@Jay Chekansky you are selling it to investor or the home owner/or investor ? if it is home owner than it has to be Dodd Frank comply.
send me a PM or email I will send you what i have so far. I am trying to do similar thing in Ohio and other market and keep the note with my self.
Actually, if this is your first owner financing deal this year you should be alright without an RMLO underwriting. 'Small Lenders' get a bye on the first three deals. HOWEVER, if you are looking to sell the note is advisable to have the loan application and the buyer and loan at least qualified by a licensed professional. We owner financed a deal in TN in Dec, and have in fact sold the note. The problem was after much searching I could not find someone in TN to do the actual underwriting.
I went to our TX underwriter, Texas Pride Lending, to complete the application process and write us up a full underwriters package and am very glad we did. Sarah Montes would be the person to contact as Texas Pride. She is also on Bigger Pockets so you can probably reach out to her here Sarah Montes
Technically, you can do your first 3 without a MLO... BUT you still need to comply with the Dodd Frank laws such as fixed rate for first 5 years, no balloon, checking the "ability to pay", etc. TN has a limit on interest rate of 7.5%. Call atty Timothy D. Wardlow in TN and tell him Randy Rodenhouse sent you.
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