CELEBRATING 25th ANNIVERSARY
Three important pieces of information has come across our desk in the last few days we feel will be of enormous interest to those of you in the Note and Real Estate Business. Each is a source of ongoing discussion and has significant importance to your success. They are:
Since the Note Servicing Center Newsletter was sent out just last week, we have received several inquiries about HR 1728, a House Bill that seriously impacts seller financing and hence the roll of Note Brokers, Funders and Servicers as well as restricting the right every property owner now enjoys of selling property and participating in the financing by taking back part or all of their equity in the form of seller financing. Because we did not accomplish emphasis as we had hoped in the importance of examining this bill by directing your attention to the article by Clint Hinman, Editor of NoteWorthy Newsletter (www.noteworthyusa.com), we are reprinting it right here, again for your convenience. In the article, Clint not only gives an explanation of the Bill, but let’s us know in no uncertain terms, why this Bill will hurt business and he further provides information of who to contact in Washington with comments and concerns. Although, Congress has announced they plan to postpone action on this Bill until later next year…..you just never know when the politicians in Washington will slide this Bill in as a “rider” along with another piece of legislation. Please read and digest this article in its entirety and take whatever action you feel appropriate to protect your business and keep the government out of the “note business”. It seems they screw up almost every free enterprise effort they get involved in these days. Click Here to read HR 1728 – What It Says and Why It Will Hurt Consumers and Small Business
Jeff Armstrong, President of Armstrong Capital, recently had a telephone interview with a Deputy Commission with the California Department of Real Estate. The issue of licensing crops up on a continual basis. Jeff got down to brass tacks with Deputy Commission Gary Sibner, and hopefully this will clear up many of the most often asked questions on the subject. Click here to Read the Article. If you are not practicing in California, you might want to check with the jurisdiction in your particular State on these issues before you hang out your shingle. Click Here to read California Note Broker Licensing Issues
Title V – The Secure and Fair (SAFE Act) of the Housing and Economic Recovery Act of 2008 was signed into law on July 30, 2008. It requires all 50 states to put into place a licensing system for mortgage loan originators that meets the minimum requirements of the SAFE act. It appears that very soon there will be an additional licensing requirement for new Real Estate Brokers and requirements for existing Brokers for continuing education requiring testing and an endorsement on your license to be renewed annually. You can find additional information on the SAFE Act click here and at www.csbs.org. We will keep you posted.
Go to www.sellerloans.com for more great ideas and information.