It’s about to get much easier for mortgage loan originators to switch jobs and continue originating mortgages without any license-related delays.

Under the current rules of the Secure and Fair Enforcement for Mortgage Licensing Act, an LO who moves between states or from a bank to a nonbank is required to wait for a new license before they can begin originating at their new job.

But after a years-long push from the mortgage industry, those rules are about to change.

Later this year, new LO licensing rules will take effect that will allow originators to move from a bank to a nonbank or to a new state and keep originating new mortgages without having to wait for a new license.

The changes to the LO licensing rules were part of the Economic Growth, Regulatory Relief and Consumer Protection Act, which President Donald Trump signed into law last year.

In addition to rolling back many Dodd-Frank Act regulations, the bill also included changes to the LO rules, which the mortgage industry has lobbied several years for.

Beginning Nov. 24, 2019, LOs who change corporate affiliation from a federally insured institution to a nonbank lender, or move across state lines, will be granted “transitional authority” that will allow them originate mortgages while they work to meet the SAFE Act’s licensing and testing requirements.

LOs will then have 120 days to complete the SAFE Act licensing requirements.

As with these types of regulations, the rules are much more complicated than that, but luckily the Nationwide Multistate Licensing System & Registry recently published an “FAQ” that provides answers to many relevant questions about the new rules.

For example: Who is eligible for the temporary licensing authority?

The answer: LOs must be: 1) employed and sponsored through NMLS by a state-licensed mortgage company, and 2) either: A. registered in NMLS as an MLO during the one year preceding the application submission; or B. licensed as an MLO during the 30-day period preceding the date of application.

Compliance provider MQMR also recently published a bulletin on the matter, which sheds additional light on the new LO rules.

From MQMR’s bulletin, which references the NMLS FAQ:

Importantly, the FAQs explain that a MLO will not have to submit a separate application for temporary authority. Rather, an MLO applies for a MLO license through NMLS and, if eligible, will automatically receive temporary authority as the applicable state processes the license application. NMLS will be programmed to check certain eligibility requirements, such as criminal history and whether an applicant has had an MLO license application denied, revoked, or suspended. Before a licensing decision is made by the applicable state, an individual with temporary authority will show as being “authorized to conduct business” in the state – the actual license status will not be updated until the state makes a decision with regard to the license application.

An individual with temporary authority may originate loans as if he/she possesses a license in that state. The individual and the loans originated by that individual will be subject to the same rules and regulations as applicable to a licensed MLO.

One important piece of these new rules to note is that lenders “must monitor” the status of their LOs’ licensing status and temporary authority to originate. If an LO’s application is denied, the lender “must reassign any active loans in the pipeline originated by that MLO to a licensed MLO in that state.”

Additionally, if the lender “knew or should have known” of a “disqualifying event” that would cause the LO’s application to be denied, the lender may face enforcement action from their state.

For the full FAQ on the new LO licensing rules from the NMLS, click here.

Source: Loan originator licensing rules are about to change: Here’s what you need to know | 2019-04-09 | HousingWire

If you find that days don’t have enough hours for you to perform your work-related tasks, then this modified Toyota Sienna minivan might help you reach your goals.

The unusual minivan, first spotted by The Drive, is currently on sale by Top Speed Motors in New York, offered for $19,495. It has covered just 42,625 miles and its condition appears to be pretty good judging from the images provided.

The office conversion means that the two captain’s chairs in the second row are now gone, creating a wide open space for easier access to the business end of the cabin. The single seat is positioned in the middle and is flanked by two custom cabinets; the one on the left hosts a mini-fridge while the one on your left features a slide-out table for you to place your laptop and a corded phone because apparently this is an office from the 1990s.

The whole package appears to be very well thought out, with carpets cut precisely for the new open floor area and the cabinets getting a very professional-looking wooden fascia that matches the brown leather upholstery very nicely. There’s also a folding wide display mounted on the ceiling and twin sunroofs.

Unfortunately there’s no information about the origins of the conversion as the car came from a dealer auction. We also can’t imagine why would someone would bother doing that to a Sienna but let’s face it, it looks pretty inviting back there.

Perhaps this was a CEO that wanted something with plenty of a space for his business activities without attracting any attention like those fancy German models do, who knows.

Source: Modified Toyota Sienna Minivan Is Now A Mobile Office For Workaholics | Carscoops

Suppose you’re stuck in traffic, late for a meeting. You bang the steering
wheel and explode, “Damn traffic! Now, I’ll probably get fired!” You’ve just fallen into a mind trap. You’ve added a catastrophe with no evidence for it. Your thoughts about the traffic are causing distress, not the traffic.

When you’re under stress, it’s easy to get swept away by negative patterns of thinking that over-personalize and distort the actual event. What you say to yourself under stress pops up with such lightning speed that you don’t even notice. If you’re like most people, you conclude that the external event is what upset you. Chances are your stress is kept alive by these conclusions, many of which are inaccurate.

What Are Mind Traps?

Mind traps are irrational thought patterns that blind you to the truth, causing you to make errors in judgment about people, situations, even yourself. As you become more conscious of your mind traps, you learn that each one is an exaggeration of a threat combined with an underestimation of your ability to deal with it. Mind traps limit possibilities and undermine your resources to cope with inevitable challenges.

Identifying Your Mind Traps

Today In: Leadership

Psychologists Aaron Beck and David Burns identified common mind traps that you can get stuck in from day to day. Recognizing the ones you routinely fall into heightens your awareness so when you’re trapped, you have an easier time escaping and finding peace of mind.

1. All-Or-None Thinking: “I can be either a good mom or a good employee; I can’t do it all.” You categorize life into the extremes of black and white and blind yourself to the shades of gray, where truth usually lies. Takeaway: Listen for yourself using words like always, all, everybody, either-or, nobody, never, or none. Let that be a cue that the all-or-none thinking has trapped you.

2. Mindreading: “She didn’t call me back. Obviously, I made a bad impression.” You convince yourself you know what others are thinking and feeling. You connect the dots about a situation based on your beliefs, not the facts. When you automatically accept your thoughts as truth, instead of questioning or checking them out, you’ve sold yourself a bill of goods. Takeaway: Remind yourself that your assumptions are not the truth. You can check out the facts before making conclusions to save yourself a lot of unnecessary worry and stress.

3. Catastrophic Forecasting: “I’m gonna fall flat on my face in the interview.” You forecast the worst possible outcome of a situation without evidence. Even when facts contradict your negative belief, you continue to predict things will turn out badly. Takeaway: When you catch yourself worrying over something that hasn’t happened, identify your negative prediction. Then ask yourself, “Where’s the evidence for this conclusion?”

4. “Shouldy” Thinking And “Musterbation”: “I should have gone to church on Sunday.” Oppressive words like should, ought, must, and have to can cause you to feel you’re slave instead of master of your emotions. Takeaway: Ask yourself if your self-talk opposes you or supports you. Replacing negative words with uplifting words can empower you. Notice the different tone due to the replacement of one word in the following statement: “I could have gone to church on Sunday.”

5. Overgeneralization: “I really screwed up on that sale. I’m such a loser.” You make a sweeping conclusion about your capabilities on the basis of one negative event. You believe if something’s true in one case, it’s true in all the others. Takeaway: When you catch yourself viewing a negative event as a never-ending pattern of defeat, look at the proof. You’ll likely not find evidence for the exaggeration.

6. Filtering And Discounting The Positives: “I won top broker of the year, but that was a fluke.” You downplay your accomplishments or positive qualities and dwell on the negatives. This mind trap can keep you stuck in depression and anxiety and create an outlook of hopelessness. Takeaway: There’s usually a “but” in this mind trap that can help you catch yourself when you insist that your positive aspects don’t count. Pay attention when negatives outweigh positives and give the positives equal weight.

7. Magnification Or Minimization: “I have to get this job promotion or my career goes down the tubes.” You blow the negative aspects of a stressful situation out of proportion while shrinking your ability to overcome it. Or, on the flip side, you downplay your ability to surmount a stressful situation, “Oh sure, I got the last promotion, but that was because the boss liked me. I don’t know the new boss.” Takeaway: Try to be aware when your outlook about a stressful situation is at one extreme or the other. Take the point of view of an outside observer and put it in perspective.

8. Blame: “It’s my fault the car broke down; I didn’t take it in for service.” You’re overly responsible and blame yourself for conditions beyond your control. Or, on the flip side, you blame others, overlooking your part in an outcome, “I took your advice, and she broke up with me; it’s all your fault.” Takeaway: Ask yourself if you’re blaming someone for your actions. Then think about how much of the situation you’re truly responsible for. Be willing to take ownership for your part, but avoid becoming overly responsible for situations outside your control.

9. Emotional Reasoning: “I feel hopeless about my marriage, so it must be over.” You make judgments about people and situations from how you feel. And how you feel about something makes it true in your head, even if there’s proof to the contrary. Takeaway: Acknowledge your feelings first. Then see when you can separate them from the facts to determine if your conclusion is indeed true, “Yes, I’m feeling hopeless about our marriage, but that doesn’t mean it’s hopeless. There are steps we can take to make it better.”

10. Labeling: “I blew it with my boss; I’m such a jerk!” Instead of telling yourself that you made a mistake, you tell yourself you are the mistake. You put a negative label on people and situations because of one incident instead of looking at the entire picture, “I didn’t like that movie; that theater sucks; I won’t go there again.” Takeaway: Look at the big picture, “That was a bad movie, but that theater shows good movies, too.”

The Great Escape

Next time you’re caught in a mind trap, you’ll become clever as a fox once you step back and question your thoughts and the conclusions you make. When you pay attention to what you’re thinking and then act, you use reasoning to deal with charged situations. See how often you can stay calm in a crisis, polite when someone is rude, positive when someone is negative. In each case, your thoughtful actions empower you to outsmart your stressors and turn the tone of a stressful situation around to your advantage.

Source: How To Prevent These 10 Mind Traps From Caging Your Career

An individual has not begun to live until he can rise above the narrow horizons of his particular individualistic concerns to the broader concerns of all humanity. And this is one of the big problems of life, that so many people never quite get to the point of rising above self. And so they end up the tragic victims of self-centeredness. They end up the victims of distorted and disrupted personality.

An Individual has not started living fully until they can rise above the narrow confines of individualistic concerns to the broader concerns of humanity. Every person must decide at some point, whether they will walk in the light of creative altruism or in the darkness of destructive selfishness. This is the judgment: ‘Life’s most persistent and urgent question is: ‘What are you doing for others?’

Source: Martin Luther King, Jr. – Wikiquote

Technology that supports and not replaces Loan Officers

From Discover on Google

Learn more here of our proactive approach to be the “Best Mortgage Bank in America”

Inc.: 11 Mental Tricks to Stop Overthinking Everything.

CNBC: ‘Shark Tank’ star Barbara Corcoran: This is how you can overcome fear.

Inc.: Warren Buffett Says All Successful People Have This 1 Rare Thing in Common.