Persiapkan Ini Sebelum Terjun Ke Judi Online Slot Online

Persiapkan Ini Sebelum Terjun Ke Judi Online Slot Online. Persiapan selalu dilakukan agar dapat terhindar atau mengurangi risiko tatkala melaksanakan permainan. Terkadang pemain lupa untuk menerapkan persiapan dengan benar sebab sibuk memandang jumlah kado yang tersedia. Pertaruhan online maupun konvensional tetap menginginkan pemain memperhatikan poin yang lebih penting daripada hadiah. Banyak tokoh yang cepat seman karena tergesa-gesa pada bermain dan tidak mengindahkan peraturan. Kemampuan berpikir pemain harus digunaka sejak mula memiliki kehendak tampil judi. Bukan tatkala permainan berlangsung aja.

Semua pemain berjanji untuk menang, maka biasakan untuk mencari celah agar berkawan dengan situasi serta kondisi. Gunakan panjang hati di setiap arena permainan sekali pun saat itu Dikau tidak dalam kapasitas menguntungkan. Ke depannya ini dapat dijadikan sebagai pengalaman jadi mampu merangkai tata sendiri menghadapi permainan judi online. Tak terkecuali dalam produk masyur Slot Online. Permainan ini sekilas tak nanpak pas menggairahkan dan menghilangkan semangat bermain. Mungkin karena Anda belum tahu pasti cara kerja permainan tersebut atau bisa jadi persiapan yang dimiliki kurang matang untuk bertanding.

Sejujurnya bukan sulit mengumpulkan pedoman beserta cara terkemuka bermain judi on line Slot Online. Kamu tinggal mencerna secara baik tips yang telah tertera sebagai sarana pembimbing prosedur bermain. Pertaruhan untung dan rugi sangat tipis, tapi kemujuran dapat dijadikan milik Anda usai memiliki mental siap permainan. Tidak ada yang terlalu sulit oleh sebab itu silakan tentukan waktu paling pas untuk kesempatan bermain. Sedangkan beberapa tips sedang untuk mengawali produk judi online Slot Online sanggup Dikau salin seperti dibawah ini.

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Sediakan Modal

Pura merupakan senjata mula-mula dalam melakukan betting baik online ataupun konvensional. Sebab wujud utama bermain merupakan melipat gandakan modal sebelumnya demi mengait keuntungan. Jadi Dikau mesti memperhatikan sungguh kemampuan dalam sudut finansial supaya tatkala nanti mengalami kekandasan tidak memberi hasil menyakitkan. Ini terbuat sebagai pengingat untuk Anda bahwa mesti pandai mengambil dekrit terlebih mengenai uang.

Temukan Situs Terpercaya

Website resmi dan terpercaya hendak menawarkan keuntungan yang bukan berasal dari kemenangan permainan saja. Misalnya jaminan kekecewaan dapat diganti sesuai peraturan meraka mau pun lainnya. Situs setaraf ini akan memusatkan pelayanan memuaskan untuk para pelanggan. Kekuatan menang atau kalah pun tidak berubah jadi beban selama masa menjalankan permainan. Web ini tidak akan terhentikan dan menggandakan hadiah dalam produk Slot Online.

Pahami Aturan yang Ditentukan

Sebagai pemain atau member masuk akal, Anda kudu mengikuti semua tata yang disediakan oleh bandar. Bukan tugas mereka memahami keinginan pemain untuk sebagai juara, tetapi Dikau yang wajib mempelajari laju permainan. Tingkah laku sabar Anda renek pasti dibayar dengan perantara banyaknya ronde permainan yang berhasil dimenangkan. Oleh karenanya taat peraturan merupakan kelakuan baik yang lambat membuahkan keuntungan gede.

Pilih Nominal Taruhan Paling Pas

Perlahan naikkan saja nominal mengelokkan cocok dengan modal di kantong supaya tidak beralih oleh sebab itu beban selama permaian Slot Online. Tidak usah cemburu jika pemain lain menggunakan taruhan bernominal raksasa. Selain mencari untung, Anda harus bisa mempunyai riwayat account bermain yang indah. Nantinya itu sanggup membantu Anda melabeli diri sebagai pemain yang cerdik.

Rencanakan Strategi

Strategi pasti dibutuhkan kala menghadapi pertandingan, terlebih pada betting online yang karakternya lebih kaku. Anda tidak akan mudah berbuat kecurangan di sini, jadi silakan pusatkan perhatian pada perencaraan strategi. Caranya adalah merangkum semua pengamatan selama bermain dan kemudian menjadikannya kesimpulan yang hanya Anda otak utamanya.

Semua sesuatu memerlukan pertimbangan dikategorikan sebelum memulai pertaruhan online Slot Online. Silakan awali festival pertama Anda dengan beberapa persiapan dalam atas. Kemudian buktikan kesuksesan di di setiap langkahnya!

October 12, 2015 by · Leave a Comment

Terapkan Metode Ini Supaya Menang Jutaan Rupiah di Dominoqq

Terapkan Metode Ini Agar Menang Jutaan Rupiah di Dominoqq. Wujud semua orang permainan judi pastinya unggul uang berlimpah. Bermacam2 permainan dalam pertaruhan online punya tantangan sendiri untuk mencoba pemain. Apakah tersebut bersedia lekas seman atau masih mau berjuang dalam festival. Demi mencapai tujuan tersebut hendaknya Anda menerapkan sebuah teknik atau metode untuk merubah keberuntungan yang tak pasti.

Hal-hal sederhana dalam produk justru mengandung penuh metode rahasia yang kadang luput sambil pemain. Jika teras hanya diberikan di dalam total hadiah konklusi, agaknya itu sedikit percuma. Agen menyediakan lapak judi online dengan menyembunyikan hartanya agar pemain sebal. Meskipun belum dapat menemukan hadiah ini, pemain tetap mampu mendapat bonus lainnya sebagai bukti loyalnya agen judi. Kesempatan ini sungguh disayangkan bila tidak dimanfaatkan dengan baik.

Kamu juga bisa yakin pada agen judi online Dominoqq akan menjadi sumber pendapatan luar biasa. Banyak orang percaya bila agen judi online terlebih yang telah berlabel resmi bisa berubah jadi sumber pertimbangan. Asal mau mengambil peluang serta membonceng risiko yang terdapat, dijamin semua pemain dapat merasakan guyuran kemenangan. Hal yang sangat disayangkan yakni pemain tidak punya kemampuan merubah judi online sebagai parak emasnya. Untuk start akun judi online Anda beralih peran jadi ladang kemakmuran, bisa menerapkan langkah-langkah berikut ini.

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Pasang Pemukul bola pingpong Nominal Kecil

Risiko selalu terdapat di setiap keputusan yang diambil di permainan. Demi menekan kerugian, Anda dapat memasang bet imut untuk permulaan. Pelajaran memang tidak sinambung membeludak, tapi bakal tetap tersedia. Sebagai pemain lebih indah mengutamakan logika agar tahu kebutuhan Dikau. Mengambil hadiah gede adalah tugas yang utama, tapi jangan abaikan pengawasan terhadap produk. Sebab lawan kelar mengambil kesempatan di setiap saat.

Merubah Posisi Meja

Menjajal posisi meja yang berbeda pula ikut membawa akibat pada hasil permainan. Meja yang berpotensi tidak bisa tampil dengan jelas, kesannya Anda mesti mencoba semuanya. Kadang meja keberuntungan memiliki kapasitas yang sama jadi menjadi incaran pada permainan Dominoqq. Gunakan teknik bermain Anda untuk merebut meja tersebut. Baru lah pasang Bet raksasa ketika Anda tetap meja yang ditempati memancing banyak kemenangan.

Menjadi Bandar

Menjadi bos memungkinkan Anda siap mengendalikan permainan. Sehingga mudah bagi Dikau bergerak tanpa perlu memastikan situasi pada setiap ronde. Serupa bandar Anda bakal melawan 7 tokoh dengan kemungkinan unggul lebih besar. Benih posisi seorang bandar juga mendapat usulan dari admin.

Menyisakan Modal ketika Penarikan Dana

Selalu sisakan perlengkapan usai melakukan penarikan dana. Jangan tinggikan seluruh uang yang berada di deposit karena bisa menguraikan Anda sudah bukan bermain Dominoqq lagi. Dengan modal yang masih tersedia, produk akan terus berlanjut sehingga potensi kelebihan tak pernah habis. Lakukan langkah lalu dengan seksama benih kemungkinan cheat bermitra tak pernah lenyap. Awasi setiap pergerakan permainan terutama begitu modal masih tersisa layaknya kasus tersebut.

Penentuan suksesnya bermain judi online wajar dalam genggaman Dikau. Apakah metode pada atas mampu diterapkan dengan baik atau mungkin ada jalan lainnya. Itu hanya gambaran umum untuk melangkah lebih tersendiri untuk menemui kelebihan di Dominoqq. Serupa orang cerdas, uniform lakukan uji coba dalam setiap kesempatan. Lalu buktikan swasembada metode tersebut serta gali harta karun Anda!

October 12, 2015 by · Leave a Comment

FHA Makes “Economic Event” an “Extenuating Circumstance” and It’s About Time!

FHA Makes “Economic Event” an “Extenuating Circumstance”

 

By: Tracey Rumsey, Staff Underwriter & Karen Deis, Publisher, www.MortgageCurrentcy.com

Well, it took 6 years – but FHA has decided that a job loss or decrease in income can now be considered an “extenuating circumstance,” which means additional business for you.

It’s great news for borrowers – but don’t jump the gun – at least not just yet!
This new FHA Mortgagee Letter (13-26)  released on August 15, 2013 and effective immediately now makes “Economic Event” (i.e., job loss, reduction in income, etc.) an acceptable extenuating circumstance.

And no, it was not previously allowed.
The good news:  This new guidance allows for a borrower to obtain a new FHA mortgage 12 months after a foreclosure, short sale or other derogatory event with re-established credit and housing counseling.
But, here are some of the issues you may run into: 
1. You don’t know if investors will accept this new guidance.

2. The borrower must document the decrease in income.

a. Decrease in income is defined as at least 20% loss of income that lasted for a period of 6 months or more.

b. Loss of job is defined as the “month” the borrower lost their job.

c. Recovery is defined as re-establishing credit for at least a 12-month time period.

d. Decrease in “household” income means “all individuals” residing in the primary residence at the time of the job loss.  (So, even if a spouse is not on the loan but lost their job, they still qualify for an extenuating  circumstances waiver.)

e. If job loss, written VOE showing date of termination.

1. If company is no longer in business, will need a written termination notice or public document showing the business was closed or start date of unemployment income.

2. If loss of income, VOE showing decrease from year to year, or signed tax returns or W-2 forms showing prior income, and compare to decrease in income of at least 20%.

3. If “seasonal income,” must have had a two-year history of receiving seasonal income and verification of loss of income (20%) or loss of job.

3. The borrowers must have satisfactory credit.

a. No late payments over the last 12 months, including housing, revolving, installment debts.

b. If they still have an existing mortgage, it’s okay if the mortgage was brought current with a loan modification, but still must have been paid on time for 12 months.

c. Non-traditional credit is okay, as long as the borrower has an on-time pay history over the last 12 months.

d. No collection accounts other than medical or identity theft issue.

e. Borrowers must have had satisfactory credit PRIOR to job loss or income decrease.

d. If judgments appear on credit report (and have been paid), they must also be a direct result of the job loss or income decrease.

f. If foreclosure, short sale or deed-in-lieu, must show proof that it was a direct result of income decrease or job loss.

g. If bankruptcy, must be at least 12 months from the date of discharge. Must be related to the economic event.
3. The housing counseling MUST happen a minimum of 30 days PRIOR TO LOAN APPLICATION. Depending on your institution’s definition of ‘application’, this could be difficult.

  1. A list of non-profit housing counseling services can be found at www.hud.gov or call 800-569-4287.
  2. Can be conducted by telephone, internet or in person.
  3. Counseling service must provide “specific” documentation and completion certificate signed by both the counseling service and the borrower
  4. Housing counseling fees paid by borrower or other agency that subsidizes housing counseling fees
  5. 4. If the foreclosure or short sale was on an FHA loan and there is a CAIVRS claim, a “Back to Work” waiver is available, but can’t be requested until full underwriting is complete.  (Interpretation:  More delays.)
  6. . Reverse Mortgages are not covered by this rule.

INTERPRETIVE COMMENTS: 

  • Check      with your lenders and see how they are planning to handle this new      “extenuating circumstance” and what documents they may require. HUD is      very, very specific as to the documents that are required to meet the      economic event underwriting rules.
  • Get  the word out to clients who are in the “derogatory waiting period” zone.
  • Let   your real estate agents know about the new change.

By the way, there are two other new Mortgagee Letters released regarding final guidance on collections and judgments.   But complete details can be found in in the September 10th issue of www.MortgageCurrentcy.com

September 23, 2013 by · Leave a Comment

Jumbo Renovation Loans Opening Doors in the High-End Market

Breaking New Ground with Jumbo Renovation Financing renovation loans

I have been a renovation loan specialist for years and have begged every employer that I’ve had for one thing, a jumbo renovation loan. I have finally gotten my wish and the high-end, luxury market has a new financing toy.

There’s always been a huge gaping hole in the renovation loan market. Falling into that abyss were high-end consumers looking to buy or refinance homes that need mortgages outside of FHA or conforming loan limits.  In many higher cost states, like California, mid-range buyers were sucked into the renovation black hole as well.

When the private mortgage market disappeared in 2006 Fannie Mae and FHA stepped up to the plate and provided an outlet for higher cost areas by raising their loan limits from $417,000 an $271,000 respectively. In many areas those are still the loan limits and, per recent developments, they are going to return to pre-2007 levels.

As it stands right now ‘high balance” loan limits in places like California, DC, New York and Hawaii at currently $625,500. If you’ve ever checked out homes in those markets then you know that severely limits your choices unless you have significant assets to invest in the down payment. [rant] A reduction in those loan limits would be high on the the list of moronic housing decisions that FHFA have laid out in the past couple years.[/rant]

In order to protect ourselves and customers against the foolishness of policy makers in Washington, we decided that a new loan product was in order and the JUMBO RENOVATION MORTGAGE  was born. Less than a month old demand is high as buyers earnest seek the home of their dreams in housing market that is utterly devoid of inventory. It’s tough on buyer and tough on agents who are seemingly a day late on the most desirable homes.

With renovation financing you don’t need the perfect home, just a good home in a good location. You do the rest with your own personal touch and you end up with the perfect home, your dream home.

Jumbo Renovation Guidelines

Since this is a one of kind proprietary product we decided that we’d roll the product out conservatively. As we start to see more statistics on default rates and customer trends I expect guidelines to expand. As it stands, here are the current underwriting parameters (some exceptions may apply).

Credit Score – 700+ Mid Scorejumbo renovation

Maximum Loan Size – $1,500,000

Max Renovation Amount – $150,000

Occupancy – Primary Residence ONLY

Max LTV (Loan to Value) – 80% Purchase, 75% Refinance

Reserves – 6 Month PITI (PITI = 1 Mortgage Payment  + Escrows)

Major Derogatory Credit (Foreclosure, Bankruptcy, Deed in Lieu) = 7 Year Waiting Period

Clearly we are looking for a well qualified buyer. If you are buying a million dollar house and hoping to use a mortgage then that is probably not a surprise.

If you’ve had some major derogatory credit or just don’t have the assets then we can always explore other renovation options that will get you into the home (like the 203k or HomeStyle) then use the power of time to build equity and assets to pursue a jumbo renovation refinance. We know the renovation market backwards and forwards, creativity is one of our strong points.

The $150,000 max renovation escrow will be limiting to some customers too, but once again creativity financing is possible. Say you plan to add a 2nd story, fully renovate the main floor and build a pool. The contractor bids you are getting average $300,000 for the full project – $150,000 for the addition, $100,000 to renovate the main floor and $50,000 for the pool.

We could help with either the main floor + pool or the addition. Both would add tons of value which would allow you to come back 12 months down the road and do a renovation refinance (using after repair value) to do phase two OR, in some cases, you just added enough value to get a home equity line (based on current value) to finish out the remainder of the renovation.

Guidelines are guidelines and borrowers fit into them and not vice versa. Square pegs don’t fit in round holes unless you take a buzz saw and some sandpaper to them. That’s actually the fun part for us, making things work through experience an creative knowledge.

Have questions? Ready to move to application? No problem, we are here to help. Simply click on the link below and fill out the contact form OR give us a call and we’ll guide you, answer questions and get the ball rolling.

Click HERE to CONTACT US 

Jonathan Blackwell – Renovation Loan Specialist

 

 

 

September 21, 2013 by · Leave a Comment

Property Condition When Selling A Property

When you plan on selling a property, it’s important to remember that most buyers will have to take out a mortgage to buy your property.  When a mortgage company or bank looks to help finance a property for a buyer, an appraisal will be necessary to show condition of the property.  If there are any condition problems that the lender doesn’t allow, this can delay the closing of your property or kill the deal.

Make sure you understand what major items a lender will look for in the condition of a property, when a buyer is taking out a mortgage.  Here is a good list of items that you should review, if you plan on selling your property anytime soon.

 

Major Items to Check on Your Property

  • Roof – Lenders are looking for leaks and major damage or major deterioration.
  • Windows/Doors – Make sure they are not broken and are working properly.
  • Basement – Make sure there are no signs of major cracks or movement in the walls.  Foundation issues can really cause problems when it comes time to sell your property.
  • Walls – Make sure the walls don’t have large holes, signs of water damage or unfinished.
  • Repairs – Any repairs or improvement projects must be complete.  You don’t necessarily have to have the trim installed, but all fixtures need to be installed.
  • Heating – This must be in working condition.  It doesn’t have to be new, but it must work.
  • Water – This must be working and flow through the house, without any leaks.
  • Hazardous Conditions – Make sure some items like, methane gas, lead paint, radon gas, radioactive material, landfill, toxic materials, etc. are not in or on the property.  This can cause big concerns with the lender.

It’s always recommended that you have your home inspected by a licensed home inspector.  This way, you will have peace of mind that there will be little to no problems with the condition of your property when the buyer uses a lender to buy it.

May 9, 2013 by · Leave a Comment

Don’t End Up In Fair Housing Jail!

Title:  Don’t End Up in Fair Housing Jail!

Karen Deis, Publisher, www.MortgageCurrentcy.com  & Tammy Butler, www.OptimaBlue.com

Here’s a story that is happening more and more as the CFPB hires more people to “police” FAIR HOUSING – Can you defend yourself in case of an audit?

Examiner:  Mr. Mortgage Company:  can you please tell me why this client did not receive the lowest rate offered to her on this day?

Mr. Mortgage:  Uh, well let me call the loan originator.  Oh, he is not here anymore, okay I’ll call the processor.  Oh, she is on maternity leave.  Can someone look in the LOS and tell me if you see any notes on that file?  None about rate, huh!  Well, we will pull that file, get the rate sheets from that day and review everything.  I’m sure there was a good reason.

Examiner:  Fantastic, and while you’re at it, can you also pull the data together for these 350 files?  We have questions on those too.

Sound like a nightmare?  For many lenders this is a reality.  Yes, I know Fair Housing audits are not the most exciting topic; however it is the most important item you can focus on when it comes to making an exam easier.

We’ve created a Fair Housing Compliance Checklist and at the end of this article, you’ll find a “partial list.  Email Karen@mortgagecurrentcy.com for the complete 3-page checklist.

Here is how it works.  The loan originator answers the questions on the checklist.  The answers can be “yes,” “no” and/or a comment.  If they do not give you the answer that you have set up as a rule, then it needs to be noted in the file.

I have several pages of example questions; you will have to determine which ones you want to use.  The goal is to get your team brainstorming regarding the questions that you want to memorialize.

Here are some ways other lenders are using the Compliance Checklist function:

  1. Requiring explanation when the loan originator gave the client a higher rate (assuming equal price) than one of the offered programs.  This might be as simple as one lender taking the loan and another will not.  The examiner is searching for the reason.
  2. Requiring written explanation when a loan is re-locked.  What changed on the file that the program or rate needed to change?  This prevents any notion of baiting and switching.
  3. Reining in your TPO’s to get written reasons for loan selections.
  4. Ensuring that internal workflow is followed.  As an example, do you require a fully completed loan application prior to a lock in?
  5. Can the loan be locked only with this investor, or any investor?  If limited, why?

These are just a few ways the Compliance Checklist functionality is being used.  I cannot urge you strongly enough to get this started.  Ask anyone who has been through an audit and they will tell you that notations about what happened and when are so very important – and save you an enormous amount of time.

Oh, one more thing, they are monitoring real estate agents too.   A real estate agent recently got a letter that he was violating Fair Housing rules when he advertised a home as “adults only—no one under age 16” on the listing.

CFPB is out there and they have the people to monitor, audit and fine you!

Fair Housing Compliance Check List – Pricing Questions

Prices being equal, did you offer the client the lowest rate option available to them?

Is this a re-lock?  If yes, what changed on the file that it needs a re-lock?

Is this file dependent on the underwriting guidelines of the
investor you selected? If yes, what specifically?

Is the length of the lock being requested compatible with the time to close?

If you are requesting a 15-day lock, is the loan clear to close?

If you are requesting less than 60 days for a refinance or short sale, is that time frame realistic?  If yes, please indicate the loan status in the notations.

Is your final price par?

If your final price is above par, are you charging any discount points? If yes, are you giving a lender credit?  If yes, then how much is the lender credit?

Is your rate lock within (x% – lender determines) of the initial disclosed rate?

What are the client credit scores?  Please list (lender decides which scores they want listed in the notation).

Is this loan a pre-qualification?  If yes, when is closing anticipated?

Is this loan under contract?  If yes, what is the closing date?

What are the lender credits? Require notation.

If the price is below 100 or outside of your LO contract, did you receive prior exception?  If yes, by whom?  Did you document the reason for the exception in the loan file? (Lender sets what they mean by “document.”)

Does the requested pricing meet the parameters of your LO contract?  If no, give reason and who authorized lock.

Has this loan been locked with us during the last 120 days?

If you are requesting a re-lock, is the rate going up?  If so, is this based on a credit verification issue?  Notation needed for explanation.

If you are requesting a re-lock, and the rate or price are increasing, do you have written documentation in the file as to what changed and how that resulted in a higher rate or price?  Require notation.

April 9, 2013 by · Leave a Comment

Have The Regulators Seen Their Shadows?

Have the Regulators Seen their Shadow?

Karen Deis, Publisher, www.MortgageCurrentcy.com – View free video blog on home page.

Well, it seems like the agencies have “seen their shadow” and crawled back into a hole—because there were only a few updates within the last 30 days!

As part of the continuing mini-series of breaking apart the various rules from the Consumer Protection Finance Bureau, we are dissecting each topic that is important to loan originators, and writing about one every month—until they go into effect in 2014.

Part two of the mini-series talks about the Qualified Mortgage Rule and the five tiers of loan amount thresholds when it comes to the maximum amount of income that can be earned for each tier.  There are five different loan amount tiers to be aware of:

Greater than $100,000

$60,000 to $100,000

$20,000 to $60,000

$12,500 to $20,000

And less than $12,500

The maximum income earned on each tier is inclusive of fees and points that are NOT included in your commission.  It also states that those maximum commissions will be adjusted based on the CPI for inflation at the first of every year.

Loan Officer Compensation Rule defines the term “loan originator” in part two of the mini-series.  While it’s not new, it basically says that anyone who quotes rates, assists the consumer in filling out a loan application, or negotiates loan terms and issues approval letters is a loan originator.   SO, if processors, underwriters or assistants do any of these things, they must be licensed.

Something new that doesn’t affect you but we wanted you to know about is that if a seller finances residential property that they own, and provides financing for 4 or more properties within a 12-month time period, they are considered a “loan originator.”

So, if a builder is providing self-financing to home buyers AFTER the home has been completed, a builder would be considered a “loan originator.” However, if they are providing construction loan financing only, they would not have to be licensed.

Just a couple of update from FHA!

There will be a new 92900 form with the new MIP disclosures, but the form won’t go into effect until June 3.  HUD said they are not going to provide a copy of the new form until the changes go into effect, but check with your LOS systems to make sure they are working on the updated version.

And, there was a strange email from HUD.  On March 2, they sent an email with a link to a new TOTAL Scorecard update.  The link took everyone to an OLD update.  We searched the websites, contacted the HUD officials, and the mystery continues—no one knows where to find the March 2 update.   So watch for it in the future.

And, there has been nothing from VA in quite a while—it’s probably one of the most stable loan programs available today.

Remember, getting a loan approved and closed these days IS rocket science.

 

 

 

March 19, 2013 by · Leave a Comment

So, What’s This About a Social-Media Quality Control Plan and Your Mortgage Business? (FFIEC)

Social Media & Mortgage Marketing – FFIEC Proposed Rule

By: Karen Deis, Publisher, www.MortgageCurrentcy.com

So, what’s this about the social media quality control, mortgage marketing and the FFIEC?  We’ve taken the 36-page proposal and condensed it for you into just a couple of pages.  And, YES, this affects you, your company and third-party providers who use social media to communicate with customers on your behalf.  Read what is considered social media.  Which laws you need to comply with. What the company has to do to comply and what loan officers and staff must be aware of.

I’m sure not many people in the mortgage industry know who or what the “Federal Financial Institutions Examination Council” (FFIEC) is all about.

Well, be prepared, because they are now one of the agencies “folded into” into the Consumer Finance Production Bureau group of agencies and they want you to implement a social media quality-control plan.  Not only companies as a whole, but loan officers, staff members and third-party providers.

A little history:   Started in 1979, the FFIEC is an “internal federal agency” founded to create uniform standards and report forms for the federal examination of financial institutions for the

Board of Governors of the Federal Reserve System (FRB)

Federal Deposit Insurance Corporation (FDIC)

National Credit Union Administration (NCUA),

Office of the Comptroller of the Currency (OCC)

Consumer Financial Protection Bureau (CFPB)

In the past, FFIEC had very little to do with the mortgage industry (non-bank companies), but all of that has changed since CFBP hit the scene.

In January, 2013, the FFIEC has been given the task of providing “examination procedures” for SOCIAL MEDIA compliance and reporting.

So, way back when the rules were written, social media wasn’t around!  However, the CFPB has given them the task of not only making sure that consumer contact, marketing and communications using this method are monitored,  but that financial institutions, banks, savings and loans, and credit unions as well as non-bank entities have an internal quality control plan to make sure you comply with all the laws.

If their proposal is adopted http://www.ffiec.gov/press/pr012213.htm (here’s the link if you’d like to read the 36-page proposal), FFIEC will provide a “guide” for everyone to follow and you will be expected to make sure that any involvement with social media communications are legal and don’t incur any “risks” to consumer or the institutions themselves.  Once it is written, they will also encourage State Regulators to adopt the rules for THEIR examination process too.

What does the FFIEC consider “social media”?

Any form of interactive, online communications where you would generate or share “content.”  It includes:

  • Text
  • Images
  • Audio or video recordings
  • Email
  • Blogs
  • Websites
  • Bulletin boards/forums
  • Photo-sharing sites
  • Professional networking sites
  • Virtual worlds
  • Social games

So, how would this this affect you as a mortgage company?  As an LO or staff member?

First, let’s talk about how this would affect a mortgage company as a whole—and what company owners and managers need to know!

Companies are now using social media as a marketing tool to

  • Attract business
  • Communicate with consumers
  • Quote interest rates or loan programs
  • Offer incentives
  • Get new loan applications
  • Invite feedback from customers/prospects
  • Testimonials
  • Respond to complaints
  • Offer financial advice

Under the proposed rule, you will need a detailed “risk management” program to monitor and control the risks related to social media that may adversely affect your company/business.  The dealio here is that you’ll need to know the rules and regulations—and make sure you comply when using social media.  This includes the following rules and regulations.

  • Truth In Lending Act/Reg Z
  • Truth in Savings Act/Reg DD
  • Equal Credit Opportunity Act/Reg B
  • Fair Housing Act
  • Real Estate Settlement & Procedures Act/Section 8
  • Fair Debt Collection Practices Act
  • Unfair, Deceptive or Abusive Acts or Practices/Sec 5
  • Deposit/Share Insurance Disclosures
  • Advertising/Share Notice of NCUA Share Insurance
  • Non-deposit Investment Products
  • Electronic Fund Transfer Act/Reg E
  • National Automated Clearing House Association Rules
  • Bank Secrecy Act
  • Anti-Money Laundering Act
  • Community Reinvestment Act
  • Gramm-Leach-Bliley Act – Privacy Rules and Data Security Guidelines
  • CANN-SPAM Act
  • Children’s Online Privacy Protection Act

Some of these rules may not apply to you—but the part about managing the risk is to know each rule and make sure you comply.  For example, under the Fair Housing Act, if you post something that says you have “low-Income housing money available,” the rule considers that type of marketing as violating fair housing.  You may want to change the terminology to “rent-subsidized money available.”

Your Social Media Quality Control plan should include the responsibilities of your compliance department, technology people, legal counsel, human resources and marketing departments (internal and external).

How this will affect Loan Originators and staff members!

Loan officers, processors, underwriters, and servicing staff must also comply.  You will need to know the rules and regulations for each of the “Acts” mentioned above.  If you quote an interest rate, a down payment (even “no-down-payment) or a payment using any of the social media methods mentioned, you must comply with Reg Z Truth In Lending rules, which include full disclosure of the terms of the loan.

Even if you send a private message using email or social media asking for a Credit Card number or Social Security Number and the customer gives it to you, your technology department must ensure that your site is secure and complies with the Gramm-Leachy-Bliley Privacy Rules Act!

Oh and I recently saw a loan officer post a “contest” that if you send her a referral, your name will be entered into a drawing to win an iPad!  RESPA Section 8 kickback violation!

Do you see where I’m going with this? 

You must know every one of the rules that apply to you and your company and create disclosures that need to be included. You must also know the laws or what actions need to be taken when communicating using social media.

And it doesn’t stop there.  Even if you (a loan officer or internal staff) post something on your personal Facebook page, if it has something to do with your mortgage business (as people perceive that you represent the company), the company must have a plan in place as to what you are or are not allowed to post on your private social media pages.

Oh, and there’s more…

Included in the Social Media Quality Control Plan, you must also consider how you/your company will handle the following:

Risks to Your Reputation – Negative publicity could arise from negative comments from the public, the press, dissatisfied customers.  Even if none of the rules have been violated, you will need a plan to manage the risk of “reputation.”

Risks to Fraud and Brand Identity – It is suggested that you include in your plan a way to monitor your online/social media presence in case someone steals your identity, or in the case of fraudulent use, phishing, spamming or spoofing attacks.

Third-Party Monitoring – Many companies use virtual assistants or hire someone to post their blogs and content for them.  Sometimes the content is created by the company and they merely post the content.  Sometimes the third party creates the content for them.  It’s your responsibility to ensure that third-party companies comply with the rules and regulations too.

Just to let you know, the definition of “social media” may be expanded after the rule has been finalized.  There may be other “government acts” that will be included after the comment period.  The proposed rule will become law.  You may want to get started on it right now—with the information that I have provided here.

February 5, 2013 by · 1 Comment