Loan Originator for Owner Finance
I went to an owner finance seminar in Texas. I was told I needed a loan originator to qualify the prospective buyer for a loan even though my LLC owns the house free and clear. I was also told I needed a disbursement company to disperse payments for Taxes, Insurance and HOA Dues. All three payments are due on an annual basis. Can't I start an Escrow account at the Bank or do I need a company to hold Escrow? I plan on doing owner finance on multiple houses so this would not count as just a single transaction. Currently I have 12 rental properties and use www.MySmartMove.com to qualify my tenants. If I can do the credit check myself I would need a service to do so. Smart Move only does verification of rental properties. I plan to take a loan origination class which only takes 32 hours. I am about to get my Real Estate license except I don't know how that is going to effect the loan origination since I own the properties I'm trying to finance. I'm not going to act as a realtor in any of the transactions since I would not take commission on any of the properties I finance.