"Your #1 Source for All Your Mortgage Needs"

COMPLIANCE  ANNOUNCEMENTS 

  
  • All LOs must use company provided email address and Google Drive when conducting business involving origination of mortgages.

  • All LOs must use company provided copy of POINT to fill loan applications and submit to processor.

  • All LOs must keep in good standing and maintain active, NMLS and RE licenses in the state of employment with RES/CLS.

  • NMLS must be displayed on all marketing material and email signatures alongside CalDRE# as detailed on the compliance page on the following pages: morecommission.info and californialendingsource.com

       1. https://www.morecommission.info/compliance-anouncements
       2. https://www.californialendingsource.com/california-lending-source-compliance-announcements

  • ABSOLUTELY NO RUNNING OF CREDIT without uploading a fully filled & signed copy of Borrower Sig authorization & Affiliated Business disclosure.

  • ABSOLUTELY NO GIVING OF ANY REFERRALS, COMMISSION CREDITS, GIFT CARDS, OR ANY OTHER FORM OF COMPENSATION TO ANYONE, EVER.

  • All files put in Google Drive and shared w/ broker & processor

  • LO shall not have any affiliates, partner, director, principal manager, employee or 1099 contractor who is currently suspended under a limited denial of participation (LDP); under indictment for or has been convicted of an offense that reflects adversely upon the sponsored originators integrity, competence or fitness to meet responsibilities of a sponsored originator; will not engage in business practices that do not conform to generally accepted practices of prudent origination or that demonstrate irresponsibility; have been convicted of or who has pled guilty to a felony related to participation in the real estate or mortgage loan industry; or is in violation of provisions of the SAFE Mortgage Licensing Act of 2008 or any provision of State law.

  • Operations are conducted in a professional, business-like environment;

  • LO will be at all times in compliance with the provisions of the Real Estate Settlement Procedures Act (RESPA), including the distribution to mortgagors of the Special Information Booklet, Good Faith Estimates and disclosure of business relationships with a particular provider of services.

  • The work of each LO & Loan Processor affiliated with RES/CLS can and will be audited by RES/CLS at any time during the course of, or after close of any and all transactions that LO is/has participated in.

  • Labelling Files: [https://www.morecommission.info/compliance-anouncements]

  • How to use Google Drive: [https://www.morecommission.info/file-upload]

  • Physical documents must either be delivered to office or kept in a locked and secured location.
  

Pre Approval Requirements:

​​DTI BELOW 45% on all conventional or FHA financing
  1. Current Credit Report(s)
  2. Paystubs
  3. W2’s
  4. Tax Returns
  5. Application (1003)
  6. Valid I.D.

  1. ​​DTI BELOW 45% on all conventional or FHA financing
  2. Current Credit Report(s)
  3. Paystubs
  4. W2’s
  5. Tax Returns
  6. Application (1003)
  7. Valid I.D.