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lincoln_broker
Dud?


Joined: 21 Jan 2010
Posts: 2

Re: loan modification software
PostPosted: Thu Jan 21, 2010 10:10 am Reply with quoteBack to top

I'm also interested in purchasing software...but how are you guys doing these with the new 2010 laws?
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mtgxpro
Dud?


Joined: 16 Dec 2009
Posts: 6

2010 regulation for most States...
PostPosted: Thu Jan 21, 2010 2:23 pm Reply with quoteBack to top

lincoln_broker wrote:
I'm also interested in purchasing software...but how are you guys doing these with the new 2010 laws?


REGARDING FEES:
The main change is you can't charge ANY up-front fees, in regards to the negotiation. The service will be paid ONLY at the end of the transaction.

REGARDING LICENSING:
More States are now requiring to hold a Mortgage Broker or Loan Originator license, in FL even lawyers that want to do modifications have to be licensed as Mortgage Brokers.

COMPLIANCE:
In some States like FL now is under Chapter 494 and requires to create a 1003, etc... The only software that handles that is provided by http://www.e-managingsolutions.com

Smile
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