Do I need a mortgage license to purchase notes?

[Account Closed]

I am looking to start purchasing several real estate secured notes. I am not using other people's funds, all my own. I am seeing if I can purchase all the notes I want without a NMLS license as long as I don't originate new notes or act as a middle man / broker for the notes.

Thanks for the help!

[Robert Bowles]

There is a lot of confusion with this. I am meeting with someone with OR Dep of Finance and Corp Securities next week and a RE attorney to make sure to get this right.

There are circumstances where someone can invest in notes without a license but they seem to be written so that you can finance a property you own or invest in a few (less than 3 (a question I need answered)) with your own funds. If you are in the business of making or investing in RE notes you would need a license...but when are you "in the business"? Below is part of the list who does not need a license.

• A person who makes a loan secured by an interest in real estate with the person’s own moneys, for the person’s own investment and who is not engaged in the business of making loans secured by an interest in real estate.

I hope to have a definitive answer soon and well shoot what I find your way.