One of the more recent changes of the many that the lending industry has seen is the licensing of its mortgage loan officers. Historically, mortgage loan officers fell into two separate categories when it came to licensing. Mortgage brokers, individuals who do not lend money directly, were mostly licensed to do business by the state in which they live and work and mortgage bankers, who do lend their own money. Yet starting in 2010 the National Mortgage Licensing System, or NMLS was established creating a national standard for loan officer education.
The NMLS requires that anyone who quotes interest rates, accepts a loan application or counsels the general public on qualifying for a mortgage must be licensed. This license is issued after the loan officer completes 20 hours of prelicensing education and passes an additional 8 hours of annual continuing education. Currently, loan officers of banks are exempted from licensing but that appears to be changing in the near future.
So what does that have to do with you? An unintended consequence of this recent licensing law is that the wide net of the legalese accidentally captured sellers of their own property when they decide to owner finance.
States were left on their own to determine specific enforcement of this law and how it applies to sellers who finance one of their properties outright or assist in the financing by providing a second mortgage to a buyer, commonly called a seller-carry or seller-second. Guidance came later that stated sellers do not fall under the licensing requirement if the property they're financing ฝากขายที่ดิน is their own principal residence.
Yet if an owner has multiple properties and is providing owner financing on them then that owner may be required to obtain a mortgage license or work with a local mortgage loan officer to assist in the process. The law is specific on who must be licensed and if you provide financing and take an application and quote interest rates on properties other than your primary residence, you may be required to obtain your very own license in order to avoid running afoul of the law.
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