HR 1360 The Seller Finance Enhancement Act

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Myself and other members of the Seller Finance Coalition were up in Washington DC at Capital Hill this week meeting with Senators to gain bipartisan support for HR 1360 (The Seller Finance Enhancement Act). We met with eight Congressional Speakers who are cosponsors of the Bill on Wednesday 5/9! Moreover, Thursday 5/10 we hit more than 50 Congressional offices to spread the word about HR 1360 The Seller Finance Enhancement Act.

The Seller Finance Enhancement Act would amend the Dodd-Frank Act to allow up to 24 seller-financed transactions per year without the need for the seller to be licensed as a mortgage originator. Currently, under Dodd-Frank Act, you are limited to two seller financing transactions per year.

Additionally, HR 1360 would require the Treasury Department to study the LVH (Low-Value Housing) market over the next three years and report back to Congress with suggestions for steps to improve the sales and financing of these homes.

HR 1360 does not remove any of the safeguards related to these transactions. Seller financiers must still comply with “ability-to-pay” portions of Dodd-Frank, as well as interest rate rules and the ban on balloon payments.

This will be a considerable accomplishment when it passes! I encourage everyone who might benefit from this act to reach out to your local Congressman and ask them to support HR 1360. If you need some ideas on how to contact your Congressman and what to say just let me know. You can learn more about this at

@Jim Stallings

You still have to worry about servicing, RESPA, etc. it’s not worth it to me especially when it could be criminal. The regulations were suppose to help home buyers  but I won’t do any owner occupied homes anymore. I want to have people be able to pay because I don’t want to take homes back. No balloons- why bother. The banks are protected and are insured basically by the feds. Individuals make loans and they could get thrown in jail and loose their money. Not a fan of any of the regs.  The feds know better than the 2 adults and attorneys doing the deal? No money, no job, no credit let them have a loan. Are we sure that wasn’t the problem they fixed with all the regs.  You can’t fix stupid. 

Probably good idea to start chipping away at the insanity as you are doing. Congrats and I will tell my reps and senators to support it. Sorry for the ranting.