October 23, 2009 - "News You Can Use"

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2nd Set of NMLS State Tests Released

The DC, GA, KY, MD, MI, WY and VA were released 10/22/09. Also, the MA test component is available again. The outlines for these states are can be viewed here: Content Outlines.

Pass-Don't Fail - Take practice tests, get study materials, review all covered material at www.lendertraining.com. 

Has HUD Abolished the Mini-Eagle?

HUD, which has been under tremendous pressure following a surge in volume, has increased the minimum net worth for Mortgagees to $1,000,000.  The implication was that mortgage brokers (loan correspondents) would no longer be included in the approval process and that mortgagees would be allowed to approve brokers directly.  The changes are to be announced January 1, 2010.  To this point the guidelines have not been released, but it looks like an more evidence of the mortgage broker's reduced influence.

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