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How Do You Get Dodd Frank Certification Form and Sign It On Phone?

hello I'm Donna Bauer the original note.Peyer and today I'd like to talk to you.about dodd-frank as it pertains to.seller financing before we get started.if you haven't already please join my.mailing list at the note buyer com.that's th e note buyer com.so that you can receive my note buyer.updates let's start by asking what is.dodd-frank the dodd-frank Wall Street.Reform and Consumer Protection Act is a.federal law that places significant.regulations on financial institutions to.prevent unnecessary risk-taking and.abusive lending practices one of its.main goals is to protect homeowners from.predatory lenders.although dodd-frank includes a vast.array of banking and lending regulations.the purpose of this presentation is to.help homeowners and real estate.investors understand what they must do.to comply with dodd-frank as it pertains.to seller financing the primary focus.will be on two exceptions that cover.most individuals and most part time real.estate investors frequently asked.questions will be answered at the end I.do need to give this legal disclaimer.this information is provided for general.educational purposes only and is not to.be construed as legal advice every.transaction has its own nuances that.must be taken into account therefore do.not rely on this information without.first consulting an attorney concerning.both federal and state laws which may.affect your specific transaction so the.question is does dodd-frank affect.seller financing effective January 10th.2014.all seller.finance notes involving a consumer as a.borrower must be dodd-frank compliant.who is a consumer a consumer is a.natural person who intends to live in.the house so you don't have to worry.about rental properties commercial loans.are not governed by dodd-frank they're.completely outside of the law it's not.that they're an exception they simply.are not governed by the dodd-frank act.so what determines whether a loan is a.residential or consumer loan versus a.commercial loan it's very simple if the.borrower is going to live in the house.it's a residential or consumer loan if.the borrower is going to rent the.property out or use it as a business.then it's a commercial loan now you.might be thinking hey if I don't sell.the tenant buyers I don't have to worry.about dodd-frank that's right you got it.to completely avoid dodd-frank make.loans to landlords and businesses not to.homeowners make your loans to entities.not individuals and I like to add a.borrower's acknowledgment to my.commercial promissory note saying that.the proceeds will not be used for.consumer purposes if you do these three.things it will be very clear that your.loan is a commercial loan and it will.not be governed by dodd-frank in summary.a loan must be dodd-frank compliant if.one it's created after January 10th 2014.m to the borrower is going to live in.the property so if you are buying a note.that was.before January 10th 2014 you don't have.to worry about whether or not it is.dodd-frank compliant well all I've got.to say about that is thank goodness for.exceptions there are two popular.exceptions to make it easier for the.individual who is a one-time seller for.instance maybe you have a couple that.have lived in their house for 40 years.and they go to sell it and they just.want to sell their house and they want.to offer seller financing so they can.sell it quickly or for the part-time.real estate investors who are doing less.than 3 deals in a 12-month period.everyone else must comply with the more.stringent regulations of dodd-frank.including the need to use a licensed.mortgage loan originator the first.exception is the one property exception.it's for any natural person a state or.trust who provides seller financing to.an owner occupant only one time in any.12-month period please note that the.seller cannot be an LLC a corporation or.a partnership this is designed to help.the older couple like I said that have.lived in the house for 40 years so it's.designed for a natural person or if that.person has passed away for their estate.or a lot of people hold their properties.and living trusts so in this way it's.designed to help that person who is.going to sell a property only one time.in any 12-month period this is the only.time that balloons are allowed with.seller financed residential loans there.is no need to prove the borrower's.ability to repay which is a TR and best.of all there's no need to use a licensed.mortgage loan originator commonly called.an mlo so truly this is the most lenient.scenario and in fact this is our target.market if you are buying and selling.existing privately held mortgages you.are generally looking for that.individual who lived in the property for.a period of time and they sold it and.took back a note so whether you are.flipping or holding seller finance notes.your target market typically is.individuals who lived in the home in.most cases they fall under the one.property exception which is the most.lenient when it comes to dodd-frank you.might be thinking if I use a different.trust for each property then I will.always fall under the one property.exception well I highly recommend that.you check with your attorney on this.especially regarding state laws many of.the states have enacted much stricter.laws than the federal law some of them.have realized that this is often used as.a loophole to get around the law so in.such case sometimes in the state laws.there are specific language in the.statutes that lumps together all.properties that are controlled by one.person even if they are held in.different entities so this idea of using.a different trust for each property is.no longer a recommended solution at.least not without checking with your.individual state laws there are some.restrictions to the one property.exception first of all you cannot have.negative amortization negative.amortization is when the borrower is not.paying at least the amount of the.interest so what happens is instead of.the loan being paid.down each month the loan actually.increases each month negative.amortization loans are not a good idea.to begin with so that really is no.problem with the one property exception.interest has to be fixed for at least.five years adjustable rates are allowed.with limits it has to be fixed for five.years the rate cannot exceed a set index.and it cannot increase more than two.percent per year and six percent over.the life of the loan now I will tell you.that I hate buying a seller finance note.with an adjustable rate rarely do I ever.see them but one time I did buy one and.it just was not worth the hassle of.making sure that you comply with all the.notices and everything that was involved.so this restriction really does not.affect me at all next the seller cannot.have constructed the residence during.the normal course of business what does.that mean if a builder builds a bunch of.homes and he carries back a seller.finance note it is not gonna fall under.the one property exception even if he.only did one property in a 12-month.period on the other hand if there is a.builder who happened to build his own.home not in the ordinary course of his.business but he just happened to build a.home for himself and he later sold that.home then it may fall under the one.property exception and lastly this.exception applies only to the property.owner what does that mean that means.that if you are a realtor or a.consultant or some other third party.then you need to have a licensed mlo.involved this exception is for the.actual homeowner the second exception is.the not more than three properties.exception and it is for any person or.aunt.tea who provides seller financing to an.owner-occupant not more than three times.in any 12-month period so notice with.the not more than three properties.exception the seller can be an.individual a trust an LLC a corporation.or a partnership this is designed to.help the part-time real estate investors.now in this one you cannot have any.balloons the only time that balloons are.permissible in residential seller.finance notes is under the one property.exception that's the only time and.there's a lot of misconception about.this I hear people talking about putting.balloons on their notes and they're in.the business they're a part-time.investor and they've bought a little.pool of notes and they're they've taken.back the property and resold them and.they're adding balloons to those seller.carry back notes and it's not going to.fly under the not more than three.properties exception you do have to.prove the borrower's ability to repay.and we will talk about that in a little.bit but the good thing is you don't need.to use a licensed mortgage loan.originator so when you look at that it.seems very reasonable no balloons you.prove the borrower's ability to repay.and you don't need a licensed mlo the.not more than three properties exception.has the same restrictions as with the.one property exception no negative.amortization the interest must be fixed.for five years adjustable rates are.allowed with some limits the seller.cannot have constructed the residence.during the normal course of business and.the exception applies only to the.property owner so now the big question.becomes what if you do more than three.loans per year any person or entity who.originates.more than three seller financed.residential loans in any 12-month period.must have a licensed mortgage loan.originator oversee and sign off on the.transaction and the loan must comply.with all regulations including but not.limited to dodd-frank the safe act.Atilla RESPA Regulation Z Hopa and HUD.now if you're thinking of kind of.sliding under the wire you might want to.reconsider because the penalties for.violating any of the federal.requirements are very harsh in addition.to minimum penalties ranging from four.thousand to one million.yes I said $1,000,000 per day.violators may also be subject to having.to return all the interest that the.borrower paid refunding the borrower's.costs having the contract rescinded.having to return the real property if.the lender had acquired it through.foreclosure or making restitution in a.whole lot of other penalties so you can.see this is really very serious and not.to be taken lightly so let's address.some very specific questions our.balloons allowed or not.hopefully you have this in your head.already.balloons are allowed only if you fall.under the one property exception and.that is that you are a natural person.estate or trust you only provide seller.financing one time in any 12-month.period and you own the property that's.being sold who has to use a licensed.mortgage loan originator that is anyone.who does more than three residential.loans in any 12-month period and.remember it's only residential if the.borrower is going to.in it what is needed for an mlo license.requirements vary from state to state.and may include extensive continuing.education testing by the state a.criminal background check a credit.report the posting of a bond and a lot.more so it's not a real easy thing to do.but on the other hand if you are in the.business of creating loans on a regular.basis it is doable and keep in mind even.if you don't want to go get the MLO.license yourself you can always hire a.licensed mlo to oversee your deals do I.have to prove the borrower's ability to.repay yes unless you fall under the one.property exception and again that's a.natural person a state or trust you're.only doing one loan in any 12-month.period and you own the property that's.being sold how do you determine the.borrower's ability to repay what you.need to do is calculate the borrower's.debt to income ratio you're going to.take into account all of their debts and.all of their income so you look at.current or recently expected income or.assets their current employment status.the monthly payment of the covered.transaction as well as the monthly.payment of any simultaneous loans and.the monthly payment of mortgage related.expenses and then you look at their.current debt obligations their alimony.and child support and other debts.and you want to try to keep that debt to.income ratio under 43 to 28 which is the.suggested ratio you also want to take a.look at their credit history now keep in.mind if you fall under the one property.exception you.have to do this if you are doing more.than one property per year you need to.learn how to calculate the debt to.income ratio can my LLC fall under the.one property exception no the one.property exception is only for natural.individuals estates or trusts however.LLC's may fall under than not more than.three properties exception can I have an.adjustable interest rate adjustable.interest rates are permitted under both.exceptions with restrictions they must.be fixed for five years they cannot.exceed a set index and they cannot.increase more than 2% per year or 6%.over the life of the loan will note.buyers buy notes that are not dodd-frank.compliant most institutional buyers will.not buy a note unless it is dodd-frank.compliant because of the potential.liability if you really want to buy the.note you may want to consider the.possibility of going back and making it.compliant after the fact do I have to be.dodd-frank compliant if I am doing.modifications on a pool of.non-performing bank notes this is a very.vague area it's often covered by state.law a deciding factor is whether you're.making a simple modification or whether.you're making so many modifications that.you're really in essence writing a new.note I strongly suggest that you check.with your attorney for your particular.situation or just to be safe use a.licensed mlo or servicer can a rehabber.avail himself of the no more than three.properties exception this is one that I.have read a lot about but I really.haven't heard very many people talk.about it if you have rehabbed the house.in the ordinary course of business you.might not qualify for the exception.especially if the rehab required.building permits this is similar to the.contractor rule so honestly I recommend.that you check with your attorney for.your particular situation or just to be.safe.go ahead and use a licensed mlo or.servicer where can I find a licensed.mortgage loan originator I will tell you.that it's not easy to find a Melos for.seller finance deals the reason is.because ml OS just don't want to take.the risk to underwrite a deal for.someone else I would recommend that you.ask your local mortgage broker or.servicer there is one company that I.have seen their packages and they are.excellent they are not in every state.but they are in a lot of states and that.is Texas pride lending calm Texas pride.lending calm the cost varies from six.hundred to a thousand dollars some.places even charge a percent of the loan.so you need to shop around when you're.looking for the licensed mlo one thing.that people tend to forget about it's.the state laws don't forget that you.must comply with state laws in addition.to dodd-frank as I mentioned before many.states have passed their own version of.the SAFE Act which is even more.stringent than the final dodd-frank act.that's why it's important that you seek.your own legal counsel and it's also.important why you should be active in.real estate investor groups in your own.locality it's really a good idea to.network with other investors so you know.the nuances that are specific to your.particular state or county.you may be saying how does dodd-frank.affect me if you were buying and selling.true seller carry back mortgages.dodd-frank has little effect because.your target market falls under the one.property exception if you are buying.Reaper formers that have been modified I.recommend that you check with your.attorney because this is a gray area if.you are a part-time real estate investor.doing not more than three properties in.a 12-month period.don't use balloons make sure to check.the borrower's ability to repay and.remember you do not need to use a.licensed mortgage loan originator if you.are a full-time real estate investor.doing more than 3 deals in a 12-month.period.do not use balloons be sure to check the.borrower's ability to repay and make.sure that you definitely use a licensed.mortgage loan originator if you are.doing loan modifications on non.performing bank loans check with your.attorney or to be safe use a licensed.mortgage loan originator or servicer if.you are a major rehabber check with your.attorney or to be safe go ahead and use.the licensed mortgage loan originator if.you are a building contractor definitely.use a licensed mlo in summary no one.likes regulation most of all me I.believe we have become a regulation.nation and I hate it but on the positive.side.dodd-frank has curtailed a lot of the.predatory lending and for most people.the one property exception and not more.than three properties exception make.compliance relatively easy if you are.doing more than three note origination.in a 12-month period become a licensed.mortgage loan originator or hire someone.to oversee your deals I hope you have.enjoyed this presentation and I hope.that it has shed some light on the.dodd-frank act please feel free to share.the link because knowledge is power.people get in trouble because of lack of.knowledge once you know what the laws.are you can take steps to comply I.welcome your comments and questions.please email me at donna at the note.buyer calm and be sure to join my.mailing list at the note buyer comm so.that you can keep up on future updates.and upcoming events at the note buyer.until we meet again happy note buying.this is donna bear the original note.buyer signing off.

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