Cart 0

News for Real Estate Investors and Landlords — Interim Rule

Seller Financing: New Info Makes Things Even More Complicated

Posted by 15789465 on

Here is a little background to today's post.  All mortgage loan originators must have a license. Owners who hold the financing when selling their property are considered mortgage loan originators. So, seller financing requires a licensed mortgage loan originator. Despite that, Alabama has something called the "Five-Property Exemption." It is also called "The Interim Rule." It says that if you seller-finance five or fewer properties in a twelve month period, you are exempt from the licensing requirements. The Alabama State Banking Department, which issued the Interim Rule on April 14, 2011, also said in that rule, "Please take notice that...

Read more →