What Every Mortgage Broker Should Know About SAFE Act Testing
Unless you've been selling real estate on Mars for the past few years, you've heard about the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act of 2008). The SAFE Act mandates increased federal regulation of the mortgage lending industry, enhanced licensing requirements, and professional liability for mortgage loan originators (MLOs) who fail to comply. So if digging your way out of the recession were not challenging enough, now you have additional federal and state hurdles to clear. How did this happen? In response to the foreclosure epidemic and the global economic crisis that ...
Buy the Mortgage Note on a Defaulted Property to Get Some Real Estate
You’ve been buying mortgage notes for a little while and are comfortable with the practice. However, you’ve noticed that there are a lot of pre-foreclosure homes out there with mortgages on them too. This is a large section of the mortgage note industry that remains untapped, but how can you get in on the profits with a defaulted property in the mix? It is possible to buy the mortgage note on a defaulted property. When you use this method of real estate investment you still begin with the normal means of contacting the homeowner in pre-foreclosure through direct ...
Owner financing seller financing
Owner Financing (or commonly known as "Seller Financing") You might be thinking, "I can just make payments directly to the seller instead of getting a mortgage? Then I could get a home no credit check." That could be a good except you will more than likely find that deal from a real estate company than an individual and here are some reasons why on a common owner finance deal. Owner finance via seller or Real Estate company. Let's say the seller is selling his or her house for $200,000, and they've got $150,000 left on the mortgage. If they sell it the regular ...
Safe Act
SAFE Act – Any teeth to it?
Lots of seller financers have asked if there is any real need to get licensed since...
SAFE Act and Realtor Responsibility
Even though the State Department of Savings and Mortgage Lending (Texas), has issued...
Safe Act Requirement for Seller Finance
There is a lot of confusion out there about the so called de minimis ruling that...
Read more posts from Safe Act