Sec. 3. Exemptions for seller financers
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/bill/114/hr/5301/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5103 ) is amended by adding at the end the following: The requirements of this title shall not apply to any person (other than a depository institution) who— originates not more than 24 residential mortgage loans in a 12-month period; and only originates residential mortgage loans that are with respect to property that is owned by such person. . Section 129C(b)(2)(A) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2)(A) ) is amended by inserting at the end the following flush-left text: In determining whether a residential mortgage loan is a qualified mortgage, guidelines and regulations issued pursuant to clause
(vi)shall not apply to a loan originated by a person (other than a depository institution (as defined under section 3 of the Federal Deposit Insurance Act) or a credit union) who originates not more than 24 residential mortgage loans in a 12-month period and only originates residential mortgage loans that are with respect to property that is owned by such person. .
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