Private Lending Question
Greetings BP!
Had some questions on private lending, and I figured this was the place to ask!
We have a private lender who has been writing mortgages with us for a couple of years now. His attorney had mentioned to us that once he reaches 5 mortgages in any given year, that he would have to register as a mortgage broker.
Is this true? Does this vary by state? If so, is it hard to register as a broker? Are there other ways around this if he needs to register, but doesn't want to.
Would love to hear your thoughts on this.
Thanks!
-Andrew