Where I can buy NPNs in MN only?

Question

Looking to purchase NPNs 1st or 2nd in MN only. Commercial or residential. Will make a buying decision within 1 hour if you provide a title report. If you don't have a title report, we will do a title search and get back to you within 48 hours after title report is done.

If you know of any sources where I can buy NPNs in MN only, please share

Scott Carson · Answer

Pavel,  @Jay Raught is correct.  You need to have your loans being serviced by a licensed loan servicer...

Scott Carson · Answer

FCI, Land Home, BSI, SN or Madison Management... I like Madison over there!

Scott Carson · Answer

Pavel,

I don't see that many notes in MN...and I've been buying since 2008.  I would suggest looking in other states or you'll need to pick up the phone and start calling local/regional banks directly.

Jay Raught · Answer

Very interesting!!

Pavel Sakurets · Answer

I got a response from MN Dept of Commerce from Robin Brown that even though one uses a lic. servicing co you still must have a mortgage originator license or mortgage servicer license. There is an exception: unless a person servicing loans made with its own funds, if no more than 3 such loans are made in any 12-month period. (MN Statute Section 58.02 Sub 20, Sub 22 and 58.04, subd 2).

Tooke them more than a month to respond after 6 follow ups!

Pavel Sakurets · Answer

Thank you Scott, Madison MGMT is not a licensed servicer in MN, I will check other ones that you have recommended

Pavel Sakurets · Answer

Whom can you recommend Scott to use to buy NPNs so I don't have to be licensed?

Scott Carson · Answer

That's not correct...as long as you have a licensed servicer boarding your loans, you are covered.

Pavel Sakurets · Answer

I did, they told me that I had to be a licensed mortgage servicer to buy notes even if I use my own funds and I had to use a licensed servicer to collect payments. (Even though there are no payments in NPNs)

Where I can buy NPNs in MN only?

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