Attention Investors Using Seller Financing:
Your Action is Needed Now to Remove Restrictions on Seller Financing!
Those investors using seller financing (e.g. land contracts) under current Federal law must have a mortgage originator’s license and be registered as such to do more than one seller financed transaction in a twelve month period (or no more than three in some cases).
Federal House Bill, H.R. 1360: Seller Finance Enhancement Act, would modify this requirement to exempt persons from having an originator’s license if both of the following are true: If that person (not a financial institution):
(1) originates not more than 24 residential mortgage loans in a 12-month period; and
(2) only originates residential mortgage loans that are with respect to property that is owned by such person.
Movement is needed on this bill in committee. You can help now by sending an email through VoterVoice.net. Go here now to send your email to your Congressman. The process will only take 2 minutes or less! (The link will take you to the National REIA website where further instructions and help will be offered to make the process seamless and easy.)
For more on the current law regarding seller financing, go here.
Time is of the essence—we need your help now!