Today, I had a call from a seller who wants to carry the loan for a buyer because the house will not finance conventionally. He had heard that you need a Mortgage Loan Origination License.
Question from the caller: "I'm selling my residence and the buyer wants me to provide the financing. Do I need a license?"
The answer: "No. Ors 86A.203 (2)(c) provides and exception from the MLO licensing requirements for an individual providing financing as part iof the sale of the individual's residence. Therefore, no MLO license would be required."
Although there are very few exceptions to this statute, as long as it is the sellers residence, the MLO requirement would not apply. It is advisable to check statues on your states government website prior to selling your house if you plan to carry the contract for the buyer.