MLO in Northern Virginia

[Brady Fox]

Hi everyone! I am looking to start selling properties with seller financing in a month or two and wanted to see if anyone has a recommendation for an MLO in Northern Virginia that is willing to work with me so that I comply with Dodd-Frank. Thanks!

[Tanya S.]

@Brady Fox I did a seller financed deal in 2016 with a NoVA owner and still own the property today. The former owner does not have an intermediary service the note. I just set up a direct deposit that debits to his personal bank account on the first. We worked everything out with a standard contract and addenda from the NoVA realtor's association. This is his only seller finance deal in VA, but after I proposed the idea to him, he said he did similar deal for a property he owned in Florida. I am not a lawyer, but I had read somewhere that if you originate three or less loans in a 12 month period, the seller financer is not considered a mortgage loan originator, in which case Dodd-Frank would *not* apply. Worth looking into.