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Is the Refi Boom Over in New Jersey? - Finance - Mortgage

A big deadline is approaching for home loan originators (what many people generically call “mortgage brokers”). These good citizens are actually mandated by law to pass national and state licensing exam and get registered inside National Mortgage Licensing System's registry in the end of July for most states, including within California, the place where a great deal of currently registered loan agents have not yet complete the process: Only about 25% of currently registered loan agents have do so.

This is an enormous benefit to the millions who're still underwater, owing a huge number, even HUNDREDS of thousands, on the existing shortfall inside their underwater homes. Previously, a resident who had been underwater and sold his/her home via a short sale would technically be obligated to spend the remaining balance of the mortgage, even after closing. If that balance was forgiven, then the amount forgiven can be taxable. In this case now, the obligation about the mortgage can be forgiven at closing, and in addition, taxes couldn't survive assessed. According to Phillip Swagel, a professor on the University of Maryland's School of Public Policy in College Park, Maryland, "it's a special generous approach for companies still in debt to American taxpayers. We're giving people a reason just to walk away, right if the housing marketplace is starting to right itself".

ABOUT NCLC: The National Consumer Law Center is a non-profit organization that seeks marketplace justice for low-income and vulnerable Americans. NCLC works together, and provides training to, a large number of legal-service, government and attorneys, along with community groups and organizations representing low-income families. Their legal manuals and consumer guides are standards with the field.

The lender/client may disclose or distribute this appraisal report to: the borrower; another lender with the request from the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality with the United States; and any state, the District of Columbia, or another jurisdictions; and never have to find the appraiser's or supervisory appraiser's (if applicable) consent. Such consent has to be obtained before this appraisal report may be disclosed or distributed holiday to a party (including, although not restricted to, the general public through advertising, publicity, news, sales, or other media).

SAFE also necessitates that states meet or exceed SAFE Act standards for state-level licensing and registration of mortgage originators who wish national registration. Eventually, the Feds will enforce the guidelines underneath the auspices of far-reaching "Wall Street Reform," officially, the "Dodd-Frank Wall Street Reform and Consumer Protection Act."


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