Texas Association of Realtors:
Seller-financing license requirements delayed
The federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act requires most property owners who wish to seller-finance to be licensed as residential mortgage loan originators (RMLO). The Texas Department of Savings and Mortgage Lending, responsible for the act's implementation in Texas, announced last week that it's delaying the licensing deadline from May 31 to Aug. 31.
This delay is the first step toward reinstating the de minimis rule, which allows a seller to finance the sale of up to five properties within 12 months without a license. The Texas Finance Commission will consider a rule change reinstating the de minimus rule at its August meeting. This is good news for private-property owners.
If you should have any further questions on this or any other real estate topic, please feel free to contact the Grove Team at info@groveteam.com or go to our website at www.groveteam.com.
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