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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The Scary Paragraph. Posted by M. Osterman on February 13, 2010 at 5:51 PM In Reply to: HUD - Interpreting SAFE Mortgage Licensing ACT posted by hard money lender on February 12, 2010 at 9:37 AM The commercial context implied by the taking of an "application" is also absent where an individual seller provides financing to a buyer pursuant to the sale of the seller's own residence. The frequency with which a particular seller provides financing is so limited that HUD's view is that Congress did not intend to require such sellers to obtain loan originator licenses. Accordingly, state legislation that excludes from licensing and registration requirements an individual who offers or negotiates terms of a residential mortgage loan only to the buyer or prospective buyer of the seller's residence will not be found to be out of compliance with the SAFE Act. The MSL includes this exclusion in section XX.XXX.040(3)(c). I found what everyone's scared of...Look it's nothing. Happy Valentines Day. Mike Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The commercial context implied by the taking of an "application" is also absent where an individual seller provides financing to a buyer pursuant to the sale of the seller's own residence. The frequency with which a particular seller provides financing is so limited that HUD's view is that Congress did not intend to require such sellers to obtain loan originator licenses. Accordingly, state legislation that excludes from licensing and registration requirements an individual who offers or negotiates terms of a residential mortgage loan only to the buyer or prospective buyer of the seller's residence will not be found to be out of compliance with the SAFE Act. The MSL includes this exclusion in section XX.XXX.040(3)(c). : I found what everyone's scared of...Look it's nothing. : Happy Valentines Day. : Mike [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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