Is a mortgage origination license needed for "seller carry" in Oregon?

By
Real Estate Agent with Advantage Real Estate, serving Lincoln County 200509394
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?"
 
Newport, Oregon, Yaquina Bay
 
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.

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Rainer
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Roger Newton
Roger Newton Real Estate - North Plains, OR

It is important to know the law.  I am currently dealing with an owner contract where it was not the owner's residence, so the buyer hired a mortgage broker to help out.

Mar 05, 2013 11:24 PM #1
Rainer
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Roger Newton
Roger Newton Real Estate - North Plains, OR

It was very easy for the mortgage broker to help us be in compliance with the statue, and he is going to get paid for it. 

Mar 16, 2013 12:22 AM #2
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