Co-Author: Julie A. Jacobs, Psy.D., J.D. Part II: Owner Carry Financing and Prepayment Penalties under the Dodd-Frank Act The Consumer Financial Protection Bureau (CFPB) promulgated a far-reaching new regulation in January, 2013, which will become part of the current Regulation Z. A portion of the regulation implements section 1414 of the Dodd-Frank Act which limits prepayment penalties … Continue Reading
Co-author: Peter G. Sotiropoulos Part I: Owner Carry Financing under the SAFE Act Few people dispute that overzealous lending contributed to the financial crisis of the late 2000’s. Through the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), … Continue Reading
Co-Author: Jordan J. Bunch, Esq. Question: It is not uncommon for first time homebuyers to get a second mortgage loan from their parents. Does this lending of money to their children make the parents mortgage loan originators such that they must be licensed? Quick Answer: The definition of Mortgage Loan Originator in Colorado is so … Continue Reading
Co-Author: Jordan J. Bunch, Esq. Question: Are loans made for the purchase of residential investment properties “residential mortgage loans” under Colorado law? Quick Answer: The Colorado Board of Mortgage Loan Originators is on a path to regulate loans intended for development, rehabilitation, resale or rental of residential property, potentially hindering access to financing for rehabilitation … Continue Reading
