Posted by Mark on July 06, 2003 at 24:57:10:
Best to consult the advice of an attorney in your State.
I was in the same situation as you, so I wanted answers as to the law for my state, you will get different answers for everyone you ask.
Remember the Real Estate Settlement Procedures Act (RESPA) does not apply to Commercial.
Every now and then I’ll get some smart mouth know it all that says…“oh, you need a mortgage brokers license to what you do” then I tell them to stand by their fax machine because I’m going to fax you the section of law that states otherwise.
Last that I was aware only two states require a MB license to do Commercial, not sure which ones though.
For all loan brokers. I have a ? - Posted by Juan
Posted by Juan on July 05, 2003 at 15:12:03:
Hello
Can anyone tell me whom is a loan broker if there is a license needed in new york to do money loans for commerical deals, business loans as well as hard money or private loans.
I got all I need to get started but I know I can’t do mortgage loans on residential deals 1-4 family in new york without a license.
So my question is are there any loan brokers here that know how the laws work here in new york. Do you need a license to do deals other than residential 1-4 family mortgages.
Any information would be very much appreciated .
Juan
Re: For all loan brokers. I have a ? - Posted by Ed Garcia
Posted by Ed Garcia on July 06, 2003 at 14:46:24:
Juan,
As I?m sure you know, laws differ from state to state.
I disagree with Mark on several of his statements. First of all, in lieu of contacting an attorney, I would contact the Department of Corporations of the given state you intend to lend in. They should have no problem helping you or will direct you where to go for the information you require, depending on what type of lender, broker, bank, etc you would like to do.
Secondly, his advice on licensing not being required on NOO ?none owner occupied? may or may not be true, depending on many factors such how many loans you?ll do in a given state etc.
Mark, if you?re reading this, I?ll stand by my fax machine and I want verification in all 50 states. It is true that NOO?s are considered commercial but only in the case of terms and conditions. Terms and conditions (meaning that they are not governed or restricted to the lending laws pertaining to OO and therefore the fees and cost are not restricted or prohibited by predatory lending? However they are still by designation, ?zoned residential? SFR?s and commercial lenders will not touch them.
Because I am aware that Mark more then likely has written material that has been interpreted by him and he believes verifies what he has stated. I am not going to spend the time to prove Mark wrong, but rather suggest for you to do your homework when you get a difference of opinion.
I also have the majority of lending requirements for each state in my office, however much of my information has changed in the last few months and I personally haven?t kept up on the changes.
Ed Garcia