Trying to Figure Out This New GFE! - 05/26/10 01:51 PM
Hi all,
If any of you are like me, your head is still reeling from all of the changes going on in the business.  Some of you may have questions, comments or concerns about the new GFE.  I received a really helpful email on Tips on the GFE, which goes over line for line the new Good Faith Estimate, and what information you need to have on it.  I found this to be informative so I thought I would share!
 
 
 
 
 
 
 
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NMLS Test Tips: TILA - 05/20/10 07:52 PM
I blogged last week that federal lending laws were such a large portion of the National NMLS exam so we are focusing on those to remember for your test.  This week is TILA!  The Truth in Lending Act,1968, is a US federal law designed to protect consumers and their credit.  It is Regulation Z, and you can remember this by calling it "ZILA" instead of TILA.  Its purpose is to promote informed use of consumer credit by requiring disclosures.  Which includes honesty in advertising including APR information and consumer's credit rights.  You can be sure that there will be question about … (2 comments)

Updates on Pass rates for the NMLS MLO exam! - 05/18/10 05:09 PM
NMLS has just released the latest information on the pass rate for the MLO national exam, including pass rate for re-takes.  As of April 30 the pass rate for the national exam is 71% (up from 68% in March).  For those who had to re-take a failed exam the pass rate is 44% (Ouch!).  For states the total is much higher with a pass rate of 78% and 60% for retakes.  Make sure you know your stuff before going and taking the exam! Judging from the numbers you definitely don't want to have to re-take it!  For study guides check out … (3 comments)

NMLS Test Tips: RESPA - 05/13/10 01:22 PM
Since quite a few questions on the NMLS national exam deals with RESPA I thought we could have a RESPA refresher.
RESPA (Real Estate Settlement Procedures Act) was passed by congress in 1974 to prohibit kickbacks between lenders, realtors, construction companies, and title insurance companies.  RESPA requires lenders to provide a GFE and HUD-1 statements at the closing of a loan. RESPA is Regulation X and you can remember this by calling it REXPA.
Knowing all aspects of RESPA can help you pass on your exam!
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My NMLS Test Experience! - 05/11/10 10:20 PM
So I went to Fresno today to take my National and State exam for NMLS...and I passed!  Thank God for that CompuCram disc.  I got a 92% on my National component, and a 96% on the State.  If I could give any advice on what to study for, it would be the Federal Lending Legislation!  I would say that approximately 15-20 questions covered RESPA, all aspects of it.  Another 10 or so questions on ECOA, TILA and other federal laws and acts.  Make sure you guys know them when you go to take your exam!  Check our site for study materials and to see what other students got on their … (3 comments)

Deadline Reminder for DOC MLOs! - 05/10/10 04:45 PM
Just a reminder for the all Loan Officers who are registered with Department of Corporations in California, you must have completed your 20 hours of SAFE Act prelicensing education by May 28, 2010 in order to have your license by July 31, 2010, which is the deadline for DOC.  If you haven't signed up with NMLS or taken your SAFE Act education you should do so soon!
Check out www.thehughesschool.com for upcoming deadlines and FAQ's
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The Importance of your NMLS ID Number! - 05/04/10 03:24 PM
It is up to you to provide your NMLS ID number to the educator who is banking your 20 hours of prelicensing education.  Also make sure you give them the correct ID number!  If you hours do not get banked, you are the one responsible.  Every MLO should be registered with NMLS and have an unique ID number, this number will identify you as nationally registered MLO.
If you have any questions about how you can register or what requirements are needed check out: http://www.thehughesschool.com
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Tracy%202009

Tracy Hughes

Bakersfield, CA

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Hughes Realty

Address: P.O. Box 759, Shafter, CA, 93263

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