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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]
If you offer seller financing...
Posted by CCinOC on January 26, 2010 at 10:23 PM
A while back there was some discussion about how the new National Mortgage
Licensing System would affect investors who offer seller financing. Well, it doesn't,
but, for your edification, here are the rules. From Duane Gomer: LOAN ORIGINATION UPDATE:
I’ve been in real estate a long time. How long? My California license number is
257862, issued December 9, 1961. In all that time, I’ve never seen anything as
confusing as the procedures for the new Nationwide Mortgage Licensing System
(NMLS) for loan originators. What have I learned since my last email about this
confusing topic? Lots.
1. If you make only seller-carry back loans, you don’t need the endorsement. 2. Step number one for California Department of Real Estate (DRE) licensees
(to be completed by January 31, 2010 or 30 days after your first loan), complete
Form 866 at the DRE site http://t.pm0.net/s/c?fj.fmo6.2.d6ex.6n0e . This is really
simple, so do it now. 3. Department of Corporations licenses must have the NMLS endorsement by
July 31, 2010 and DRE licenses by December 31, 2010. Why? I have no idea. 4. Next step to do now. Go to the red Safe Act logo on the DRE website
. Click on it and then click on the
highlighted item #1: Register at http://t.pm0.net/s/c?fj.fmo6.4.d6ey.6n0e on the
NMLS and follow the instructions to create an individual account.
http://t.pm0.net/s/c?fj.fmo6.5.d6ez.6n0e 5. Read everything on that website to learn about requirements, testing, etc. 6. Remember, the DRE is trying to get a waiver from NMLS so that DRE
licensees will not need to take the 20 hours of pre-endorsement education, so wait
until you hear from them. Don’t take these courses now or you could be very sorry
and out a lot of money. Patience is a virtue so become virtuous in this matter for a
short time. Many changes could occur by December. 7. You’ll have to pass a national component of the NMLS test of 100 questions
in 150 minutes and a state component of the test of 45-55 questions which isn’t
available at this time. By the way, as of 12/31/2009, 32% were failing the national
test and 25% were failing the tests from other states, so start studying. We’ll have a
national preparation course available ASAP, so keep in touch. Send us an email and
we’ll keep you posted. 8. If you fail the national test, you’ll have to wait 30 days to test again. After
four fails, you’ll have to wait 180 days. You need 20 hours of education but you’ll
also need a prep course to pass the exams. Okay, I know you’ve been a broker for
decades, but these tests are not simple. 9. You can take the tests before you complete the 20 hours of required
education. Some of the courses now available cost as much as $499 plus. We hope
to have instructor-led online courses at a lower cost soon. Keep in touch.
Duane Gomer
Real Estate & Notary Public Education
Duane@DuaneGomer.com
23312 Madero St. #J, Mission Viejo, CA 92691
WEB: www.DuaneGomer.com
BLOG: www.DuaneGomer.info
(800) 439-4909 / Fax: (949) 455-9931
Office Hours: 9 a.m. to 3 p.m.
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