: Phillip M. Adleson Award to be Presented at Private Money Lending Conference
LOS ANGELES, CA, UNITED STATES, February 12, 2020 /EINPresswire.com/ — The Private Money Lending Industry relies on the California Mortgage Association, (CMA) the trade association for makers, arrangers, and servicers, as well as investors in private money (hard money) loans, for education and practical knowledge in this complex and ever-changing field of real estate lending. In addition, CMA provides opportunities for networking, resources, and contacts in the private money lending field.
CMA honors individuals who have made the greatest contributions to education in private money lending with the Phillip M. Adleson Award. The award is given annually by CMA to individuals who've made made outstanding contributions to education in our industry.
In 2017, the award was first given to the late Phillip Adleson, the former General Counsel for CMA, a recognized attorney in the private money lending field, and the author and presenter of numerous education programs at CMA. He was a Founding Partner in the law firm, Adleson, Hess, and Kelly. Mr. Adleson was also General Counsel for the United Trustees Association, the trade association representing foreclosure trustees.
The next recipient was Richard C. Temme, who chaired CMA’s Education Committee for many years and who, among others, was largely responsible for the high quality and standards of CMA’s educational programs. He participated in the presentation of many educational programs as well. His companies, R.C. Temme Corp and Woodland Hills Mortgage, make and/or arrange and service both consumer-purpose and business-purpose loans.
Dennis Doss, a prominent real estate attorney in private money lending, was the 2019 recipient of the award. Mr. Doss is known for his practical approach to presentations on private money lending, as well as his generous provision of additional materials, such as sample forms and documents. Many in our industry attribute significant portions or our knowledge to his extensive presentations. His law firm, DossLaw, specializes in the private money lending field and Mr. Doss has represented many firms and individuals in the private money lending industry.
CMA’s educational programs cover a wide range of topics, from licensing methods, including licensing under the Department of Business Oversight, licensing by the California Dept. of Real Estate, and related compliance and operational issues. Extensive instruction is provided on the topic of raising private investor capital for trust deed investments, including various securities exemptions, the “10-investor rule,” mortgage funds, and investor suitability and disclosures. Underwriting and different types of loans, including construction, commercial, and residential loans are covered, as well as consumer-purpose lending and the business-purpose exemption. Topics that have gained more attention in recent years include cannabis-related lending, loans for construction of accessory dwelling units, (ADU’s) and longer-term loans including adjustable-rate private money loans. Loan servicing issues are also covered, including related trust accounting, investor accounting, collecting impounds on private money loans, and collection and foreclosure issues. In recent years, an increased focus has been placed on private money loan documents, including discussion groups regarding specific loan documents, disclosures, and related forms and agreements.
"CMA is the recognized authority for education for California private money lenders, brokers, and loan servicers," stated Joffrey Long.
Members of CMA include private money loan brokers and lenders who raise capital through single-investor loans, multi-lender, fractionalized loans, approved offerings, and through the use of mortgage funds or “pools.” Some specialize in loans secured by smaller, residential properties, while some make or arrange loan amounts of as much as ten million dollars, secured by larger properties, commercial properties, and in some cases, multiple parcels of real estate. (cross-collateralization)
Loan servicers represent another important part of CMA’s membership. The servicing of private money loans requires special skills, including knowledge of the private investor issues, the specialized property types, the differences in accounting for private money loans held by individual investors, multi-lender investors or by mortgage funds and the licensing, regulatory, and documentation practices in effect.
Many prominent attorneys who specialize in private money lending issues are members of, or attend CMA events. CMA’s membership also includes other service providers to the industry, such as software, insurance, and appraisal providers, loan servicers, foreclosure trustees and individuals who serve as a private money lending expert witness.
Joffrey Long is a private money lender, loan servicer, and also serves as an expert witness in matters related to private money lending and loan servicing. He will present the award at CMA San Francisco on April 24, 2020. Joffrey is a past-president of CMA, former chair and present member of the CMA Education Committee, and a member of the CMA Board of Directors. He has participated in the planning, writing, and presentation of numerous presentations at CMA seminars. Joffrey has been a sponsor of the Phillip M. Adleson Award since its inception in 2017.
The California Mortgage Association Spring Seminar is held in San Francisco, April 22 through April 24. For information, visit www.CaliforniaMortgageAssociation.com
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Source: EIN Presswire