Sec. 3. Exception for seller financers with respect to loan originator license or registration requirements
372 words·~2 min read·
/bill/116/hr/5614/ih/section-3A 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 the following: Any person (other than a depository institution) who, during any 12-month period— originates no residential mortgage loan or extension of credit secured by real property that (together with any improvements thereto) has a value of more than $200,000 (as calculated based on the principal amount of the loan or extension of credit and the amount of downpayment, if any); originates not more than 20 residential mortgage loans or extensions of credit, where— each such residential mortgage loan or extension of credit is secured by real property that (together with any improvements thereto) has a value of $200,000 or less (as calculated based on the principal amount of the loan or extension of credit and the amount of downpayment, if any); and at least one of such residential mortgage loans or extensions of credit is secured by real property that (together with any improvements thereto) has a value of more than $100,000 (as calculated based on the principal amount of the loan or extension of credit and the amount of downpayment, if any); originates not more than 30 residential mortgage loans or extensions of credit, where each such residential mortgage loan or extension of credit is secured by real property that (together with any improvements thereto) has a value of $100,000 or less (as calculated based on principal amount of the loan or extension of credit and the amount of downpayment, if any); and only originates residential mortgage loans or extensions of credit that are with respect to property that is owned by such person.
Any person (other than a depository institution) who, during any 12-month period— originates not more than 30 loans or extensions of credit that are primarily for personal, family, or household use and that are secured by a security interest on a manufactured home (as defined under section 603 of the National Manufactured Housing Construction and Safety Standards Act of 1974); and only originates residential mortgage loans or extensions of credit that are with respect to property that is owned by such person. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 3
Exception for seller financers with respect to loan originator license or registration requirements
Cites 1Cited by 0 across 0 sources