluted basis.

September 2019 Fannie Mae and Freddie Mac were permitted to maintain capital reserves of $25 billion and $20 billion, respectively. 

 

What do we want our government to spend our tax dollars on? I want to see plans to build homes for those families and veterans who are homeless. I wish for less Federal grants to developers and more local community small infill housing in all variety of neighborhoods.

lavish library in Budapest







Metro Library in Budapest

Saving historic buildings for posterity

 

9/13/2021

Colorado Mortgage Laws

 







Colorado mortgage loan laws

What is the highest amount the board may fine an individual when finding misconduct through an investigation for the first administrative proceeding?

 

The board, upon its own motion, may, and, upon the complaint in writing of any person, shall, investigate the activities of any licensee or any individual who assumes to act in such capacity within the state. In addition to any other penalty that may be imposed pursuant to this part 9, any individual violating any provision of this part 9 or any rules promulgated pursuant to this article may be fined upon a finding of misconduct by the board as follows: (I) In the first administrative proceeding, a fine not in excess of one thousand dollars per act or occurrence; (II) In a second or subsequent administrative proceeding, a fine not less than one thousand dollars nor in excess of two thousand dollars per act or occurrence.

 

What is the timeframe allowed for those wanting to file exceptions to the board's initial decision?

 

Any party wishing to file exceptions shall adhere to the following timelines: Code of Colorado Regulations 27 1. If no transcripts are ordered, exceptions are due within thirty days from the date on which the Board mails the initial decision to the parties. Both parties' exceptions are due on the same date. 2. If transcripts are ordered by either party, the following procedure shall apply. Upon receipt of all transcripts identified in all designations of record and supplemental designations of record, the Board shall mail notification to the parties stating that the transcripts have been received by the Board. Exceptions are due within thirty days from the date on which such notification is mailed. Both parties' exceptions are due on the same date.

What does the board do when a violation may fall within the jurisdiction of the criminal justice system?

 

(9) When the board or the division becomes aware of facts or circumstances that fall within the jurisdiction of a criminal justice or other law enforcement authority upon investigation of the activities of a licensee, the board or division shall, in addition to the exercise of its authority under this part 9, refer and transmit such information, which may include originals or copies of documents and materials, to one or more criminal justice or other law enforcement authorities for investigation and prosecution as authorized by law.

 

What dictates where the proceedings for disciplinary action is held?

 

Proceedings shall be held in the county where the board has its office or in such other place as the board may designate. If the licensee is employed by another licensed mortgage loan originator or by a real estate broker, the board shall also notify the licensee's employer by mailing, by first-class mail, a copy of the written notice required under section 24-4-104 (3), C.R.S., to the employer's last-known business address.

 

Which of the following is NOT a possible action by the board when it is made known that a licensee has not disclosed a potential conflict of interest to all parties?

 

The board has the power to impose a fine, censure a licensee, place the licensee on probation and set the terms of probation, order restitution, order payment of actual damages, or suspend or revoke a license when finding that the licensee or applicant has performed, is performing, or is attempting to perform any of the following:...(e) Acting for more than one party in a transaction without disclosing any actual or potential conflict of interest or without disclosing to all parties any fiduciary obligation or other legal obligation of the mortgage loan originator to any party; (f) Representing or attempting to represent a mortgage loan originator other than the licensee’s principal or employer without the express knowledge and consent of that principal or employer

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What dictates where the proceedings for disciplinary action is held?

 

Proceedings shall be held in the county where the board has its office or in such other place as the board may designate. If the licensee is employed by another licensed mortgage loan originator or by a real estate broker, the board shall also notify the licensee's employer by mailing, by first-class mail, a copy of the written notice required under section 24-4-104 (3), C.R.S., to the employer's last-known business address.

What must a licensee, who is under another mortgage loan originator’s employment, do when receiving deposit money from a borrower?

 

The board has the power to impose a fine, censure a licensee, place the licensee on probation and set the terms of probation, order restitution, order payment of actual damages, or suspend or revoke a license when finding that the licensee or applicant has performed, is performing, or is attempting to perform any of the following:...In the case of a licensee in the employ of another mortgage loan originator, failing to place, as soon after receipt as is practicably possible, in the custody of that licensed mortgage loan originator-employer any deposit money or other money or fund entrusted to the employee by any person dealing with the employee as the representative of that licensed mortgage loan originator-employer; Failing to account for or to remit, within a reasonable time, any moneys coming into his or her possession that belong to others, whether acting as a mortgage loan originator, real estate broker, salesperson, or otherwise, and failing to keep records relative to said moneys, which records shall contain such information as may be prescribed by the rules of the board relative thereto and shall be subject to audit by the board;

To whom does the board make a request on behalf of the people of the state regarding a violation that affects the public?

 

The board may request that an action be brought in the name of the people of the state of Colorado by the attorney general or the district attorney of the district in which the violation is alleged to have occurred to enjoin a person from engaging in or continuing the violation or from doing any act that furthers the violation. In such an action, an order or judgment may be entered awarding such preliminary or final injunction as is deemed proper by the court. The notice, hearing, or duration of an injunction or restraining order shall be made in accordance with the Colorado rules of civil procedure.

 

Which of the following is NOT a possible action by the board when it is made known that a licensee has not disclosed a potential conflict of interest to all parties?

 

The board has the power to impose a fine, censure a licensee, place the licensee on probation and set the terms of probation, order restitution, order payment of actual damages, or suspend or revoke a license when finding that the licensee or applicant has performed, is performing, or is attempting to perform any of the following:...(e) Acting for more than one party in a transaction without disclosing any actual or potential conflict of interest or without disclosing to all parties any fiduciary obligation or other legal obligation of the mortgage loan originator to any party; (f) Representing or attempting to represent a mortgage loan originator other than the licensee’s principal or employer without the express knowledge and consent of that principal or employer

 

What does the board do when a violation may fall within the jurisdiction of the criminal justice system?

 

(9) When the board or the division becomes aware of facts or circumstances that fall within the jurisdiction of a criminal justice or other law enforcement authority upon investigation of the activities of a licensee, the board or division shall, in addition to the exercise of its authority under this part 9, r

 

If an individual has an inactive license, what are they still required to stay current 4on in order to renew their license?

 

continuing education courses

errors and omissions insurance

There are no requirements.

surety bond

Individuals with inactive licenses shall renew their license annually in the manner set forth in Rule 4.1. Individuals with inactive licenses are not required to maintain compliant errors and omissions insurance or a compliant surety bond, but they are required to stay current on all continuing education requirements in order to renew their license. The fee for reinstatement is one and one half times the amount of the current renewal fee.

Which of the following answers would make this statement NOT TRUE? The board may deny an application if the applicant has within the last five years been denied to practice as _________ because of misrepresentation.

 

A notary

a real estate salesperson

an investment advisor

an attorney

Except as otherwise set forth in this part 9, within the last five years, had a license, registration, or certification issued by Colorado or another state revoked or suspended for fraud, deceit, material misrepresentation, theft, or the breach of a fiduciary duty, and such discipline denied the person authorization to practice as: A mortgage broker or a mortgage loan originator; A real estate broker, as defined by section 12-61-101 (2); (III) A real estate salesperson; (IV) A real estate appraiser, as defined by section 12-61-702 (11); (V) An insurance producer, as defined by section 10-2-103 (6), C.R.S.; (VI) An attorney; (VII) A securities broker-dealer, as defined by section 11-51-201 (2), C.R.S.; (VIII) A securities sales representative, as defined by section 11-51-201 (14), C.R.S.; (IX) An investment advisor, as defined by section 11-51-201 (9.5), C.R.S.; or (X) An investment advisor representative, as defined by section 11-51-201 (9.6), C.R.S.;

If a licensee fails to maintain current contact information, what action, if any, may the board take?

 

The board may request an investigation of the mortgage loan originator's application files.

The board will not take action in this case.

The board may require the mortgage loan originator to provide written documentation of his / her current contact information and a formal apology sent to the Board of Mortgage Loan Originators.

The board may inactivate a state license or registration..

The board may inactivate a state license or a registration with the nationwide mortgage licensing system and registry when a licensee has failed to:…(c) Maintain current contact information, surety bond information, or errors and omissions insurance information as required by this part 9 or by any rule of the board that directly or indirectly addresses such requirements;

 

Which of the following statement is TRUE regarding the board setting fees for courses and continuing education?

 

The initial filing fee for review of materials shall not exceed two hundred dollars, and the fee for continued review shall not exceed two hundred dollars per year per course offered.

The initial filing fee for review of materials shall not exceed nine hundred dollars, and the fee for continued review shall not exceed one hundred fifty dollars per year per course offered.

The initial filing fee for review of materials shall not exceed five hundred dollars, and the fee for continued review shall not exceed two hundred fifty dollars per year per course offered.

The initial filing fee for review of materials shall not exceed three hundred dollars, and the fee for continued review shall not exceed one hundred fifty dollars per year per course offered.

The board may set fees for the initial and continuing review of courses for which credit hours will be granted. The initial filing fee for review of materials shall not exceed five hundred dollars, and the fee for continued review shall not exceed two hundred fifty dollars per year per course offered.

 

What is the minimum surety bond a 3mortgage loan originators must acquire?

 

15000

50000

25000

5000

Mortgage loan originators are deemed compliant with the surety bond requirement if their surety bond meets the requirements defined in one of the following options: A. Mortgage loan originators, at a minimum, may acquire and maintain an individual surety bond if: 1. The surety bond is in the amount of $25,000.00; 2. The surety bond is in conformance with all relevant Colorado statutory requirements; 3. The surety bond is exclusive to covering acts contemplated under current Colorado mortgage loan originator licensing laws; 4. The surety bond is not applicable to any conduct or transactions outside the jurisdiction of the Board; and 5. The surety bond is identical to the individual surety bond form developed and approved by the Board. 

Colorado Mortgage License

 










Colorado

 Mortgage home loan questions and answers

A mortgage loan originator shall have a duty of good faith and fair dealing with borrowers. Which of the following is NOT an example of good faith and fair dealing?

 

Asking about the borrower’s current and prospective income, existing debts and other obligations

Ensuring that the borrower understands the responsibilities of a mortgage loan and other expenses that must be considered in purchasing a home

To recommend or originate a mortgage loan that takes into consideration the borrower's information

Recommending that the borrower to enter into a transaction that does not have a reasonable, tangible net benefit to the borrower

 

Rudubecia yellow cone flowers









(1) A mortgage loan originator shall have a duty of good faith and fair dealing in all communications and transactions with a borrower. Such duty includes, but is not limited to: (a) The duty to not recommend or induce the borrower to enter into a transaction that does not have a reasonable, tangible net benefit to the borrower, considering all of the circumstances, including the terms of a loan, the cost of a loan, and the borrower’s circumstances; (b) The duty to make a reasonable inquiry concerning the borrower’s current and prospective income, existing debts and other obligations, and any other relevant information and, after making such inquiry, to make his or her best efforts to recommend, broker, or originate a residential mortgage loan that takes into consideration the information submitted by the borrower, but the mortgage loan originator shall not be deemed to violate this section if the borrower conceals or misrepresents relevant information; and (c) The duty not to commit any acts, practices, or omissions in violation of section 38-40-105, C.R.S.

 

Advertising is required to have the mortgage company name, name of at least one responsible party and the business phone number clearly shown, EXCEPT in the case of...

 

… mortgage loan rates that are available for a limited time.

….home equity products.

… mortgage loan products.

… promotional items.

A. Any advertisement which indirectly promotes a credit transaction and which contains only the name of the mortgage company, the name and title of the mortgage loan originator, the contact information for the mortgage company or the mortgage loan originator, a mortgage company logo, or any license or registration numbers, such as the inscription on a coffee mug, pen, pencil, youth league jersey, sign, business card, or other promotional item; or B. Any rate sheet, pricing sheet, or similar proprietary information provided to real estate brokers, builders, and other commercial entities that is not intended for distribution to consumers.

 

If a licensee receives a letter from the board about a complaint regarding the licensee stating that the action doesn't warrant formal action but shouldn't be dismissed, how many days does the licensee have to request a formal disciplinary proceeding to clear the complaint regarding his/her actions?

 

1 week after proven receipt .

2 weeks after proven receipt of the letter

3 days after proven receipt of the letter

20 days after proven receipt of the letter

When a complaint or an investigation discloses an instance of misconduct that, in the opinion of the board, does not warrant formal action by the board but that should not be dismissed as being without merit, the board may send a letter of admonition by certified mail, return receipt requested, to the licensee against whom a complaint was made and a copy of the letter of admonition to the person making the complaint, but the letter shall advise the licensee that the licensee has the right to request in writing, within twenty days after proven receipt, that formal disciplinary proceedings be initiated to adjudicate the propriety of the conduct upon which the letter of admonition is based. If such request is timely made, the letter of admonition shall be deemed vacated, and the matter shall be processed by means of formal disciplinary proceedings

 

Which of the following is NOT TRUE when listing actions by a mortgage loan originator that would cause revocation of a license?

 

Advertise any rate of interest without conspicuously disclosing the annual percentage rate implied by such rate of interest t.

Obtain property by fraud or misrepresentation

Employ any scheme or device to defraud or mislead borrowers or lenders or to defraud any person

Fail to pay a third-party provider, no later than ten days after the recording of the loan closing documents or sixty days after completion of the third-party service, whichever comes firstYou

 

 

(1) A mortgage loan originator shall not: (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; b) Engage in any unfair or deceptive practice toward any person; (c) Obtain property by fraud or misrepresentation; (d) Solicit or enter into a contract with a borrower that provides in substance that the mortgage loan originator may earn a fee or commission through the mortgage loan originator’s “best efforts” to obtain a loan even though no loan is actually obtained for the borrower; (e) Solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting from a lender with whom the mortgage loan originator maintains a written correspondent or loan agreement under section 12-61-913; (f) Fail to make a disclosure to a loan applicant or a noninstitutional investor as required by section 12-61-914 and any other applicable state or federal law; (g) Make, in any manner, any false or deceptive statement or representation with regard to the rates, points, or other financing terms or conditions for a residential mortgage loan or engage in “bait and switch” advertising; (h) Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any reports filed by a mortgage loan originator or in connection with any investigation conducted by the division; (i) Advertise any rate of interest without conspicuously disclosing the annual percentage rate implied by such rate of interest; (j) Fail to comply with any requirement of the federal “Truth in Lending Act”, 15 U.S.C. sec. 1601 and Regulation Z, 12 CFR 226; the “Real Estate Settlement Procedures Act of 1974”, 12 U.S.C. sec. 2601 and Regulation X, 24 CFR 3500; the “Equal Credit Opportunity Act”, 15 U.S.C. sec. 1691 and Regulation B, 12 CFR 202.9, 202.11, and 202.12; Title V, Subtitle A of the financial services modernization act of 1999 (known as the “Gramm-Leach-Bliley Act”), 12 U.S.C. secs. 6801 to 6809; the federal trade commission’s privacy rules, 16 CFR 313-314, mandated by the “Gramm-Leach-Bliley Act”; the “Home Mortgage Disclosure Act of 1975”, 12 U.S.C. sec. 2801 et seq. and Regulation C, home mortgage disclosure, 12 CFR 203; the “Federal Trade Commission Act”, 15 U.S.C. sec. 45(a); the “Telemarketing and Consumer Fraud and Abuse Prevention Act”, 15 U.S.C. secs. 6101 to 6108; and the federal trade commission telephone sales rule, 16 CFR 310, as amended, in any advertising of residential mortgage loans or any other applicable mortgage loan originator activities covered by the acts. The board may adopt rules requiring mortgage loan originators to comply with other applicable federal statutes and regulations. (k) Fail to pay a third-party provider, no later than thirty days after the recording of the loan closing documents or ninety days after completion of the third-party service, whichever comes first, unless otherwise agreed or unless the third-party service provider has been notified in writing that a bona fide dispute exists regarding the performance or quality of the third-party service; or (l ) Collect, charge, attempt to collect or charge, or use or propose any agreement purporting to collect or charge any fee prohibited by section 12-61-914 or 12-61-915.

Score: 0%

Which of the following is a trigger for re-disclosure?

 

the closing date changed

the borrower provides the earnest monies for deposit

the appraisal is higher than the loan amount

the annual percentage rate increases more than 1/8 of one percentage point

When applicable, the disclosures set forth in Rule 5.14(B) must be made within three (3) business days after receipt of a loan application, entering into a lock-in agreement, or if the annual percentage rate increases more than 1/8 of one (1) percentage point from an earlier disclosure.