Tip To Click #1
Get The Facts On Seller Financing
In July 2008 the Secure & Fair Enforcement of Mortgage Licensing Act (SAFE Act) was signed into law. This law has an effect on seller financing. This law required minimal licensing for loan originators. There has been confusion regarding who must be licensed and who is exempt. Hopefully we can help. Here are the facts:
Under the current law if the property you are selling is not your primary homestead or you are not selling the property to a family member you, as the seller, must hold a residential mortgage loan originator license (RMLO) to sell a property using seller financing.
2. In August 2010, there is pending legislation to return to the previous statute, which allowed a seller to sell 5 or less properties in a 12-month period without holding a RMLO license.
3. A cute twist was that a RMLO license was never required for a seller to provide seller financing for commercial or unimproved property.
We will keep you advised as to the passing of the statute mentioned in #2.
I hope you enjoyed this Tip To Click! Become my follower and keep yourself up to date about the real estate market in your area.
Get The Facts On Seller Financing
In July 2008 the Secure & Fair Enforcement of Mortgage Licensing Act (SAFE Act) was signed into law. This law has an effect on seller financing. This law required minimal licensing for loan originators. There has been confusion regarding who must be licensed and who is exempt. Hopefully we can help. Here are the facts:
Under the current law if the property you are selling is not your primary homestead or you are not selling the property to a family member you, as the seller, must hold a residential mortgage loan originator license (RMLO) to sell a property using seller financing.
2. In August 2010, there is pending legislation to return to the previous statute, which allowed a seller to sell 5 or less properties in a 12-month period without holding a RMLO license.
3. A cute twist was that a RMLO license was never required for a seller to provide seller financing for commercial or unimproved property.
We will keep you advised as to the passing of the statute mentioned in #2.
I hope you enjoyed this Tip To Click! Become my follower and keep yourself up to date about the real estate market in your area.
Holly Koester
817-472-9120
www.thekoesterteam.com
