Last Updated:
March 10, 2010
Washington Real Estate
HUD Extends Comment Period On Seller Financing (from NAR)
On February 12, 2010, NAR President Vicki Cox Golder submitted a letter to Shaun Donovan, Secretary of Housing and Urban Development, on HUD's proposed rule to implement the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (the SAFE Act). The SAFE Act requires states to establish loan originator licensing requirements that meet minimum standards. The rule establishes minimum requirements for state licensing, the procedures HUD will use to determine whether a state is in compliance, the actions HUD will take if a state is not in compliance, and HUD's enforcement authority if it operates the system for non-compliant states.
NAR urges HUD to exempt all seller financing from the licensing requirements. If HUD refuses to accept this comment, NAR urges it to make the proposed exemption for seller financing of a residence by the owner much more flexible by expanding it to apply to other sellers who occasionally provide financing for property they own. The exemption for the sale of a residence should also be expanded to include sale of an inherited residence by heirs and the sale of a former residence. NAR also asks HUD to clarify that the payment by a lender of a real estate commission for the sale of a lender-owned property does not make the real estate broker or agent a loan originator subject to SAFE Act licensing.
- Richland WA Real Estate - Richland WA real estate and Pasco Washington homes for sale. Make Fred Lutes your real estate agent for Richland WA MLS listings, condos and homes for sale in Pasco Washington.