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202(a)( 3 ). Does the SAFE Act shut the door on non-homestead owner financing for individuals who do more than 5 such deals each year? Great Land Investments . The TDSML has actually expressly approved the role of an intermediary agent called an "RMLO" who, for a fee varying from half a point to a point (i.

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The RMLO provides the new type of Excellent Faith Price Quote, Reality in Financing disclosures, purchase an appraisal, give state-specific disclosures, and so on, and guarantees that all cooling durations are observed in the loan process. So, non-homestead owner financing offers can still be done but at a greater net cost.

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Note that the SAFE Act licensing rule uses just to property owner financing. Title XIV of the Dodd-Frank law refers to domestic loans and lending practices. Dodd-Frank overlaps the SAFE Act in its regulative result and legal intent. It requires that a seller-lender in a property owner-financed deal determine at the time credit is extended that the buyer-borrower has the ability to pay back the loan.

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43(c)( 1 )). The lender is obliged to investigate eight specific factors associating with the customer: existing earnings or assetscurrent work statuscredit historymonthly home mortgage paymentother monthly mortgage payments occurring from the same purchasemonthly payment for other-mortgage-related expenditures (e. g., real estate tax)the debtor's other debtsborrower's debt-to-income ratio (DTI) This is a non-exclusive list, a minimum standard that lending institutions must follow.

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All of this need to be based upon validated and documented information. This is described as the "ATR" (capability to repay) requirement. The intent of Dodd-Frank is essentially to put an end to the practice of making loans to individuals who can not afford to pay them back. One could be forgiven for reading the text of Dodd-Frank and concluding that non-standard loans such as balloons are forbidden.