FFFC,Net Life must legally show active lender licensing.
Bluesales33, This is shameful. If a full loan packages were accepted into Net life financial, and proper disclosures were sent out to the customers then Net Life Financial must respond. However, If your Realtor friends did not do their DD, and no money exchanged hands,but time wasted, then file a complaint with the CFPB
Consumer Finance Protection Board.
No one in the Mortgage Banking Industry is going to trust a company that elects to use Twitter as their main source of
"get the word out." Without legal proof of who these guy are.
Net Life tweets that "they did not reinvent the mortgage wheels, we changed the VEHICLE they ride upon."
Note to Net Life:
Before you get the keys to your Net Life VEHICLE you must show proof of being LICENSED & INSURED to drive down the MORTGAGE HIGHWAY in the USA!
Net Life Financial must declare what type of entity they are:
A Bank, Credit Union, Mortgage Lender, Mortgage Broker, Mortgage Loan Processing, Loan Servicer, Mortgage Loan Originator.
If mortgage loan activities are performed for compensation or gain, then a MLO Mortgage Loan Originator License Endorsement is required BEFORE any loan origination activities are performed.
If FastFunds Financial's Net Life Financial Processing is actively processing mortgage loans for 1% of the approved loan amount then they are also subject to the Dodd-Frank Statutes of 2008.
Both FFFC and Net Life Financial must comply with these laws:
To date no information can be found on either company conforming to the laws.
Dodd-Frank Wall Street Reform Act.
SAFE Act- compliant.
CFPB- Consumer Finance Protection Bureau. Federal Government Agency.
NMLS- National Mortgage Licensing System
MLO- Mortgage Loan Originator
CUSIP ID.
All of these agencies regulate the mortgage industry and enforce the laws for mortgage lending entities nationwide.
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