9/25/2021
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.
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
\
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
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
(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.