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Department of Justice Stands up for the Veterans!

Recently I have heard several stories where “Active” military personal have had their homes foreclosed on and it irritates me greatly!  I mean think of the stress levels that both spouses experience during the foreclosure process; not to mention the family having to move during a time that the husband / wife and dad is fighting overseas.  That is heartbreaking.

First off how can the bank foreclose on someone who is actively serving this country?  Second off in most situations foreclosing on an active military person is breaking the Service Members Civil Relief Act (SCRA) formally Soldiers & Sailors Civil Relief Act (SSCRA).  So why have the “Banks” been foreclosing on the one’s serving this country?  They must have been ignorant to the laws! Not to mention sitting there and clicking their computer screen to begin the foreclosure process while the veteran is putting his life on the line to protect this country.

Great news today!

The Department of Justice has made a stand for those military people! Thomas Perez, Assistant Attorney General for the Civil Rights Division said “The men and women serving our nation should not have to worry about a bank foreclosing on their home while they bravely serve our country,” BAC Home Servicing will pay a total of $20,000,000 as compensation for those military people who were illegally foreclosed on.

Military personnel whose homes were improperly foreclosed upon will each receive at least $116,875 from BAC Home Loans Servicing, a subsidiary of Bank of America, for the bank’s alleged violation of the (SCRA).   For details o the SCRA law http://www.military.com/benefits/content/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html

I hope we all continue to stand up and support those serving this country.

Blessings,

Cindy Seely

P.S. yes I do VA loans

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

New Mortgage Blog

Now that my mortgage site is up and running (kind of) I am going to start blogging with mortgage updates and my thoughts on the mortgage industry!

Yesterday “Origination News” came out with a news updated; The “head count” for “licensed loan originators” 

According to a new head count, banks and their mortgage affiliates employ 350,000 registered LOs. Nonbanks—also known as “state-licensed companies”—have registered 109,000. 

For those of you not in the wonderful mortgage industry I will explain.  The S.A.F.E. Act requires that mortgage brokers who are “Non-Bank” employees must be registered and licensed (Nationally in addition to any state we want to originate loans in).

We had to go through some pretty tough testing;  the pass rate is typically 40% or less. State and Federal Government also run background and credit checks on us and then we have to be approved and “licensed”.

Bank loan officers do not have to take any national or state tests, their employer (the bank) runs a background check and registers them on the national site.

I am so happy to say that I have passed the National Test, Missouri and Kansas test!  So I am 1 in 109,000.

When you talk with loan officers ask them for their NMLS # and then check them out on NMLS  here is my license number 245378.

I will be putting more blogs up very soon So be sure and “Stay Tuned”

Thanks,

Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

P.S. Hey if you know of someone who is wanting to take advantage of the historically low rates with a refinance or purchase have them contact me…