There is quite a bit of email being sent regarding H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act (see it yourself). Wendy Patton describes it here.
Bill Bronchick started a thread over at CRE Online stating that he did not think investors had anything to worry about regarding the bill.
Unfortunately, in the followup thread started by James (James 17:16:43 06/09/09), Bill (William Bronchick 11:43:47 06/11/09) reveals another side with the comment:
Licensing, in my opinion, is a good thing. It weeds out competition so I can charge more for my houses. Getting licensed is not that big a deal, a surety bond only costs a few grand. If you don’t want to be licensed, then have a licensed originator do it for a small fee and charge that to the buyer. In fact, you’ve given me an idea – I will get licensed in my state and charge others $1,000 to draft a few documents!
So we went from ‘no problem’ to a limited number of people with licenses (or an extra expense) being able to use seller financing.
Disappointing!
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