OCCUPY LA AND SANTA CRUZ BEGIN SET SIGHTS ON HALTING FORECLOSUREAn article on DSNEWS today states that “occupy” protestors are setting their sights on haltingforeclosures in California and across the country. The MERS scandal is still in the forefront of the newsas borrowers, investors, and servicers fight to property they feel is rightly theirs. If homeowners acrossthe country present a united front to GSE’s and servicers will these tactics work? Note Builders hasidentified another and possibly deleterious effect to these protests.Note Builders has several articles mentioning the effects of Dodd Frank and the Safe Act on themarketplace. Increased regulation means increased … (0 comments)

dodd frank: Many See Dodd Frank As Necessary, But how does it effect Seller Financing? - 11/06/11 01:10 PM
Many See Dodd Frank As Necessary
The collapse of MF Global and its CEO Jon Corzine has once again placed Dodd Frank in the forefront of the news.  Many Democrats have been pushing for the implementation of the law, while Republicans have been pushing for its repeal.  With MF Global in bankruptcy now, this serves as another lesson of Wall Street firms ineptly managing risk.  This has prompted many inquiries from regulatory agencies and comments from lawmakers.  It seems as though the trend is to lean toward more regulation and control over markets and a smaller emphasis on deregulation and free … (0 comments)

dodd frank: The lost art of the (chain of title) search - 10/06/11 04:29 PM

I can remember in the early eighties at 20 sitting in a real estate practices class. I was deciding what I wanted to do with the rest of my life. Do I want to sell real Estate? Can I sell Real Estate. Can I make money at it? Can I own it, fix it up, sell it and make a profit? I was probably about to fall asleep in Community College night school after working a full day at the grocery store (Alpha Beta).
Well in 30 years not much has changed only now I am sitting in … (4 comments)

dodd frank: How can a broker or seller assess a seller financed transaction under the SAFE Act. and Dodd Frank? - 09/05/11 01:39 PM
Answer = INCOME, CREDIT, COLLATERAL!!Underwriting seller financed loans can be an arduous process.  With the SAFE Act final rule now in effect, how does the Real Estate Broker or Realtor navigate this process legally, ethically, and competently?  This is a common question asked of Note Builders and a growing concern in the industry.We’ve covered the legal aspects of seller financing in earlier articles.  The new laws are complicated and make it extremely difficult for sales people involved in these transactions to ensure compliance without a MLO license.  The question is, if you’re not a licensed MLO, do you possess the qualifications … (2 comments)

dodd frank: Seller Financing compliance and the SAFE Act. final rule, Dodd Frank, and CA SB 36 - 08/20/11 05:43 AM
Note Builders, Inc. is the first entity in the real estate brokerage and mortgage space to successfully ensure compliance with the new seller finacing regulations in the marketplace. Our mission is to originate compliant notes and maintain the value of the notes for our investors in the secondary market.
The SAFE Act, CA SB 36, and The Dodd Frank & Financial Reform Act severely restrict seller’s abilities to successfully complete COMPLIANT seller carry back transactions and protect the value of the underlying asset.  Homeowners have become much savvier with the attention brought to the MERS issues about contesting the validity of … (2 comments)

dodd frank: Seller Financed Higher Priced Mortgage Loans Require Full Disclosure!! - 08/08/11 01:44 PM
Seller Financed Higher Priced Mortgage Loans Require Full Disclosure!!Effective 4/1/11, the Truth in Lending Act was amended with respect to many items. Among theprovisions amended was section 226.35. 226.35 has to do with higher priced mortgage loans. Whenthe CFPB codifies the final rule, higher priced mortgage loans and seller financing transactions willbecome intertwined.Dodd Frank stipulates that on a consumer credit transaction the seller has to determine that the buyerhas an ability to repay the loan. Higher priced mortgage loans will follow the same premise. Also, ahomeowner, even if meeting all of the other provisions for being exempt from disclosure requirements,will still … (4 comments)

dodd frank: Seller Financing exempt from MLO licensing (5 transactions in 12 months)? - 07/26/11 01:50 PM
The following excerpt is to HUD Secretary Donovan, from Representative Frank and Senator Bachus. The passage addresses a minimum standard believed to be safe, (no pun intended) from Mortgage Loan Originator (MLO) licensing requirements in the S.A.F.E. Act. The letter encourages HUD to allow sellers a, (5 transactions per 12 months) exemption to the MLO licensing requirements. However, the letter requests new requirements. All loan activity be registered regardless of MLO licensing requirements with the NMLS registry. Necessitating a registration requirement for all private loans. This is a new twist to the whole  seller financing scenario. In Note Builders opinion this … (0 comments)

Terry Lewis, Seller Financing, Lending, Broker (Note Builders, Inc. Keller Williams)

Terry Lewis

Seller Financing, Lending, Broker

La Jolla, CA

More about me…

Note Builders, Inc. Keller Williams

Address: P.O. Box 2365, La Jolla, CA, 92038

Office: (855) 366-6837

Mobile: (858) 224-3139

Note Builders is a MLO, licensed in California. Specializing in seller financed compliant transactions. Dodd Frank and the S.A.F.E. Act require a MLO to sign off on many of owner carry transactions.



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