Reading up on all the Dodd frank and SAFE ACT, QM, ATR etc. Has my head spinning. I fall under the less than 4 note originated per year. But should I still be using an RMLO?
If so where would I locate one? Ask title companies or real estate attorney?
I always use an RMLO because it they can pull my buyer's credit history and give me an educated opinion on whether they are a good candidate or not. It's as much an art as a science, so their opinion is invaluable.
I found several just by calling Mortgage brokers and asking if they knew of any brokers who specialized in working with people to improve their credit. These brokers will work with my buyer long-term to improve their score, which gives me the option of doing a lease/option deal if a seller-finance deal isn't going to work.
IMHO, I would say you should. You don't want a borrower to challenge a note and hire a lawyer to find out that you did not use RMLO and find that your loan did not meet a litmus test and have a judge award the borrower. Google searches are a good source. I think there are areas in BiggerPockets on vendors who are RMLO vendors
Using an RMLO may also make it easier to sell the note later if you decide to.