The lack of financing available to consumers wishing to purchase homes in land-lease communities and through retailers has resulted in the creation of various in-house finance programs. This new finance activity potentially triggers state licensing requirements for communities and retailers as lenders, and employees as mortgage loan originators.
Under the SAFE Act, a residential mortgage loan means any loan on a dwelling as defined in the Truth in Lending Act, which includes personal property loans on manufactured homes. The SAFE Act implements licensing requirements for any individual who acts as a mortgage loan originator for a residential mortgage loan. A mortgage loan originator is any person who receives compensation or gain from the loan transaction, a person who takes a residential mortgage loan application (and can presumably make a decision on that application) or a person who offers or negotiates terms of a residential mortgage loan. The SAFE Act mandates that all mortgage loan originators be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS) which establishes uniform minimum national standards for testing, pre-licensing and continuing education.
This Webinar will provide details on which industry activities, especially related to in-house finance programs, are covered by the SAFE Act, the licensing process for mortgage loan originators, the laws covering lender licensing, and how the SAFE Act has caused personal property lending to become subject to mortgage lending laws.
The presenter for this program is Deborah M. Robertson, an attorney at McGlinchey Stafford, who centers her practice in the areas of banking law and consumer financial services law with a focus on mortgage lending, manufactured housing and 50-state licensing and regulatory compliance. She is frequently called upon to speak to industry groups on licensing and SAFE Act issues.
Webinar Date and Time: July 21, 2010
2:00 p.m. Eastern
1:00 p.m. Central
12:00 p.m. Mountain
11:00 a.m. Pacific
Webinar cost: $25 per location.
Whether you have 2 or 20 people gathered in an office or conference room, you pay only $25. If you can’t attend the live event, register anyway, and you will receive a download link within 48 hours of the live broadcast. The download will include full PowerPoint and audio.
