Would a wrap mortgage be fined under GA Mortgage License law?

Question

Herb Dorn · Answer

@Kim Bayless we have spoken with both an attorney and the GA Dept. of Banking and Finance, and they report that a individual is no longer allowed the exemption with regard to purchasing a note, I am not certain on seller originated notes. We are going through the lengthy and expensive process to obtain a lender license currently...not fun.

Jonathan Frazier · Answer

Check and see if the LLC is exempt if it's a single-owner LLC.

Jay Hinrichs · Answer

Well then there you go.. buy it in your name and not your LLC... and use the exemption..

Jay Hinrichs · Answer

I think the onus is on the seller not the buyer... unless your then going to sell on a wrap.. and your the seller.. check for exemptions .. like most states allow a few year ... and or commercial purpose.

In Oregon does not matter any loan for any purpose on 1 to 4 needs MLO with the exception you can do 3 a year with your own money.. and no more than 7 in possession. so they have a carve out for private investors but anyone in the bizz needs license

Would a wrap mortgage be fined under GA Mortgage License law?

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