June 14, 1998
Regarding the June 7 "Real Estate Q&A" item headlined "Watch Out for Broker 'Junk Fees' When Financing," all of the fees mentioned are real and customary. They are not junk fees. A mortgage broker does not collect underwriting fees, document fees or closing fees. These fees are charged and passed through. The wholesale lender charges an underwriting fee (about $400) and a document fee that will range from $100 to $250. In Southern California an escrow is required on any loan transaction and the "closing fee" or settlement fee is the money charged by the escrow company, which is normally a totally separate entity.
October 18, 1989 |
California's real estate commissioner Tuesday urged passage of a strengthened code of ethics for mortgage loan brokers as a way to protect the public from unscrupulous operators and "enhance the professionalism" of the state's real estate industry. In a public hearing at the State Building, Commissioner James A. Edmonds Jr. took testimony from industry representatives on a series of proposed changes in regulations governing the real estate and mortgage loan businesses.
February 2, 1991 |
As the result of a federal regulatory order, Russell M. Jedinak resigned Friday as chairman of Guardian Savings & Loan and was replaced by William J. Crawford, former commissioner of the state Department of Savings and Loan. The cease-and-desist order by thrift regulators also restricts the lending activity of the once fast-growing thrift, resulting in the layoffs of 185 people in Guardian's loan operations. That amounts to about 26% of the thrift's 700-person work force.
November 6, 1994 |
In a class-action settlement with potential impact on borrowers in every state, a major mortgage company has agreed to refund to consumers undisclosed fees it paid loan brokers to bring in customers at higher than its standard rates. The refunds and penalties, estimated at $2.25 million, will go to homeowners who allegedly were charged excessive rates and fees on their mortgages. The case involves about 300 loans made in Virginia by Georgia-based Fleet Finance Inc.
October 13, 1996 |
Home loan applicants nationwide should be the beneficiaries of a new Federal Reserve Board rule on upfront disclosures of fees charged by mortgage brokers. Effective Sept. 30, all fees levied by loan brokers and paid directly by the borrower must be included as part of the mandatory truth-in-lending finance charge disclosure that consumers receive within three business days of applying for a home mortgage.
May 23, 1993 |
After months of house searching, problems with financial institutions and our mortgage broker and days of living in a limbo, my husband and I and our two small children are finally in our new-to-us Pasadena home. Both of us have been gainfully employed since our graduation from USC eight years ago. We owe no major credit bills and our credit is established as A-1.
September 8, 1985
Ronald R. Bieber, founder and president of Spartan Home Loan, Sacramento, has been elected president of the California Independent Mortgage Brokers Assn. Other new officers are Leonard R. Simon, South Bay Mortgage, Lawndale, treasurer; Allan B. Polin, Aames Home Loan, Los Angeles, secretary; Gary K. Judis, Aames Home Loan, first vice president, Southern Region; John A.
April 7, 2004 |
As Adelphia Communications Corp.'s stock price tanked in late 2001 and 2002, tens of millions of dollars in cash were wired to Smith Barney to cover the Rigas family's margin loan, a broker testified Tuesday. Highland Communications, a Rigas-owned entity, had a $100-million margin loan through Smith Barney, broker Richard Cavallaro testified in the fraud trial of former Adelphia Chairman John Rigas, two of his sons and a fourth former executive.
February 3, 1999 |
Question: I want to start a loan and personal-property brokerage. I looked in the telephone book and called the city clerk's office but no one could give me any information on rules and licensing. Any help you can give will be appreciated. --Phillip Rosenfield, Sherman Oaks * Answer: You must be licensed by the Department of Real Estate before you can become a business broker qualified to broker transactions involving real estate.
January 11, 2006 |
A Rancho Santa Fe, Calif., mortgage broker and appraiser was convicted Tuesday in federal court in Santa Ana of operating a real estate flipping scheme that defrauded mortgage lenders of $6 million. James Davis Bennett, 52, convicted on 11 counts, faces a possible life sentence for financial crimes that include bank and wire fraud, Assistant U.S. Atty. Brett Sagel said.