Any experience with RMLO?

[Deandre Brown]

Hey BP fam,

I have a quick question: Has anyone had experience with a Residential Mortgage Loan Originator (RMLO)? I was speaking with a property owner who is open to seller financing, but mentioned that I need to get approved by an RMLO. I’m curious if anyone has dealt with or heard much about this process before.

Thanks in advance!

[Chris Seveney]

Quote from @Deandre Brown:

Hey BP fam,

I have a quick question: Has anyone had experience with a Residential Mortgage Loan Originator (RMLO)? I was speaking with a property owner who is open to seller financing, but mentioned that I need to get approved by an RMLO. I’m curious if anyone has dealt with or heard much about this process before.

Thanks in advance!

 They are loan originators. Many of them (including myself) here on biggerpockets. Basically its no different than applying for any other mortgage, the lender wants to underwrite the loan to confirm your ability to repay.

[Deandre Brown]

Quote from @Chris Seveney:

Quote from @Deandre Brown:

Hey BP fam,

I have a quick question: Has anyone had experience with a Residential Mortgage Loan Originator (RMLO)? I was speaking with a property owner who is open to seller financing, but mentioned that I need to get approved by an RMLO. I’m curious if anyone has dealt with or heard much about this process before.

Thanks in advance!

 They are loan originators. Many of them (including myself) here on biggerpockets. Basically its no different than applying for any other mortgage, the lender wants to underwrite the loan to confirm your ability to repay.

 Ok so it's nothing really out of the ordinary. Just another person that can help thru the loan process? 

[Chris Seveney]

Quote from @Deandre Brown:

Quote from @Chris Seveney:

Quote from @Deandre Brown:

Hey BP fam,

I have a quick question: Has anyone had experience with a Residential Mortgage Loan Originator (RMLO)? I was speaking with a property owner who is open to seller financing, but mentioned that I need to get approved by an RMLO. I’m curious if anyone has dealt with or heard much about this process before.

Thanks in advance!

 They are loan originators. Many of them (including myself) here on biggerpockets. Basically its no different than applying for any other mortgage, the lender wants to underwrite the loan to confirm your ability to repay.

 Ok so it's nothing really out of the ordinary. Just another person that can help thru the loan process? 

 correct. they typically are hired by the lender or are on their team

[Deandre Brown]

Quote from @Chris Seveney:

Quote from @Deandre Brown:

Quote from @Chris Seveney:

Quote from @Deandre Brown:

Hey BP fam,

I have a quick question: Has anyone had experience with a Residential Mortgage Loan Originator (RMLO)? I was speaking with a property owner who is open to seller financing, but mentioned that I need to get approved by an RMLO. I’m curious if anyone has dealt with or heard much about this process before.

Thanks in advance!

 They are loan originators. Many of them (including myself) here on biggerpockets. Basically its no different than applying for any other mortgage, the lender wants to underwrite the loan to confirm your ability to repay.

 Ok so it's nothing really out of the ordinary. Just another person that can help thru the loan process? 

 correct. they typically are hired by the lender or are on their team

Ok thanks! I'm going to check to see if the seller has one.  Which i would assume if he wants anyone that buys to house to go thru them.