Seller Financing and the Dodd-Frank Wall Street Reform and Consumer Protection Act  (“Dodd Frank”)

The Arizona Association of REALTORS® has a clear and helpful post on the Dodd-Frank seller financing regulations that go into effect January 2014.  You can read the Arizona Association of REALTORS® December 2, 2013 post by clicking here.

It discusses and explains when seller financing will fall under the guidelines of Dodd-Frank Act in other words is that lender a “loan originator?” (§ 1026.36(a)(4).  It describes the two exceptions and provides examples of four (4) new forms, listed below. I encourage you to read the post.

  1. SELLER FINANCING ADDENDUM; Credit Transaction Secured By A Dwelling — Seller providing financing for only one residential property in any 12-month period.
  2. SELLER FINANCING ADDENDUM; Credit Transaction Secured By A Dwelling — Seller providing financing for three or fewer residential properties in any 12-month period.
  3. SELLER FINANCING ADDENDUM; Credit Transaction Not Secured By A Dwelling.
  4. LOAN ASSUMPTION ADDENDUM.
Advertisements