URGENT HUD/RESPA Webinar ALERT - Additional Webinars Added!

One of our better lenders asked us to forward this to other brokers so I thought I'd put it here on Active Rain. This seems like a pretty big deal. Mortgage brokers should send this to their agents. Thanks!

PLEASE FORWARD THIS MESSAGE TO ALL YOUR BROKERS...THIS IS A FREE WEBINAR TO LET YOUR BROKERS KNOW WHAT HUD IS PROPOSING AND HOW IT WILL EFFECT MORTGAGE BROKERS.

BROKER YSP/REBATE WILL BE A CREDIT TO THE BORROWER! BROKERS ONLY MUST QUOTE ALL EARNINGS (INCLUDING YSP) AND THERE CAN BE NO CHANGE AT CLOSE! The GFE is now a Good Faith binding agreement. BROKERS WILL HAVE TO GUARANTEE CERTAIN THIRD PARTY FEES! BROKERS WILL ONLY BE ALLOWED A 10% VARIANCE ON CERTAIN OTHER FEES! BROKERS WILL HAVE TO GIVE THE BORROWER A GFE WITHOUT A LOAN APPLICATION AND GUARANTEE THEIR TOTAL ORIGINATION FEES AND CERTAIN OTHER FEES FOR 10 DAYS! THIS IS NOT A JOKE...WE MUST SEND COMMENTS TO HUD BY JUNE 12...SIGNUP FOR ONE OF THE UPCOMING WEBINARS...NO EXCUSE NOT TO BE ON ONE.

HUD is About to Finalize a New RESPA Rule

Register Today for a RESPA Webinar!

HUD’s new rule will have a devastating effect on the mortgage broker industry. Here are a few of the proposed changes:
· Changing GFEs YSP/REBATE TO BROKERS WILL NOW BE A CREDIT TO THE BORROWER!!! · HUD-1s · Requiring mortgage brokers to guarantee third-party fees · Requiring mortgage brokers to provide a free rate and program locks · And many more regulations that will hurt the industry and consumers

Only mortgage brokers are required to show YSP/Rebate.

Consumers will face more confusion, more forms and higher costs to obtain a mortgage.

HUD must hear from you! TIME IS RUNNING OUT!

CAMB is making it easy for you to know what you need to know and what you need to do. Register for a free Webinar to learn what you can and must do to protect our industry and the service we provide consumers.

Please go www.mortgagebroker.org to register for the Webinar. The Webinar will last approximately 30 minutes – you will be provided with all the information needed to reply to HUD. If you can’t spend 30 minutes on a Webinar, please use the time to polish your resume. The job you save may be your own.

Webinar Schedule* - Webinars Added: Tuesday, June 10 at 7:00 a.m. & 9:30 a.m. Wednesday, June 11 at 7:00 a.m., at 9:30 a.m. & 2:30 p.m. Thursday, June 12 at 9:30 a.m. & 2:30 p.m.
*All Webinar times are Pacific Standard Time(PST).

Register now for the free Webinar at www.mortgagebroker.org.

Stop HUD’s proposed new RESPA rule.

The more people HUD hears from, the more pressure they will have not to finalize their rule. Time is running out. Your voice is needed. Take action. Register today at www.mortgagebroker.org.

Help Us Help You in This Fight!

Join CAMB and join your industry in a united front against regulations that could put you out of business! Join online or download the membership application. For more information about this issue or about CAMB’s Government Affairs efforts, contact the Government Affairs team at (916) 448-8236 or governmentaffairs@cambweb.org.