Time is up

[Ken Rishel]

Time's UP!
The CFPB started their examinations this last week of non depository lenders. The first hit was not in manufactured housing but the point is, they are now actively going after our category of lending. If you are engaged in seller finance, you just can't wait any longer to get legal and compliant.

PCF also just experienced something new from a state regulator. Because of the SAFE Act we had to change our licensure from one license to another because of unusual licensing laws in that state. We had already surrendered the one license we had held for years and replaced it with another license. Now the regulators for the license we surrendered want to examine loans no longer under their authority on the premise the loans were originated under the previous license.

Cute?