All Forum Posts by: Bobby Sharma

@Brian Gibbons, @Jem Jacala:

http://www.consumerfinance.gov/regulations/ability...

"The CFPB is proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA). The Dodd-Frank Act requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for “qualified mortgages.” The Bureau is proposing certain amendments to the final rule implementing these requirements, including exemptions for certain nonprofit creditors and certain homeownership stabilization programs and an additional definition of a qualified mortgage for certain loans made and held in portfolio by small creditors. The Bureau is also seeking feedback on whether additional clarification is needed regarding the inclusion of loan originator compensation in the points and fees calculation."

What love to understand what this means in plain English.

@Jem J.

Lot more to it than getting an attorney. Have you checked out the credit worthiness of the "buyer" / "borrower"? Is this the only Owner Financing that you will be doing this year? Have you correctly priced the property? Interest rates? Have you accounted for taxes and insurance?