Mortgage servicer question

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Mortgage servicer question

Jeffrey Holst
Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes

I am looking to get information about loan servicing.  Not sure this is the right forum or not but hopefully someone can help me out.  I have heard on the podcast and also read that there are limits to the number of owner finacing deals that an individual can do unless they are license or use a servicers.  Can someone explain those limits or point me to servicers that they have used.  I am looking to sell a few properties on notes and want to make sure I am in complainace. Also is there a difference between a servicer and a mortgage orginator 

Thanks

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Andrew PostellPro Member
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
8y

@Jeffrey Holst there is a "Tax Lien, Notes, etc." forum.  It's under "Real Estate Strategies".  I would absolutely post this in that forum.  Feel free to leave it here too just in case but do post in the other forum for the best responses.  Thanks!

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    8y

    @Jeffrey Holst there is a "Tax Lien, Notes, etc." forum.  It's under "Real Estate Strategies".  I would absolutely post this in that forum.  Feel free to leave it here too just in case but do post in the other forum for the best responses.  Thanks!

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  • Jeffrey Holst
    OP
    Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes
    8y

    @Andrew Postell Thanks cross posted.  

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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    Using a services is an across the board requirement I believe, it doesn’t allow you to do more owner financed deals to owner occupants. Yes a MLO is different, they qualify the buyer and keep you straight during the origination process.
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    8y
    Jeffrey Holst The first question is will these be owner occupied or you lending to non-owner occupied If owner occupied then you need to comply with Dodd-Frank. The state these are in also plays a major role as in some states you just be licensed to be the mortgage holder etc. You can get a MLO but I would recommend talking with a title/closing company to confirm what requirements you need to meet. Once you understand that then you can review servicing companies which there are many mentioned here on BP
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  • Jeffrey Holst
    OP
    Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes
    8y
    Originally posted by @Chris Seveney:

    Jeffrey Holst
    The first question is will these be owner occupied or you lending to non-owner occupied
    If owner occupied then you need to comply with Dodd-Frank. The state these are in also plays a major role as in some states you just be licensed to be the mortgage holder etc.

    You can get a MLO but I would recommend talking with a title/closing company to confirm what requirements you need to meet. Once you understand that then you can review servicing companies which there are many mentioned here on BP

    Thanks for the response. I will ask at our usual title company I hadn't thought of that.  These properties will be owner occupied and primarily in Michigan.  

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