#2815 Frederick and Marlene Silverman have a monthly housing expenditure of 1500 dollars, their monthly credit card payments equal 200 dollars, and they have a car note of 225 dollars. They have a monthly income of 5500 dollars. What is their debt to income ratio ? Please take your time. The solution is posted below the wildlife photo.   A. 35% To find the debt to income ratio add the housing expenses to all of the other monthly debt expenses and then divide the total of the monthly expnses by the monthly income. 1500 housing+200 credit cards+225 car note=1925 total monthly expenses/ divided by5500 monthly income=0.35 or 35% debt to income ratio 07/06/2014

#2814 A rule of thumb for a lender when considering a loan application is that the borrower should have been continuously employed on the same job for a  minimum of five years. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False As a general rule the lending underwriter will prefer to see that the applicant has been on the same job for at least two years. 07/06/2014

#2813 When a lender issues a letter stating the maximum loan amount that the lender will authorize this is know as preconclusion of process. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False When a lender issues a letter stating the maximum amount that the lender will authorize this is known as preapproval. When the lender issues a letter or preapproval the lender agrees to loan the buyer the funds he or she needs up to a specified amount of money to purchas the home they intend to purchase. 07/06/2014

#2812 When we talk about loan discount points we're talking about payment for costs which are typically associated with a loan origination fee. Is this fact true or false ? Take your time. The soultion is postd below the wildlife photo. A. False Discount points are associated with a lender's yield or the rate of return or profit on loan. 07/06/2014

#2811 The charges which are payable to or by any parties to a real estate transaction always show up on the lender disclosure statement. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False Charges which are payable to or by any party to a real estate transaction show up on the settlement statement which will be presented at closing and will reflect credits and charges applicable to the participants in the transaction. 07/06/2014

ActiveRain 2014 Summertime Meetup in Memphis   It's Elvis Week !                                                                             Starbucks 1850 Union Ave Memphis, Tennessee   Sunday August 10, 2014 11:30AM till 1:00 PM   You'll receive 1,000 points for your attendance ! Many thanks to: Kerrie LaGuardia ActiveRain Community Manager 07/05/2014

A friend sent this to me and I want to share it with you. This little guy could be protecting his ears from the loud noise and his eyes from the flash of the fireworks. Keep Your Pets Safe America's birthday is just a few days away, which means it's time to celebrate with barbecues, friends and family and, of course, fireworks. While this holiday is fun and exciting for we humans, it could cause some distress for our furry friends, as it has the potential to put their well being in danger. To keep your pets safe this Fourth of July, exercise caution when it comes to:  Drinks – Keep an eye on your drinks and keep pets away from them, especially tea, coffee and alcohol. Coffee and tea have compounds that can damage multiple body systems, and alcohol consumption could ultimately cause deat... 07/01/2014

Mortgage Fraud Blog sends me an update email once per week.   The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting www.mortgagefraudblog.com. Rachel Dollar is a California attorney who represents lenders in mortgage related litigation. She is a shareholder at Smith Dollar PC. Ms. Dollar is a nationally recognized speaker, is licensed to practice law in California and maintains offices in Santa Rosa, California. Mortgage Fraud Blog is sponsored by Smith Dollar PC and Rachel Dollar Risk Management, Inc. Mortgage Fraud Blog | Mortgages and fraud and the law, oh my! - 10 new articlesIn This Issue...Jury Convicts Man of Investment Fraud Scheme as Part of Operation Wax HouseBanker Admits Lying to Obtain $850,000 LoanLO Jailed for Su... 07/01/2014

Two Prince George’s County Women Each Sentenced to More Than Two Years in Prison in Mortgage Fraud Schemes Separate Fraud Schemes Resulted in Over $2.5 Million in Losses and at Least 25 Individual and Corporate Victims U.S. Attorney’s Office June 30, 2014 District of Maryland (410) 209-4800 BALTIMORE, MD—U.S. District Judge James K. Bredar sentenced Rhonda Scott, age 52, of Oxon Hill, Maryland, today to 30 months in prison followed by three years of supervised release for conspiring to commit wire fraud in connection with two separate mortgage fraud schemes which resulted in losses of over $2.5 million. Judge Bredar also entered an order that Scott forfeit $2.7 million and pay restitution of $703,000. Judge Bredar also sentenced co-defendant Niesha Williams, age 34, of Fort Washington,... 07/01/2014

Former President and Owner of Schuylkill Products Sentenced in Largest Disadvantaged Business Enterprise Fraud in Nation’s History U.S. Attorney’s Office June 30, 2014 Middle District of Pennsylvania (717) 221-4482 WASHINGTON—Joseph W. Nagle, 53, of Deerfield Beach, Florida and the former president of Schuylkill Products Inc., was sentenced in federal court in Harrisburg, Pennsylvania, today to serve 84 months’ imprisonment and was ordered to pay fines totaling $27,600 for his role in a massive conspiracy to defraud the Disadvantage Enterprise (DBE) program, announced U.S. Attorney Peter J. Smith for the Middle District of Pennsylvania. Senior U.S. District Court Judge Sylvia H. Rambo directed that Nagle report to prison no later than Sept. 29, 2014. According to the U.S. Department of... 06/30/2014

Former Attorney Sentenced to Nearly Six Years in Prison for Bilking Investors of $2.8 Million U.S. Attorney’s Office June 27, 2014 Northern District of Alabama (205) 244-2001 BIRMINGHAM—A federal judge late Thursday sentenced a former Birmingham attorney to five years and 11 months in prison for a securities fraud scheme through which he took more than $2.8 million from 12 investors and spent it on a lavish home, private jets, championship football trips and island vacations, announced U.S. Attorney Joyce White Vance, FBI Special Agent in Charge Richard D. Schwein Jr. and Alabama Securities Commission Director Joseph Borg. U.S. District Judge Virginia Emerson Hopkins sentenced CHRISTOPHER SHAWN LINTON, 35, of Alabaster, on one count each of wire fraud, mail fraud, securities fraud and ... 06/30/2014

#2810 Credit report fees, loan origination fees and appraisal fees are all costs that show up in the loan's APR. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False Points paid by the loan borrower, mortgage insurance, interest on the loan, and the loan origination fees are regarded as portions of the total finance charges assessed the borrower. Appraisal and credit report fees are not. 06/29/2014

#2809 When a portion of a borrower's monthly mortgage payment is held to be applied later towards property taxes and insurance the money will be held by a trustee. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False Money held for property taxes and insurance are held in escrow established for that purpose by the lender and paid out of the account when property taxes and insurance are due and payable. 06/29/2014

  #2808 If the lender agrees to guarantee a specific interest rate for a specific period of time this is known as discounting the float. Is this true or false ? Please take your time. The solution is posted below the wildlife photo. A. False If the lender agrees to guarantee a specific interest rate for a specific or certian period of time this is know as a lock-in. 06/29/2014

#2807 Fees that normally pay the overhead costs of a lender are the loan discount fees associated with the loan. Is this fact true or false ? Take your time. The soultion is posted below the wildlife photo.   A. False Fees than pay the lender's overhead, or costs for administering the loan, are the origination fees. 06/29/2014

 #2806 What factor is most likely to influence the demand for real estate ? A. Employment opportunities and the wage levels offered. If wages are low and the opportunity for employment is scarce, the demand for real estate becomes low. If the reverse is true the demand for real estate is high. 06/29/2014

#2805 When a lender takes a loan application the most important thing the lender is concerned with is the applicants employment history for the last 15 years. The applicants current housing expenses are of little interest. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False A lender will usually only want to know about the last two years of employment. Between the two, the most important thing to the lender is the applicants current housing expenses. 06/29/2014

    #2804 One of the best ways available to compare loan costs is to use a formula that examines the lender's yield. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False The best way to compare loan costs is comparing annual percentage rates. 06/29/2014

#2803 When an item is prorated at closing the item is considered the type of item which will not have to be paid for. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False When an item is prorated the item will be calculated as an expense based on a certain time period and cost rendered according to a portion of an amount divided by the number of days or any specified time element representative of the original assessment and mutliplied as a fraction of the whole. 06/29/2014

  #2802 If there is a debit on the buyer side of a settlement statement this is a charge that has to be paid by the buyer at the closing table. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. True If there is a debit on the buyer's side of the settlement statement, this is a charge that has to be paid by the buyer. A portion of property taxes paid in advance by the seller could be assessed at closing as a debit to the buyer. 06/29/2014