The Secure and Fair Enforcement for Mortgage Licensing Act or the SAFE Act's primary purpose is to place minimum licensure requirements on all mortgage-loan originators. However, the licensing requirements also expand to those who are offering to owner finance their investment or second home properties.
What does all of this mean?
* A seller, who wants to owner finance, must be licensed as a Residential Mortgage Loan Originator (RMLO) in ALL 1-4 family residential transactions that are not their primary residence or to a family member.
* Applicants must complete education, submit fingerprints for background checks, pay association fees and sit for an exam.
* There are NO EXEMPTIONS for five or fewer transactions during a 12-month period.
Are you considering buying or selling a home? The Grove Team can help! Contact us for all of your real estate needs!
The Grove Team, Keller Williams Realty
Direct (817) 337-0000
Email info@groveteam.com
www.groveteam.com
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