What the Dodd-Frank Act Means for Vacant Land & Seller Financing

4 Replies to “What the Dodd-Frank Act Means for Vacant Land & Seller Financing

  1. Hey Seth – thanks for going over that. Does Dodd-Frank apply to only business entities or can that apply to personal investors as well?

  2. With Reg X, I think you missed a key component of the laws statement. It doesn't seem to matter if they are simply improving the property within 24 months. What matters is if they are improving it within the next 24 months *using the loan PROCEEDS*. In owner financing this typically isn't possible in my opinion.

  3. @REtipster Seth, I've got a question when it comes to allowing someone to start building or putting a trailer or mobile home on the property. If you sold it on owner financing does Dodd-Frank require you to underwrite them in someway with a residential mortgage loan originator (RMLO)? Is letting them build on the property before they have payed it off a personal preference or is it not allowed by law? You went over it in the video some, and you mentioned that you don't let them build on the land until it is paid, but can you?

Leave a Reply

Your email address will not be published. Required fields are marked *