NMLS Mortgage Questions

Companies subject to Regulation N are required to keep records of ________ for 24 months.

 

All advertisements

All marketing materials

All written materials

All commercial communications.

Companies subject to Regulation N are required to keep records of all commercial communications regarding any term of any mortgage credit product for 24 months.

Score: 100%

Question 2

Regulation N prohibits any person from making any material misrepresentation in connection with an advertisement for any _________.

 

Commercial Loan

Mortgage Credit Product.

Consumer Loan

Interest Rate

Regulation N prohibits any person from making any material misrepresentation in connection with an advertisement for any mortgage credit product. It applies to institutions under the jurisdiction of the FTC.

Score: 100%

Question 3

Which is not a "Mortgage Credit Product"?

 

A loan to purchase a family lake house

A loan to purchase a second home

A loan to purchase husband and wife's flower shop.

A loan to purchase a family home.

A "Mortgage Credit Product" is "any form of credit that is secured by real property or a dwelling and that is offered or extended to a consumer primarily for personal, family, or household purposes. See 12 CFR § 1014.2.

Score: 100%

Question 4

Regulation N was designed to address:

 

Misrepresentations in the advertising of mortgage productsYou correctly checked this.

Permissible claims in advertising

Unearned Kickbacks and Fees relationing to settlements

Telephone solicitations to consumers

Regulation N prohibits any person from making any material misrepresentation in connection with an advertisement for any mortgage credit product.

Score: 100%

Question 5

Which is not a commercial communication:

 

A message in a newspaper

None of the above

A telephone soliciation

A radio announcement

A Commercial Communication is defined as: Any written or oral statement, illustration, or depiction, whether in English or any other language, that is designed to effect a sale or create interest in purchasing goods or services, whether it appears on or in a label, package, package insert, radio, television, cable television, brochure, newspaper, magazine, pamphlet, leaflet, circular, mailer, book insert, free standing insert, letter, catalogue, poster, chart, billboard, public transit card, point of purchase display, film, slide, audio program transmitted over a telephone system, telemarketing script, on-hold script, upsell script, training materials provided to telemarketing firms, program-length commercial ("infomercial"), the internet, cellular network, or any other medium. Promotional materials and items and Web pages are included in the term commercial communication. See 12 CFR § 1014.2.

Score: 100%

The purpose of this act is to require certain reports or records that have a high degree of usefulness in criminal, tax or regulatory investigations to protect against international terrorism.

 

Patriot Act

SARs

AML

BSA.

The requirement for an AML program has been in place for depository lenders under the Bank Secrecy Act, BSA, and now applies to non-depository lenders as well.

 

Question 2

This Act is also known as the Currency and Foreign Transactions Reporting Act of 1970

 

FinCEN

AML

BSA

CFPB

The Currency and Foreign Transactions Reporting Act of 1970 is also known as The Bank Secrecy Act (BSA).

 

 

AML stands for

 

Approved Money Laundering

Approved Mortgage Lender

Anti-Money Laundering

Anti-Money Labeling

Anti-money laundering training, policies and procedures is now required for non-depository lenders.

 

 

All of the following are components of SARs reporting except

 

SARs are required by non-depository institutions

FinCEN regulates SARs

SARs are reported using FinCEN's BSA E-filing method

Once a SAR is reported, it may be disclosed to the borrower.

All SARs must be kept confidential and may not be disclosed to any parties that may be involved prior to or after reporting.

 

 

The 3 stages of money laundering.

 

Origination, Placement, Fraud

Placement, Layering, Origination

Placement, Layering, Integration

Processing, Layering, Integration

(1) Placement: The introduction of illegally obtained monies or other valuables into financial or nonfinancial institutions. (2) Layering: Separating the proceeds of criminal activity from their source through the use of layers of complex financial transactions. These layers are designed to hamper the audit trail, disguise the origin of funds and provide anonymity. (3) Integration: Placing the laundered proceeds back into the economy in such a way that they re-enter the financial system as apparently legitimate funds. NOTE: These "stages" are not static and overlap broadly. Financial institutions may be misused at any point in the money laundering process. Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes.

 

When must a lender provide the consumer with the Loan Estimate?

 

5 days after receipt of loan application

2 days after receipt of loan application

3 days after receipt of loan application

4 days after receipt of loan application

The Loan Estimate must be provided to the consumer within 3 business days of the receipt of the consumer's loan application.

Can a mortgage broker provide the Loan Estimate?

 

Yes, always.

Yes, if the mortgage broker is the main point of contact.

No, never.

Yes, if the mortgage broker receives the consumer's application..

A mortgage broker may provide a Loan Estimate to a consumer if the mortgage broker received the consumer's application.

When can a creditor issue a revised loan estimate

 

Never.

Any time as long as it is 4 business days prior to consummation

When the creditor made a good faith mistake on the original

If the consumer waits more than 10 days before indicating his/her intent to move forward with the loan.

Changed circumstances that occur after the Loan Estimate is provided to the consumer that cause estimated settlement charges to increase more than is permitted under the TILA-RESPA rule § 1026.19(e)(3)(iv)(A); Changed circumstances that occur after the Loan Estimate is provided to the consumer that affect the consumer's eligibility for the terms for which the consumer applied or the value of the security for the loan § 1026.19(e)(3)(iv)(B); Revisions to the credit terms or the settlement are requested by the consumer § 1026.19(e)(3)(iv)(C); The interest rate was not locked when the Loan Estimate was provided, and locking the rate causes the points or lender credits disclosed on the Loan Estimate to change § 1026.19(e)(3)(iv)(D); The consumer indicates an intent to proceed with the transaction more than 10 business days after the Loan Estimate was originally provided § 1026.19(e)(3)(iv)(E); or The loan is a new construction loan, and settlement is delayed by more than 60 calendar days

I made a mistake on the bank's fees on the Loan Estimate, but it is still in good faith because it was:

 

Less than the amount disclosed on the Loan Estimate

Underestimation of the charge

A miscalculation

Technical error

Generally, if the charge paid by or imposed on the consumer exceeds the amount originally disclosed on the Loan Estimate it is not in good faith, regardless of whether the creditor later discovers a technical error, miscalculation, or underestimation of a charge. However, a Loan Estimate is considered to be in good faith if the creditor charges the consumer less than the amount disclosed on the Loan Estimate, without regard to any tolerance limitations.

If the amounts paid by the consumer at closing exceed the amounts disclosed on the Loan Estimate beyond the applicable tolerance threshold, the creditor must refund the excess to the consumer no later than:

 

10 days after closing

90 days after closing

3 days after closing

60 days after closing

If the amounts paid by the consumer at closing exceed the amounts disclosed on the Loan Estimate beyond the applicable tolerance threshold, the creditor must refund the excess to the consumer no later than 60 calendar days after consummation.

 

Lower Monthly Mortgage Payment Now!

Let's talk about lowering your monthly mortgage payment now.

Why not save and feel great?

Let's have a discussion about what interest rate you want

Mortgage Birthday

 Today is Sun West Mortgage Corporation's 40th Birthday.

Back office processors and the many support people send us this cute

video to celebrate!

C G at Sun West Mortgage

HOME LOANS 

 Call to find out what documents are needed

 Contact 

(949) 784- 9699 

Mortgage Loans

C G Caroline Gerardo Barbeau 

 Work With a Trusted Mortgage Lender | NMLS# 324982 

 Sun West Mortgage Company, Inc. | NMLS# 3277

 Why Choose Sun West Mortgage Company? 

At Sun West Mortgage Company, Inc. (Sun West), we dedicate ourselves to offering the best service to our customers. To accomplish this, we empower our loan officers so that they can find great rates and provide the best fitting loan options to each customer – at amazing speeds. 

Our focus on technology has given us an edge in the mortgage industry to offer some of the fastest turn times available – so you can get into the home of your dreams sooner! Our commitment to our core values of people, experience, technology, and product stem from the values that Sun West was built on. Sun West was founded in 1980 with the perspective of “clients first” and the desire to make the mortgage process easy and stress-free for prospective homeowners. Since then, Sun West has grown to have a 9 Billion+ Loan servicing portfolio and is licensed to lend in 48 states, Puerto Rico, and the US Virgin Islands. 

 Fast Closings Using our proprietary lending platform, we're able to get your loan closed fast, and guide you home even faster.  

AFFORDABLE DOWN PAYMENTS Put down as little as 3% on fixed-rate products and ask about lender-paid mortgage insurance options.

 NO HIDDEN LENDER FEES We don't hide anything in the fine print. It's our priority to keep you informed of your financial obligations. 

 BBB accredited business 

 Mortgage Executive Top 50 ©

 Sun West Mortgage Company, Inc. (NMLS ID 3277) All Rights Reserved. Please Click Here or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. We are not accepting applications from Georgia or Massachusetts residents or purchasing mortgages secured by Georgia and Massachusetts properties at this time. Please Click Here to view Texas Complaint Notice and Servicing Disclosure. Although Sun West Mortgage is approved to conduct business in the state of New York, this website has not yet been approved by the State of New York Department of Financial Services. For properties located in the State of New York, this website can not be used to upload an application, please visit SWMC.com to upload an application. Equal Housing Opportunity

Between a Rock

The market opened today’s morning session with treasuries moving slowly higher across all maturities. The ten year, what we spot for mortgage pricing in the following hours (10-Year Treasury yield)  is at 0.5117, 3.60 basis points decreased from yesterday's prior closing of 0.5477.

United States stocks opened lower this morning as investors weigh uncertainty of a congress-approved stimulus against better than forecasted jobs data. US lawmakers continue talks over a new COVID-19 relief package, with a self-imposed deadline set for tomorrow.

President Trump is sinking in the poll numbers amid the virus's resurgence, Democrats play hard-ball, refusing smaller scale proposals that do not include additional aid for postal service and state governments to conduct Vote-by-Mail, which the White House vehemently opposes. Come together two rocks!

Something has to give, between a rock and a hard place, so the saying goes. Americans face huge unemployment numbers, unbelievable forbearance numbers and next we will witness unprecedented evictions and foreclosures as there are not great replacement jobs available in the country. If I could give advice to lawmakers, politicians it is this: the poor, the minorities, the quiet Americans who worked hard need your planning and help now. If you need help with a home loan, let's talk I am here to help.

Happy Home

Making your home beautiful this summer doesn't need to be expensive.

The containers for the above succulent planters are re-used rain gutters that

neighbor threw away, added brackets and attached to wooden fence.

Succulents are from cuttings - soil is well draining with one part each:

 sand, pearl-ite, and compost. In the first month they need to stay damp (you can 

cover with newsprint or used plastic to keep the soil from drying out).

Bromeliads are easy care indoor plants that add color- they do need light,

but not full sun of the open garden. A porch or patio will make a nice home.

I might be able to save you money on your monthly mortgage. Give me a

call, lets see if we can get rid of your mortgage insurance or make financial

sense out of this crazy time. Rates are at all time lows.

C G (949) 784-9699

NMLS 324928

Identity Theft Protection Red Flags

 

Anyone who has been  victim of Identity Theft knows it is a hassle. 

There are steps a bank or lender are required to keep you safe; but

you must also be diligent.

Change your passwords on any money account or any that hold a credit card

Review your statements

Give your bank or credit card company your cell phone and email that you open

Opt for two stage authorization

Delete credit cards from old accounts that are dormant

When you receive an inbound email look at the email address of the sender.

If you don't recognize the sender, DO NOT click on any links.

Facebook, Apple, Google do not need your real date of birth or address.

Lenders, banks, mortgage companies those who collect payments and more must follow

new Red Flags laws to protect your information. Here are some handy questions

and answers about identity theft red flags

	1.	Which could be a red flag?
		A. Document that looks altered or forged B. Person on ID does not look like person present X C. Both A and B D. Neither A, nor B SEE EXPLANATION

 

	2.	A compliant Red Flags Program will have policies and procedures to identify, detect, and ______ Red Flags
		A. Respond B. Investigate C. Remove D. Prevent SEE EXPLANATION

 

	3.	Banks are required to exercise effective oversight of service providers for Red Flag Rule compliance.
		X A. Always B. True, only if they are conducting activities covered by the Rule C. Never D. True, only if they have subscribed to implement the same policy as the bank. SEE EXPLANATION

 

	4.	Which of the following is not required in a Red Flags Rule program?
		A. Detail on how the program will keep current with new threats B. Appropriate actions it will take when it detects red flags C. A manner in which to detect red flags X D. A list of penalties for those accused of identity theft SEE EXPLANATION

 

	5.	The four steps that are required as part of the Red Flags Rule are?
		A. Identify, Detect, Respond, Update B. Find, Investigate, Suspend, Remove C. Inquire, Evaluate, Act, Remove D. Find, Evaluate, Respond, Remove SEE EXPLANATION

 Anything too good to be true is a sign to run.

mortgages

Flowers Four Dollars

Artichoke Flowers Four Dollars Each

I love artichokes, steamed with lemon peels, or boiled with rosemary, or simmered slowly in garlic.

This farmer was digging up the spent flowers, as the heat spell sent the vegetable into flower then seed mode, no longer edible but pretty enough to sell at the farmer's market. I love that he didn't give up on making profit from his mistake and presenting a wild looking thistle on a contrasting color tablecloth with his cute marketing sign. Success comes when you keep trying. See the opportunity and create something. When you fail you say to yourself, what did I learn from that moment? and plan again, shake off the dust from the trucks speeding in the fast lane and get back on your own road. This time is hard being apart from friends and those we love. Call them, write to them and
for heaven's sake stay off the yelling opinions on social media.
Much love
I hope my echinaecia, dalias, zinnias in kerr jars make you smile and give you courage. You know the simple coneflower does fight virus and infections.

Fog

The Fourth of July is coming this weekend. It feels strange to enjoy a holiday when
the world is upside down. The 4th has been one of my favorites to enjoy with family.

San Clemente, San Juan Capistrano and Dana Point are going ahead with fireworks
shows this year. My sister is having a gathering on her boat, but some of her friends
are not planning to wear masks so I'm not attending. Makes me blue, last year there
was heavy fog for the fireworks and I wonder if our June gloom continues???

News in my life: I started with Sun West Mortgage Company this week. They have
some amazing programs such as being able to close loans with very low FICO scores
and a full line of FHA, VA, Jumbo, Bank Statement Loans, and Construction. If I
may be of any help to you please feel free to call me. (949) 784-9699

Mission Plan

cowboy

Sunday afternoon making my list for the coming week.
It's been a wild ride.
With a heavy heart I resigned from Pinnacle Home Mortgage. I didn't leave
because of anything structurally wrong there, its more about the changes from
Covid19 in the past months.
Allow me to back track, our group recently started before the quarantine
we did not have our lease signed with Irvine Company,
these rodeos are a dance back and forth and then was put on the
back burner as the office is in a high rise which involves a long elevator ride,
setting up safety for cubicles and new design concepts. So we struggled with
work from home. However, my home is a working ranch with all the confusion
of a carnival. Backhoes digging the road above me, a wasp infestation, then the
bee swarm, next the rats attacking my tomatoes, and not least OCSC Helicopters
"The Duke" and Duke II landing on my driveway in trouble. In the past four
years I always called the ranch the quietest place on earth, but neighbors construction,
Rancho Mission Viejo policing and Nature seemed to converge into the looniest storm
during the days I was squinting using my tiny laptop at home.
Then my boss and his boss started rumbling about jumping ship to join another company.
I kept my head down and didn't engage in the discussion, not wanting to disturb
my mortgage clients or worry my Realtor partners. When a tornado is on the horizon:
count the cans of peaches in the cellar, make sure there is water, and a bottle of fine wine.
Thanks 'rona for adding more pounds on my body.

Meanwhile I'm talking with an entity about doing something else big and somewhat related.
Packing boxes, listed artwork at Sotheby's, learned selling books on Abe books is not
profitable because their monthly fee is $25 and they underestimate shipping costs - I lost
about $38 per book on shipping to Europe, by the time I caught the problem too late.
I cannot donate books to the public library, because of the 'rona...
 (I have about 3000 art books I want to lighten my load).

Change is good. Time to lose my extra 'rona weight gain and Marie
Condo my personal belongings.

Training started for Sun West Mortgage this past week, and with Google now Zoom we
had a bit of confusion on the time and rescheduled the date. I have now worked on every
software in the mortgage and mortgage servicing arena, even build some early DOS ones
then also customized Encompass and Point. Not worried about new systems, that's the
least of my concerns.

I wonder about the changes ahead for those who work in offices and retail and every structure
for that matter. I was researching stocks of companies that make products that kill virus on
surfaces.  I searched companies that make products that will profit in this time, but also who
may invent or adapt something to use for office, restaurants, buildings where humans work.
Disinfectants Sanitizers like Virucide* used in Hospitals, Institutional and Industrial
Virkon, Clear Lemon, and Agriculture and Veterinary Cleaning products that kill virus.
What types of ultra sonic light or laser or something hot could be used in air filtration
systems? What could we do to kill virus on contact? Just tangent thinking and worrying about
working on the eleventh floor with thousands of people who in Orange County are refusing
to wear masks. I will let you know when I have some answers.

My list is ready for the week.
Mission planned out.
Got the groceries for the meals planned,
get four miles in every morning around 5:30,
make 40 calls from 2-5,
set up new CRM 3 hours before lunch,
pray the rosary daily,
and keep my children on track as well.

Search for my next leap
God bless you all.
Please wear a mask

photo booth

exotic bugs labelled

figurines hand carved

bugs

votive candles

ghost of Saint Francis

wooden crucifix

Corona De Maria 

San Juan Capistrano grave yard

mission grapes

votives