"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.

  • 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 to be 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.

  • Physical documents must either be delivered to office or kept in a locked and secured location.
  
Updated 01/24/2020

Minimizing Trigger Leads

​​Recently we have been having problems with trigger lead companies calling our clients trying to steal our clients by making false promises. In an effort to limit as much of these calls as possible, Please read the below email from our credit report provider, Advantage Credit. 

 
 
The Truth about Trigger Leads

The first step in obtaining a mortgage is always going through the application process. You've found the broker you want to use and fill out all the paperwork. Then you go home to find half a dozen voice mails and emails from different brokers claiming they can offer you a better deal. You haven't applied with any of them but they all seem to have all your personal information. When you’ve only filled out paperwork with one broker, how do so many more suddenly seem to know you are looking for a mortgage loan?
When you apply for a mortgage, your broker will pull your credit report. This triggers an inquiry with the three credit bureaus, Experian, Trans Union and Equifax. The credit bureaus then turn around and sell your information to other brokers who have signed up for “trigger leads”. And it is unfortunately not against the law for them to do this.
There are dozens of companies that offer trigger leads. A broker simply gives them the filters they are looking for and as soon as a mortgage is applied for and credit is pulled, any information that fits those parameters becomes a trigger lead. The filters they can use vary greatly. Most lead companies start by filtering with credit score and zip code. Most brokers are looking for credit scores in a certain range. But other criteria can be added, such as no late payments, loan to value, loan amount, etc. When a broker runs a credit report, they are pulling credit through a third party vendor as required. If a borrower is receiving phone calls or emails from other brokers once their credit is pulled , it’s not the third party credit reporting agency that’s selling their information; it’s the actual credit bureaus.
There are ways to try to prevent this from happening:
Optoutprescreen.com. By registering here it will stop the bureaus from selling your personal information so you will not appear on any trigger list for 5 years. The trick is this needs to be done at least 5 days before the application process and the credit is pulled.
Do Not Call Registry is also a good option. By registering your phone and cell phone numbers here it will also stop your phone numbers from appearing on trigger lists. It is best to do this a month before you are going to fill out a loan application as it can take 31 days to take effect.
When applying for a mortgage it is also a good idea to ask the mortgage broker to not include your phone or email on the loan application or enter it in when credit is pulled. Once the credit report is pulled they can always go back in and add that information. While this will not completely keep your information from becoming a trigger lead, it will make it less desirable to some brokers as they will have to “scrub” more to come up with this information on their own.
There have been some steps taken to attempt to ban trigger leads but so far none of those have come to fruition. There is not a way to 100% guarantee your information will end up as a Trigger Lead. There are just too many variables the bureaus use to provide these leads. But by taking the steps described above it can at least limit your chances from becoming one.

Mindy Leisure
2/13/2020

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.

Updated 01/24/2020