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 expands to those who are offering to owner finance their investment or second home properties. What does that mean to REALTORS, property owners, and investors:
• The 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
Join us on June 29, 2010 to hear Commissioner, Doug Foster of the Texas Department of Savings & Mortgage Lending explain the “SAFE Act”.
Click here for flyer.