Seller Financing and Dodd-Frank
Lots of Changes? Yes! Is it Over? No!
Let Us Keep You In Compliance
Anywhere in Texas!
WE ARE NOW TRID Compliant!!!
Since the 2010 implementation of the S.A.F.E. Act, we have offered a low flat fee origination service for owner/seller financed transactions in Texas. Since that time, we have originated over 30 owner/seller financed transactions per month for investors and owners across Texas. We have enabled a lot of Real Estate investors to stay compliant and continue their business as usual.
Now comes the Dodd-Frank rules and regulations that change again the scope and nature of home mortgages. Some of the changes for compliance include:
Stricter licensing standards
Documentation for “ability to repay”
Expanded definition of “High Cost Mortgage”
Expanded definition of “High Risk mortgage”
Stricter standards for creditors as originators
Counseling required on certain mortgages
Appraisal required on certain mortgages
Rules for“non-qualified” mortgages
Escrows required on mortgages
New servicing disclosures
“Teeth” in the law
Are the rules going to kill your business? Not Hardly!
We have a solution:
We are expanding our low flat fee origination service to accommodate all of the compliance issues of the new laws. As licensed originators, we have the responsibility to ensure all transactions we originate are in full compliance. Our records are audited!
To fully comply with the Dodd-Frank provisions and to keep our client investors fully compliant with the law, we offer a one-stop origination service that includes the following:
• Application taken under our license
• Verification and documentation of income/assets
• State and National Disclosures to fit the mortgage
• Analysis of loan terms to ensure compliance
• Review of Warranty Deed
• Preparation of Note and Deed of Trust and other closing documents
• TMCC is the licensed lender in the transaction
• Preparation of final TRID Closing Disclosure for compliance
• Preparation and execution of collateral assignment back to investor
• Complete loan package forwarded to investor
(Assumes a title company involved in the transaction)
If a title company is not involved in the transaction, we offer the following additional services:
We Can Accommodate “Wraps” and "Sub-to's"
Need loan servicing? We can help!