Curt, again, the owner occupant has exemptions, they may finance their home, the dealers are the ones under the gun, not homeowners. A "dealer" is anyone in the business, like yourself.
You're giving mixed messages on the topic, it's forum chatter........not ready for prime time stuff.
In the past we have jumped on the "opinion band wagon" but now, July, 2015 it's law and changes are still expected.
Loan compliance is more difficult than reading black and white from excerpts of an Act. Instead of saying who readers should not be listening to, it's easier to suggest those who investors should be listening to and discount all other information in public forums.
Listen to:
Officials of regulatory agencies. These agencies give opinions on their sites, such "white papers" from the CFPB, state finance and banking regulators and their national associations. These official sites do not have some individual opinion but materials are edited stating official positions unless an author states otherwise.
Attorneys, not just any attorney, certainly not the guru attorneys selling RE products, but those with specific financial compliance experience. While any attorney may have a much better opinion than non-attorneys, financial compliance is a specialized area of administrative law. I've never seen any attorney give an opinion on this topic on the internet other than a couple of guru types, they know better.
Compliance Officers. These are the compliance auditors and examiners for institutions generally, this is still a gray area as you may have a small bank officer who has had to self-study through this maze , then you may have a compliance officer from a large institution who has attended formal training, so consider that.
Compliance advisory groups, these people teach compliance to lenders, assist in setting up internal policies, auditing functions and testing for compliance. They work closely with regulators and legal counsel of governmental agencies and are specialists in the area. Ken Rishel is a member on BP and falls into this group.
Then you may have loan servicers who have compliance experience in that end of the spectrum, they will be much like that bank compliance officer.
You might see a common thread here, all will have relationships, either working or official relationships with regulatory agencies, all registered and supervised lenders should be a phone call away from their regulatory agency, same with specialized attorneys, compliance groups and the regulators themselves. All have administrative compliance or regulatory experience.
Since I am retired, I set myself outside this group of compliance specialists with respect to Dood-Frank, yes, I get it, but I'm not in the matter on a daily basis, so I'm not going to be drilling down deep into this area but only comment as to general aspects, as I just mentioned.
This is a serious matter if you are planning on being involved in seller financing with consumers. If someone lacks specific compliance and/or regulatory experience then their opinions really need to be taken with a pound of salt so to speak as they are probably wrong. An RMLO is no expert, the owner of some loan brokerage or hard money lender isn't going to have such compliance experience, certainly not a Realtor or a fix and flip guy, investor or operator in RE. Note brokers probably have not had regulatory or compliance experience, they may, so ask if they have before taking things hook line and sinker. Finance is not real estate.
I'm not trying to squash discussion, cuss and discuss all you like, just take care in stating an opinion as to the interpretation as to who can do what under this law, you can really screw someone up if you are not correct, so check the egos at the door. :)
