Posted by Fred on August 10, 2010 at 24:28:45:
I got this info from the California DRE website and I needed some clarification:
Q. What is the definition of mortgage loan originator?
A. Mortgage loan originator means an individual who for compensation or gain in expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. Federal Regulations are currently being considered that may refine this definition further. It is anticipated that approval of the final provisions in the Regulations will be made toward the end of 2010.
Q. I broker only seller carry-back notes. Is a Mortgage Loan Originator License Endorsement required?
A. No.
So since I am not originating a loan for a fee if I want to carry a note on an investment property and I am brokering the sale of such note, do I need a Mortgage Loan Originator License Endorsement?