Would I have to be licensed to finance chattel loans that are in a mobile home park? The customer cannot get conventional financing on a new mobile home so i was asked if i wanted to finance it. I know a Texas Originator license is required for a mobile home held by deed however if we are listed as lienholder on a SOL would that fall under the same requirements? The SOL shows it as personal property.
I don't think so. You do not necessarily have to have an originator license, you just have to use an originator. Look for a mortgage broker that does loan origination and they will usually do it for a flat fee (charged to the person getting the loan). If you can't find any shoot me a message and I can recommend one for you. The personal property thing is tough, because you have less protection and more ways to get burned (they could move the house and you would have to then find them to collect). I recommend sticking with mobile homes tied to land and sell them as a package deal with a deed.
Would you mind sending me a name of a broker. I am finding not many originators like mobile homes.