United States Code: Title 15,1602. Definitions and rules of construction | LII / Legal Information Institute

DEFINITION OF "RESIDENTIAL MORTGAGE TRANSACTION"

United States Code: Title 15,1602. Definitions and rules of construction LII / Legal Information Institute

United States Code: Title 15,TITLE 15—COMMERCE AND TRADE | LII / Legal Information Institute

DEFINITION OF A CREDITOR

United States Code: Title 15,TITLE 15—COMMERCE AND TRADE LII / Legal Information Institute

WE WILL LOSE OUR JOBS IF DODD-FRANK ACT IS IMPLEMENTED

JOIN US IN THIS FIGHT TO SAVE HARD MONEY ON RESIDENTIAL PROPERTIES!!

To All Mortgage Brokers Who Lend Hard Money on Residential Properties, 

and To All Customers Who Ask For Money From Hard Money Lenders:

The Dodd-Frank Financial Reform Act was passed in 2010, with regulations to go into place as soon as July 21, 2011, and as the Dodd-Frank Act stands now, it will no longer be possible for your local hard money lender to lend any money on any residential property ever again.  The majority of my business nowadays is lending to people who want to buy, fix up, and live in an amazingly priced home.  The Dodd-Frank Act makes that impossible, and there is a very good chance that I will lose my business.

So, to all of the mortgage brokers that are lending on residential property, and who follow RESPA, TILA, MIDA, HOEPA, and the SAFE ACT, to all of those hard money lenders who are licensed both state and nationally, I ask you to join our campaign to educate Washington as to what a local hard money lender does; the customers we help to buy their own home, when no one else would give them the money; the business owners who need to get money out of their free and clear property so they could stay in business during the Great Recession, and we were there for them.  When Fannie Mae, and Freddie Mac, and FHA couldn't lend, we were there, and we kept on lending.  I ask you to write your story below and tell Washington what you do, and why you are a viable part of a community.

And to all of the borrowers who benefit from hard money; maybe you lost your home through no fault of your own; maybe you encountered severe illness, lost a job, lost a family wage-earner to death;, filed bankruptcy; whatever the situation and however you were help by a hard money lender to buy a house to live in, to buy a house to rent out, or to refinance and get some money out of your residential property, I ask you to write your story below and tell Washington how you were helped by a hard money lender; how your regular lender turned you down repeatedly; and why you think it is important to keep local hard money lenders active in the community for situations that cannot be met by conventional lending.

We have started a website totally devoted to this issue called www.Fix-Dodd-Frank.org and if you click below and go to the website, you can tell us your story, and find out exactly what the Dodd-Frank Act does which will eliminate a hard money lender's ability to lend on residential property.

PLEASE CLICK HERE TO WRITE YOUR STORY ABOUT HARD MONEY LENDING.

DODD-FRANK AND HOUSING FINANCE REFORM

A CURE THAT'S WORSE THAN THE DISEASE

With the publication in early April of a Notice of Proposed Rulemaking (NPR) on the risk-retention requirement of the Dodd-Frank Act (DFA), we are beginning to see the outlines of the housing finance system the act envisions. If this proposed rule is adopted substantially as written, and there are no changes in the other provisions the act has added to the laws governing mortgage lending, the housing finance system of the future will place immense financial risks and regulatory costs on mortgage originators and securitizers, fail to prevent the growth of subprime and other low-quality lending, virtually ensure the continued existence of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, impair the development of a robust -private-sector housing finance system in the United States, and provide insurmountable advantages for the largest banks in the limited private securitization system that might exist. These adverse consequences cannot be corrected through regulatory action, so the housing finance system envisioned by the DFA should be replaced by an AEI plan that would define prime mortgages by statute.

MORE:   http://www.aei.org/outlook/101049

Websites with extensive information on Dodd-Frank

International Association of Risk and Compliance Professionals (IARCP)

http://www.dodd-frank-act.us/Dodd_Frank_Act_Text_Section_1431.html

Click here for an extensive writeup on the changes Dodd-Frank imposes on mortgages:

http://www.responsiblelending.org/mortgage-lending/policy-legislation/congress/Dodd-Frank-Summary-XIV-Subt-A-Ccomprehensivefinal.pdf

Click here for BankBryanCave.com, an expert on the Dodd-Frank Act clarifies the problems with the Act and mortgages:

http://www.bankbryancave.com/mortgage-reforms-under-the-dodd-frank-act/

SELLER FINANCING TO SUFFER AS WELL WITH DODD-FRANK ACT

We didn't realize the sellers who sell their properties and take back a note are also affected by the Dodd Frank Act.  Read this article by Ric Thom, a note buyer for many years....

Private property owners have been swept into the regulations of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act which was signed into law in July 2010. Owner financing will be regulated in Title XIV Section 1401(2) (E) Mortgage Loan Origination Standards. The law restricts private property owners who want to sell their own property using owner financing (installment sale). These are some of the consequences.
Homeowners die before they receive all of their equity under the Dodd-Frank Act.
http://noteinvestor.com/sellers-corner/dodd-frank-hijacks-owner-financing/

COMMITTEE FORMED TO ADDRESS DODD-FRANK ISSUES FOR PRIVATE MONEY LENDERS

A group of private money lenders in Las Vegas have joined together to fight the unfair provisions of the Dodd-Frank Act related to mortgage lending.  They are not concerned as much about what the new rules will do to their businesses, as they are about what it will do to the unsuspecting homeowners and investors who want to buy real estate using hard money, and who will now be forced out of the market because of these rules.  Dodd-Frank is supposed to stop the abuse by Wall Street, not stop Mom and Pop from getting a private money loan to buy a fixer upper house to live in.

See our website http://www.fix-dodd-frank.org/ for more information.

You can also contact us at 702-214-4700 or email us at info@fix-dodd-frank.org