Comments on: New legislation regulating mortgages

By: Penya De Pena

Penya De Pena — Mon, 16 Nov 2009 01:37:27 +0000

It was very clear tome that SB36 is effective immediatly, but we have to Dec 1, 20010 to comply. So go out there and keep brining in those Loans. Make it happen!

By: ft Editorial Staff

ft Editorial Staff — Thu, 05 Nov 2009 20:21:56 +0000

We have amended the story to more accurately reflect the timeframe of the statute. While the referenced bill (SB 36) was enacted as an emergency statute and made effective immediately, the designation will be required no sooner than December 1, 2010. We apologize for the miscommunication.

By: Peter Trent

Peter Trent — Thu, 05 Nov 2009 19:49:44 +0000

See Page 11 of this document:

http://dre.ca.gov/pdf_docs/rebfall_09.pdf

The article is titled “Update on SAFE Mortgage Licensing Act”

DRE under Senate Bill 36 will issue the special designation for mortgage brokers. According to this article it is to start March 1, 2010. However, the author of the blog to which we are responding to says that “effective immediately” we need a designation in order to do loans. It is not clear if he is refering to SB36 or something else. I think he is wrong, but again, it is not clear what he is writing about.

By: John

John — Thu, 05 Nov 2009 19:31:25 +0000

where do we apply for the new endorsement to our license?

By: Claudia

Claudia — Thu, 05 Nov 2009 18:51:35 +0000

I have had a Real Estate Sales License for over 25 years and have been in the lending/financing business for over 40 years. This is the first time that I’m hearing about the new law for loan agents to get a special new license.
I’m very upset that the Dept. of R/E didn’t notify each licensee of this change. How do we go about getting our new loan agent license? Also, can we still produce loans while we are trying to get the new lending license?

By: Peter Trent

Peter Trent — Thu, 05 Nov 2009 18:38:59 +0000

“Effective immediately, mortgage originators are forbidden from issuing loans unless they obtain a special designation from the Department of Real Estate (DRE).”

Effective immediately? Really? Which law are you talking about? SB36? According to the DRE website, this law will require mortgage loan originators to get an extra endorsement to their license starting March 1, 2011. At the time of their Fall newsletter, they had not determined exactly what types of exams and/or education would be required.

Please clarify your statement “effecitve immediately”.

Thanks.

By: Gaynell

Gaynell — Wed, 04 Nov 2009 22:21:51 +0000

I am a licensed real estate agent and I also took classes for a year as a loan officer. The instructor of the class did not provide any type of certificates. He stated that our DRE licenses covered us for mortgagee/loans.

My question: Now that a new law has been signed how do we go about getting this mortgage certificate. I am no longer with the agency that wrote loans as well.