Attorney / Continuing Legal Education

My name is Michael Wallace.  As an attorney admitted in New York, my practice has focused on title insurance and mortgage loan closings since 1985.  In 2007 I became the President and CEO of Upstate Capital.  Upstate Capital is an FHA licensed Correspondent lender focusing on reverse mortgage origination. 

Even though my practice was primarily in the mortgage industry, I was clueless as to what a reverse mortgage was in 2005.  I had heard about it, but my perception was very negative.  I, as other attorneys, thought it was a sham perpetrated against senior citizens.  Boy was I wrong.

            If you have not come across a reverse mortgage yet, you will in the future.

"I just completed your NACLE course ("Reverse Mortgages in a Nutshell") and I wanted to drop you a quick note expressing my appreciation of your presentation.  My practice (30 years) is primarily real estate based and I represent many lenders, including those approved  to underwrite "reverse" loans.  As the sayings go, "You're never too old to learn" and "You learn something new every day."     Great job.  Thanks.    Rinaldo A. Pace

"Excellent presentation; I received a great deal of information from this session; I only wish it were longer, which is not something I ever remember saying about any other course."  Robert Barnett

The more familiar I became with reverse mortgages and how they changed the lives of my senior clients, the more excited and impressed I was by the program.    As a result of my excitement and dedication to this product, I bought into my client, Upstate Capital.  As Upstate Capital expanded, I spoke with attorneys and other professionals about reverse mortgages.  It was surprising to see the level of misinformation regarding this product among attorneys and other professionals.   

I decided to do something about this lack of knowledge and became a faculty member with National Academy of Continuing Legal Education.  I have produced CLE courses focused on the mortgage industry with special emphasis on the Home Equity Conversion Mortgage.

It is my belief that if attorneys are educated about this mortgage, then they will be able to dispel the myths and misinformation in existence that prevent some seniors from helping themselves.

Please let me know if this information is helpful, or if you have any questions.  Thank you.

Courses Available:

Course I:  Reverse Mortgages in a nutshell, an overview of the Home Equity Conversion Mortgage    Sign In For FREE

Course Summary

Don’t miss this opportunity to learn about reverse mortgages. This lecture  focuses on the Home Equity Conversion Mortgage  (“HECM”).  The HECM is the predominant reverse mortgage offered by lenders and is becoming more widely used as information about it is disseminated.

It is important for attorneys to have a working understanding of the HECM in order to properly advise their senior clients.  Much misinformation circulates in the popular press about reverse mortgages.  Because the HECM has not been widely used, very few attorneys understand the HECM loan.  This lecture will present the HECM in depth, including a comparison to the attributes of the conventional or forward mortgage.  You will come away from this lecture with a thorough understanding of the HECM and the ability to comfortably advise clients on its use. 

Access Course:  Sign In For FREE to: Reverse Mortgages in a nutshell

Course II:   "What you don't know about the SAFE Act could hurt you and cost your client dearly."   Sign In For FREE

Course Summary 

The Housing and Economic Recovery Act of 2008 included, as a small part of a very comprehensive law, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).  This law has fundamentally changed the manner in which residential mortgage loans are originated in the United States.   The federal SAFE Act mandated national and state licensing rules for mortgage loan officers and established a national data base of the individuals and companies originating residential mortgages.  This course is an in-depth examination of the SAFE Act, its operation and its implementation. 

Access Course:  Sign In For FREE to:  What you don't know about the SAFE act could hurt you and cost your client dearly

Course III:  “Navigating around the potholes and pitfalls of mortgage marketing and lead production.” Sign In For FREE

Course Summary 

Learn about legal issues linked with marketing for the residential mortgage industry with an emphasis on the reverse mortgage.   While mortgage marketing sounds simple, it is not.  The ramifications of doing it improperly can get you in trouble with regulators. The potential risks of non-compliant marketing to your clients can be severe, and therefore it is important for the attorney to have a rudimentary understanding of marketing regulations and their application in regards to the residential mortgage industry.

This course provides specific examples of both state and federal statutes, an examination of actual marketing materials, and copies of settlements with state banking regulators.  This course provides an overview of  compliance issues related to mortgage marketing,  issues that the mortgage industry experiences and should give the attorney sufficient knowledge to understand these areas, and, if necessary, to seek additional assistance.

Access Course:  Sign In For Free to:  Navigating around the potholes and pitfalls of mortagage marketing and lead production

Discounted CLE Credits:

Upstate Capital Inc. has established a relationship with the National Academy of Continuing Legal Education (NACLE) to provide any attorney CLE course credits.

Any course Upstate Capital has provided on the web site is free (This is a discount of $ 75.00 for each course).

Also, you will receive a 25% discount for any bundle of courses.

You can listen to these courses and obtain all of the course materials for FREE.  

You pay the discount price ONLY if you need or want the credit hours.