[Dawn]

Obtaining an NMLS ID Number takes an orderly approach if you want to get licensed as a mortgage loan originator:

NMLS Website:

Launch by going to the official NMLS website at nmls.org where you can find all the information related to your requirements.

Create Account:

Register for an account if you do not possess one. This account will mark the starting point in your name for the licensing progression.

Complete Application:

Complete the online application form considering your license is active. The form will slot in gaps with relevant personal information, employment details, qualifications.

Meet Pre-Licensure Education and Examination requirements:

Depending on your state, you will have to finish a particular number of pre-licensure educational sessions and clear the pertaining SAFE Mortgage Loan Originator Test. Verify the requirements from the respective NMLS website or from the regulating body in your state.

Undergo Background Check:

It will be mandatory for you to complete a criminal background scrutiny along with filing the required fingerprint requisites.

Settlement of Associated Charges:

There is a payment requirement concerning the application, background scrutiny and interrogation. Ensure that you go through every charge and make all necessary payments so as to avoid unnecessary postponements.

Getting Your NMLS ID Number:

The system generates an NMLS ID Number for you after your application has been assessed and accepted. This number is issued to you so that your licensing status can be monitored throughout the industry.

Make Sure to Check Information on State Requirements:

Be mindful that every state has regulations unique to them, so be sure to check with your state’s regulatory body for any supplementary or distinctive necessary documentation.

Upon completion of these steps, you should be ready to acquire your NMLS ID and work as a licensed mortgage loan originator. If further assistance is required, feel free to reach out to the NMLS Customer Care or your state’s regulatory body.

[Dawn]

Identifying wholesale lenders who deal directly with companies and work with mortgage brokers requires some digging, but several helpful tools are available.

Industry Associations

• You have the National Association of Mortgage Brokers (NAMB).
• Then, there is the Commercial Finance Association (CFA).
• The AACFB American Association of Commercial Finance Brokers.
• The NEFA National Equipment Finance Association.

Online Directories and Marketplaces

• You also have Scotsman.
• Funding Tree.
• ConnectOne and other FinanceHub members.
• Commercial Loan Direct.

Networking Events and Conferences

• You have the Finance Expo and the National Mortgage Brokers Conference.
• Then there are the ELFA conventions.

LinkedIn Groups and Forums

• Commercial Lending Network.
• Mortgage Professional Network.

Commercial Real Estate Finance Professionals.

• Broker-Friendly Wholesale Lenders

The following are broker-friendly wholesale lenders with direct deals.

• Ready Capital and Silver Hill Funding for commercial lending.
• The same goes for Intercontinental Capital Group and Liberty SBF.

We have United Wholesale Mortgage, Hotpoint Financial, Flagstar Bank, loanDepot Wholesale, and Caliber Home Loans for mortgage lending.

I suggest the relevant industry associations first. Many wholesalers attend regional broker finance events to recruit. The associations will keep you updated with catalogs of wholesale lenders and will negotiate the best terms for association members.

Is there a specific type of wholesale lending you would like information about? Where does the consultant come in as a broker?

https://www.youtube.com/watch?v=wNbW9P_Ba-A

[Dawn]

Mastering HUD Reverse Mortgage Loan: All About Home Equity Conversion Mortgages (HECMs)

Introduction: Understanding HUD Reverse Mortgage Loans

Mortgages are a conventional option for borrowing money, and people tend to pay back over time via installments, like making monthly mortgage payments. However, reverse mortgages are different. Borrowers can stay in their homes for as long as they want and receive a tax-free loan. Such loans are better known as lump-sum loans or home equity conversion mortgages (HECM).

What is a Reverse Mortgage?

A reverse mortgage is a loan without the principal or interest payment. Instead, taxes are paid. Money can also be withdrawn and called monthly payments or credited into an account, which can be utilized later.

Reverse Mortgage Eligibility Requirements

To get a reverse mortgage loan, one must be 62 years or older and eligible for monthly interest until he is alive and owns the home. A guarantee from a body secures such loans. The Federal Housing Authority is the industry’s primary and only party responsible for insuring HUD reverse mortgages.

How Does a Reverse Mortgage Work?Requirements for a HECM Loan

The prerequisites for homeowners seeking a HUD reverse mortgage include these checklist items:

• HECM Counseled Sessions Completion.
• Primary Residence Living.
• Age Minimum – 62 Years
• Home Wholly Owned Must – clear mortgage or almost paid off
• FHA Property Guidelines – The home must comply with FHA standards

How Much Can You Borrow with a HECM?

The factors that can change how much you’re able to borrow include:

• Home Ownership Age – The older the borrower, the higher the amount they are usually qualified for.
• Home Equity Worth – The more value one’s home has, the more equity one can access.
• Current Interest Rates: Higher loan proceeds are available when interest rates are lower.
• FHA Lending Limit Restrictions – The FHA sets The FHA sets a maximum lending limit each year.

Types of Reverse Mortgage Payouts

There are several ways to customize withdrawals from an HECM loan. However, these are the primary ways.

• HECM Disburses- Opt to get all funds upon deal closure (fixed interest rate).
• Monthly Payments (Tenure or Term) – These entail funds received monthly through a fixed term.
• Tenure Option- Unlimited time payments until the resident dies.
• Term Option: Payments are available for a specified duration (10-15 yrs).
• Line of Credit: Withdraw whatever amount you want and only pay interest on the credit used.
• Combination of Monthly Payments & Line of Credit- Withdraw funds through various methods.

Benefits of a HUD Reverse Mortgage Loan

• No Monthly Mortgage Payments: You can access the value of your home but don’t incur monthly mortgage payments.
• Remain in Your Home: The individual doesn’t have to sell or downsize.
• Flexible Payout Options: Determine how you want to be paid.
• FHA Insurance Protection: Safety granted by a government-backed plan.
• Non-Recourse Loan: The borrower will never owe more than what the home sells for.

Costs & Fees Associated with a HECM

• Origination Fee- Fee levied by the lender, limited to $6,000.
• A Mortgage Insurance Premium (MIP)- 2% one-off fee and 0.5% annually.
• Appraisal Fee- Establishes the home’s value for the loan amount.
• Closing Costs- Title insurance, recording fees, and servicing fees.
• Some of these costs can be included in the loan amount, decreasing the upfront payment and costs.

Common Myths & Misconceptions About Reverse Mortgages

• Myth: The Bank Takes Your Home – Homeownership belongs to you and can be transferred to heirs.
• Myth: You Can Owe More Than Your Home’s Value – FHA insurance protects you from owing more than the home’s worth.
• Myth: You Must Have Good Credit to Qualify—Reverse mortgages depend primarily on home equity, not credit scores.
• Myth: You Must Make Monthly Payments – Payments are not due until the home is sold or the owner moves.

Who Should Consider a Reverse Mortgage?

Anyone looking to apply for a Home Equity Conversion Mortgage (HECM) loan should fulfill the following expectations:

• Retirees who do not have a reliable income source but substantial home equity.
• Homeowners looking to get rid of their monthly mortgage payments.
• Seniors who need additional funds for healthcare or other living expenses.
• Anyone looking to loosen their finances while allowing them to stay in their primary residence.

What Happens When the Borrower Passes Away or Moves?

A reverse mortgage loan is considered due when:

• A borrower permanently moves out (like to a nursing home).
• A borrower dies.

Repayment Options for Heirs

• Sell the house to clear the outstanding loan.
• Refinance the loan into a more conventional mortgage.
• Clear the debt (if below market prices, heirs can claim 95% of the home’s appraised value).

Options Aside From A Reverse Mortgage

Evaluate other options for a HECM loan:

• Home Equity Line of Credit (HELOC) – Requires monthly payments but has lower costs.
• Downsizing – Selling a large home for a smaller, less expensive home.
• Refinancing – Cash-out refinancing is usually less expensive.
• Selling Your Home – You can sell your home and access the equity for relocation purposes.

How to Get a HUD Reverse Mortgage Loan

• Step 1: Ensure that you meet the HUD HECM prerequisites.
• Step 2: Go through a counseling session for a HUD-sanctioned reverse mortgage.
• Step 3: Go to your FHA lender for a loan application.
• Step 4: Home appraisal should be done for valuation purposes.
• Step 5: Evaluate the conditions of the loan and the payout option you prefer.
• Step 6: Execute the loan agreement and get your money.

Is a Reverse Mortgage the Best Approach For You?

A reverse mortgage loan (HECM) is ideal for older homeowners looking to leverage their home’s equity without needing to sell. However, it’s critical to analyze the pros and cons in addition to the financial consequences in the future.

The most powerful mortgage calculator, powered by Gustan Cho Associates, will enable you to determine how much you qualify for with a reverse mortgage and understand the conditions linked to your loan.

🔗 Use the Reverse Mortgage Calculator Here: 👉 gustancho.com/reverse-mortgage-calculator

📌 Would you like to speak with a HUD-approved lender for professional assistance?

[Dawn]

How long does the appeals process typically take?

[Dawn]

The recent debates and controversies surrounding Elon Musk’s leadership of the Department of Government Efficiency (DOGE) are noteworthy. This newly founded department has the responsibility to find and remove any waste, fraud, or abuse within federal agencies. Their approach has drawn both negative and positive criticism from the public.

Claims of Social Security Fraud

One of the most controversial issues related to DOGE has been the Social Security Administration (SSA). As far back as November 2021, Elon Musk and President Trump have claimed that millions of dead people, some allegedly over 150 years old, continue to reap benefits, resulting in great losses. Experts and some ex-officials have undermined these claims. Martin O’Malley, former Social Security commissioner under Biden, has dismissed Musk’s accusations, claiming they are “too much” and “misinterpret” SSA information. Some audits suggest that “improper” payments are less than one percent of the $8.6 trillion paid out from 2015 to 2022. Most errors involve “overpayments” to living people rather than payment frauds. The confusion is due, in part, to the SSA’s obsolete databases that contain unknown birthdates, which default to ages exceeding 150 years instead of actual payment frauds.

Access to Treasury Payment Systems:

DOGE has further expanded its agenda to include the Department of the Treasury. Secretary of the Treasury Scott Bessent awarded DOGE a ‘prime’ account on the federal payment system, where more than $5 trillion in payments, including Social Security and Medicare disbursements, are allocated yearly. This led to the resignation of David Lebryk, a senior Treasury official who was against the move.

Worries have stemmed from the security breaches and operational risks concerning this system, especially after a DOGE employee, Marko Elez, erroneously controlled the payment system. While officials say that no payments were changed during his access, suspicions still loom over DOGE’s payment system, which integrates with the federal government’s finances.

Legal Problems and Ethical Questions

As fast and furious as DOGE moved, so did the legal problems and ethical questions. The attorneys general of fourteen states have brought a lawsuit claiming Musk has overstepped his boundaries by accessing sensitive government information and had too much control through DOGE. It argues that a Senate-confirmed official controls Musk’s conduct and, thus, moves to restrain him from directing executive branch personnel outside his agency. There are also some unfounded claims watchdogs are investigating over the adequateness of the control of the payment systems of the treasury and the allegations of payment fraud. These investigations aim to answer whether the actions and access of DOGE’s operations are legal and ethical.

Public Figures and Political Party Responses

Public and political personalities have had rather wide reactions to DOGE’s actions. Late-night television presenter Seth Meyers has criticized Musk, claiming his behavior signals the shutting down of consumer protection agencies in the name of operational efficiency, which is clearly bad.

In the political world, some lawmakers appreciate Musk’s aggressive efforts to reduce government waste. In contrast, others are concerned that overzealous measures might negatively impact vital services and public trust. The discussion underscores the conflict between attempts to reform the government’s streamlining functions and the need for transparency, accountability, and public services.

Elon Musk’s strategic placement of DOGE and the attempt to implant it was a drastic move to revolutionize the federal government and eliminate inefficiencies. Although the initiative is trying to curb waste and fraud, its approach and pace of execution raise a significant number of legal, ethical, and practical issues. With the pending investigations and legal actions, the issue has shifted to focusing on efficient governance measures with legal and ethical compliance, which is central to the national debate.

https://www.youtube.com/watch?v=-FPu8O-Rqh4

[Dawn]

Here’s some rehabilitation evidence that may be useful for your application for license reinstatement:

Rehabilitation Evidence That May Be Compelling

Professional Development

• Achievements in real estate or mortgage lending that go beyond the basic requirements.
• Relevant continuing education (a course) exceeds the minimum further schooling requirements.
• Completion of ethics-specific coursework.
• Participating in professional mentorship programs

Employment History

• I am pleased to submit employment references with positive feedback.
• I have been actively employed since the revocation.
• Positive commendations from employers for responsible positions (even if I was non-licensed).
• Compliance with company policies and procedures.
• Work documentation detailing adherence to stipulated company policies.

Responsible Character References

• Letters addressed to me from business partners who understand my professional morality.
• Contemporary character references from community head (clergy, served in elective leadership, etc.).
• Testaments from clients who I have aided in non-licensed roles.
• Witnesses who can speak about your rehabilitation and altered ways of doing things.

Financial Responsibility

• Pristine credit report, along with fulfilling financial obligations on a timely basis, no outstanding judgments or liens, and stable personal finances.
• Supported by documents showcasing tax compliance.

Community Participation

• Pro bono advisory role provided in a non-licensed capacity without charge.
• Served hours documenting community work.
• Volunteer work (especially in housing-related causes).
• Direct acknowledgment of past issues.
• Steps taken to address those issues provide explanations that require addressing the need to be rationalized.
• Provide detailed self-statements clarifying the explanation actions focused on.
• Evidence of altered conditions or practices.
• Demonstration of understanding related to operational policies.

Regulatory Compliance

• Unblemished criminal history after the suspension.
• Verification of applicable restitution payment documents.
• Compliance with any judicial obligations.
• Settlement of all relevant civil proceedings concerning the suspension, if applicable

Clear Recommended Changes for Your Case

• Documentation explaining the specific reason for your suspension.
• Documents that prove the issues leading to your disciplinary action were incorrect.
• Additional instruction associated with the prior infraction.

For the strongest arguments, add these documents to a tidy portfolio that includes a letter explaining how the documents show your rehabilitation and commitment to social responsibility in the profession. An attorney can help tailor the package to address regulatory concerns effectively.

Do you have anything else you want to know about the supplementary application materials or strategies for the reinstatement hearing, if necessary?

[Dawn]

Considering it has been 11 years since your last license was revoked (in 2014), you may be able to either apply for reinstatement or get a new license, subject to the following caveats:

Regarding California DRE License:

• The revocation of a California Department of Real Estate is between 1 and 4 years, depending on the infraction command.
• You most likely have surpassed even the longest-standing period after 11 years.

Most likely, you will have to apply afresh, which means you will need to:

• Complete requisite education.
• Pass the California Real Estate exam.
• Undergo a background investigation.

For NMLS License:

• Applications with a previous revocation of NMLS are evaluated individually.
• The prior revocation will need to be stated clearly in the application.
• Provide circumstantial information and documents that prove good character and complete rehabilitation.

Critical documents needed:

• From the California DRE, check if your eligibility limit has been crossed.
• Obtain your official record of discipline to know what information is public.
• A lawyer dealing with real estate license issues could come in handy.
• Submit proof of good conduct and character following the suspension.
• Your specific reason for the suspension will greatly affect your acceptance changes.
• Line yourself with some effective rehabilitation plans before gathering your documents.

Some offenses lack waiting periods and steep waiting periods, while other infractions have straightforward waiting periods.

Do you want me to elaborate on the rehabilitation evidence that may support your application?

[Dawn]

Silver is now priced at $32.98 per ounce, after having surged to $34.66, dipping to $31.00, and now rebounding. Looking at the last few months, silver prices certainly appear volatile. Several different factors explicitly explain the said volatility:

1. Trade Wars and Global Economic Concerns: The U.S. imposing tariffs on Canadian and Mexican imports, along with China is detrimental for global economic growth, bringing in more uncertainty. These uncertainties tend to push investors towards safe-haven assets such as silver, affecting its price.

2. New Technologies: Experts believe that silver prices will increase due to developing technologies in electronics and solar energy, as they will require extensive amounts of silver.

3. Prices of Currency: Precious metals such as silver or gold, along with foreign currency change in value along with the level of inflation. This creates the need for investing in such metals for protection against inflation and devaluation, further impacting silver prices.

4. Reaction to Geopolitical Issues: Undoubtedly, rapid price changes are caused by the market participants’ reaction to estimate strategic shifts in the economic policies of major economies and release of economic data.

Outlook and Potential Volatility: Regardless of the fact that experts have developed specific snapshots of estimated silver price behavior, none of those are synchronized in relation to time or value.

The silver price is expected to lie between $35 to $50 per ounce by 2025 owing to its industrial and investment demand. However, given the stone’s historical volatility, investors are better off exercising caution, and accounting for potential deviations with regards to their investment decisions.

To conclude, silver prices are influenced by a multitude of economic, industrial, and speculative factors, and their interplay can be rather complex. Despite the potential for price appreciation, reality, particularly price volatility, challenges the investor’s perspective.

[Dawn]

Like many entities, the Federal Reserve faces several layers of audits each year.

Below is an exhaustive breakdown of the present situation:

Independent Auditors: A qualified independent public accounting company audits the financial statements of the Federal Reserve Board of Governors, the 12 Federal Reserve Banks, and their related LLCs for a year. In 2023, the Federal Reserve Board issued consolidated annual audited financial statements and accompanying notes. KPMG LLP provided unmodified opinions stating that the financial statements were free of material misstatements.

Government Accountability Office (GAO): The Federal Reserve’s GAO audit is often included in the GAO’s annual reviews. In 2023, the GAO completed eleven projects concerning the Federal Reserve and had fourteen projects underway as of December 31, 2023. The GAO has numerous audit authorities under various acts, such as the Federal Banking Agency Audit Act or the Dodd-Frank Act and its orders.

Office of Inspector General (OIG): The OIG for the Federal Reserve Board works independently of the Federal Reserve System and is responsible for auditing and evaluating the Reserve Bank’s programs and operations that are assigned to the Board, as well as investigating other regulatory matters. The Office of Inspector General’s operations aim to ensure economy and efficiency and the prevention of fraud, waste, and abuse.

Public Disclosure: The Federal Reserve bills can be publicly accessed at their website. This enhances the transparency surrounding the Fed’s finances and other activities.

Legislative Context: Some legislation, like the ‘Federal Reserve Transparency Act,’ has attempted to include Federal Reserve monetary policy actions in the scope of GAO audits. However, these attempts have not been enacted in law, which means that the limitations on the review of the GAO’s monetary policy deliberations continue to exist.

Audit Confirmation Process: Institutions must confirm their balances with the Federal Reserve during the year-end audit. These confirmations can be done electronically via Thomson Reuters Confirmation or directly through an email from KPMG, guaranteeing that the financial statements are accurate.

Various posts on X seem to indicate sentiment regarding the Federal Reserve audits. Some claim that the audits were left incomplete. Others blame politicians for not attempting to audit the Federal Reserve more thoroughly. These tweets indicate political or public opinion rather than factual audit completion information.

There is mention of 22 states filing a lawsuit demanding an audit. However, no indications from the GAO or OIG suggest an operational or finalized audit status.

Another post noted the suspension of the Federal Reserve Audit due to ongoing litigation with the Federal Reserve’s Office of the Inspector General. While this is precise to one component of their oversight, it gives context to the audit status.

The Federal Reserve is annually subjected to external audits by the GAO and OIG, including the OIG composite report and its financial statement findings, all made public. However, the public and political interests find a broader scope of such audits, especially around public monetary policy, remains.