Any experience on hiring a rmlo?

[Andre Brock]

Hey any investors who use seller financing who wants stay in compliance with the safe act and Dodd Frank 

Have you hired a rmlo and how was the process? 

[Mike Grudzien]

Andre,
What is an "rmlo"?
Mike

[Jay Hinrichs]

Quote from @Mike Grudzien:

Andre,
What is an "rmlo"?
Mike

licensed Mortgage lender who can do residential owner occ loans is what a RMLO is.
they are tough to find because most work for a broker that will not allow one offs..
when I was current with my RMLO license I thought about setting up for this business but too much work for to little money.

RMLO needs to be a state licensed mortgage lender and NMLS registered to do owner occ loans.  so for seller carry back to owner occ to be dodd frank compliant this license or person is needed.. I suspect most states have a carve out for a few without a license but if your doing this as a business you need it.. 

[Mike Grudzien]

I found it: 
An RMLO is a Residential Mortgage Loan Originator

I wanted to know what the acronym was.

[Chris Seveney]

Quote from @Andre Brock:

Hey any investors who use seller financing who wants stay in compliance with the safe act and Dodd Frank 

Have you hired a rmlo and how was the process? 

 Yes we have (and I also have underwritten loans as a MLO). The process is getting allthe information together like the 1003, credit authorization form, bank statements, income statements etc. they will underwrite the file and confirm the borrowers ability to repay.

What state is this in?

[Andre Brock]

Im in Ohio and in Wisconsin I was curious on how was the process for  investors who has had to utilize a company or just how the overall process went.