I believe they would be allowed to do an origination in the course of their work in other matters, such as representing clients in estate planning (pre estate settlement), partnership or business dealings if one were to pledge a personal asset to a partner but not as to practice.

I requested a settlement statment prior to close and did not get it.The closing took 6 hours because the lender kept screwing up the settlement statement.The HUD-1 at closing did not have page 3 completed just a line through the page with with NA hand writtenI compared the GFE with the HUD-1 and found I was charged 60 percent more for title insurance, 50 percent more for title fees and 15 percent more for the appraisal.My questions are since the GFE was on the old form does it meet the requiremnts of GFE within 3 days.I believe they violated RESPA with the excess fees Do I file with the state banking authority, HUD in D.C., or the bank or all three?

I would let them know ASAP about the tile and either recut the deal to include the tile or make them replace it, knowing that it may add a week to the settlement date.

From the tax records it appears it was a settlement in a divorce or either he bought out his ex during that time.

Michael, first, this is in an estate settlement among family, the seller finance rules, D-F and SAFE Act do not apply.It's a high risk as there is no principal reduction, down the road any institutional lender will be looking at the past loan performance for a new loan, besides credit issues.

I can relate to Eric with the lost opportunity cost of not buying at all with regards to appreciation, tax benefits, cash flow, and having the tenants amortize down your principal balance.I assume your cashflow of 800 assumes you rent all units out and yeah perhaps you'll just break even for one year (recommended if you do VA you should file the first year's tax returns at the property so you're documented to be in compliance with VA primary).After you vacate the property you now have an asset producing income for you even if it's at market value when you bought it.It's all about managing your cash flows in good and in bad times so it depends on what your contingency plans are in the event a tenant moves out, you're at 75% occupancy, 50% occupancy, RE values drop and your over levered, etcUnique Dynamics of the VA Offer below:VA loans also have a:2.15% upfront financed VA funding fee (VAFF) if you put down 0%1.5% if you put down 5% or more1.25% if you put down 10% or moreIf its your second use you will have 3.3% VAFF if you put down 0%1.5 and 1.25% guidelines still apply for second use VAFFThe VA nonallowables are costs that the buyer is not allowed to pay so you'll have to strategically structure your offer so that it will be competitive with other buyers as well otherwise if the seller has to pay the below it may make your offer less attractive - FYI- escrow fee's or settlement/closing fee's- loan origination fee's other than points (underwriting, processing, etc)- doc prep fee's- application fee's charged up front for loan- pest inspection fee for your property- attorney fee's (if for other than title work)- assignment (if buying a loan or property assignment)- copying fee or email fee etc (lots more but those are the main ones)

The lenders have all kinds of things going since their settlements with the feds.

You'll learn the interactions between lenders and appraisers, settlement agents and others as to restraints from influencing or steering aspects or ethical aspects.Having a RMLO doesn't mean you can just hit the streets doing business, you must have a sponsoring entity or brokerage, similar to RE agents working under a RE broker.

I'm not an attorney or accountant, but I don't see where you would be taxed on you part of the divorce settlement.  

(This is what I use in California) The concept is to keep the fact that the property has been transferred private.The sales transaction remains unrecorded i.e. the deed is not recorded or the contract of sale or the financing agreement.The transaction is maintained in the records of a settlement /escrow management companyEnough documentation is recorded to protect the seller and buyer in the chain of title without making the fact that the property was transferred public record....If you want more on this PM me Existing loans, taxes, insurance are paid by the buyer into a collection account, which in turn pays all the accounts required to service the propertyRecording a deed or contract is not required in most states to make a valid transferNot disclosing the new sale to the underlying lender is not illegal in most statesKeeping the transfer from the lender is not a crime or against the law.