Owner Finance |Real Estate |Scottsdale |Arizona
Owner Finance |Real Estate |Scottsdale |Arizona. With the implementation of Dodd-Frank in January 2014, it has become more important than ever to involve your accountant and attorney in the construction of “Owner Financing” documents sometimes referred to as “Seller Carryback“.
Dodd-Frank Act mandates that a loan originator (owner of the Arizona property being sold) for a consumer credit transaction must, when required by applicable State or Federal laws, be registered and/or licensed in accordance with those laws.
The Consumer Financial Protection Bureau (CFPB) defines a consumer credit transaction as: “credit offered or extended to a consumer primarily for personal, family or household purposes.” Exempt from the definition of a consumer credit transaction is: (1) an extension of credit primarily for a business, commercial or agricultural purpose; and (2) an extension of credit to other than a natural person. See 12 CFR § 1026.2(a). As such, business, commercial, agricultural, or organizational credit transactions are not considered consumer credit transactions and are not governed by the Dodd-Frank Act’s seller-financing restrictions.
Arizona Association of Realtors, AAR, recently revised its 3 seller financing forms to comply with the Dodd-Frank Act and will continue to do so to comply.
Qualified Arizona Mortgages
• Qualified Mortgages. Title XIV of the Dodd-Frank Act includes a provision that
requires a creditor to make a reasonable good faith determination that the
borrower has the ability to repay the loan. Under rules adopted by the Consumer
Financial Protection Bureau (CFPB) in January 2013, creditors are entitled to
either a safe harbor or a presumption against a claim of a violation if they
originate a qualified mortgage (QM), depending on the annual percentage rate
(APR) for the loan. The regulations define a QM (the “ATR Rule”). Also in
January 2013, the CFPB proposed exemptions from the rules. The CFPB
analysis in the final rule is complex: there are three different paths to QM status.
• Qualified Residential Mortgages. Section 941 of the Dodd-Frank Act requires
the securitizer of any asset securitization (including any securitization of
residential mortgage loans) to retain 5% of the credit risk of the underlying pool of
assets. The retention rule does not apply, however, to qualified residential
mortgages (QRMs). In 2011, the primary federal financial regulatory agencies
proposed criteria for a QRM; these rules have not been finalized. Section 941(b)
requires that QRMs be defined no more broadly than QMs. The QRM criteria are
not as comprehensive as those for QMs, but we assume that where the QRM
proposal is silent, the QM rule would apply.
The Arizona Association of Realtors provides us with 3 forms that we implement in Seller Financed Real Estate in Scottsdale Arizona. Each of these forms is for different financing and it is imperative that the Realtor use the correct form to prevent you from violating federal law.
ARIZONA REAL ESTATE FOR SALE
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Search for Scottsdale Arizona Real Estate For Sale, Cave Creek Arizona Homes For Sale, Carefree Arizona Homes For Sale, Rio Verde Foothills Arizona Homes For Sale, North Phoenix Arizona Homes For Sale.
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Free Arizona MLS Search. Start your Real Estate Search by City NOW or Search by zip codes, 85266, 85331, 85263, 85377, 85262, 85255.
As a 35 year + full time veteran of the REAL ESTATE Industry, I understand what it takes to not only find the Home, Lot, Land, of your dreams, but also how to negotiate the minefield of real estate transactions. Not only am I a veteran of the real estate industry, I also live in the area I service.
An avid Golfer, Horseman and Baseball Fanatic, I know the pulse of the community. Todays buyer starts on the internet and spends an average of 5 months quietly perusing the information that is available. As this area tends to be buyers from outside the area my internet presence is a huge attraction.
I regularly update my material and have additional pages that I maintain with up to date information on such platforms as Coldwell Banker, Google+, Facebook, Blogger, Active Rain, EProperties, Trulia, Zillow, YouTube , Tumblr and many others. Also, I have other sites that are specific to Property Types. These are:
North Scottsdale Homes For Sale By PriceDirect Link to the North Scottsdale MLS to search for homes in the specific bedroom, size or price category. You can also perform a custom search by clicking on the link to a custom search at the bottom of the column.
North Scottsdale Arizona Subdivision Homes For Sale SearchSearch for MLS homes in specific subdivisions by Bedroom and Price Ranges. Click on any link to be taken to an Scottsdale MLS Search Page. To perform a custom search, click on the custom search link at the bottom of the column.
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Cave Creek Arizona Subdivisions Homes For SaleFree MLS Search all Cave Creek Arizona Subdivisions Homes For Sale. Search the MLS Like a Realtor. Click on any link to be taken to a special Realtor MLS Search Page to "Search Like Realtor".
Carefree Arizona |Real Estate |MLS |Realtor |Homes |SearchSearch the Carefree Arizona MLS by Bedrooms, Price or Size. Direct link to the Carefree Arizona MLS with up to the moment information. Click on any link to be directed to your search.
Carefree Arizona Subdivision |MLS |Homes |Golf Course Homes |Lots |MLSCarefree Arizona Real Estate MLS Subdivision Search. Direct Link to the Carefree MLS to search specific subdivisions in Carefree Arizona. Up to date to the moment information. Search for all Carefree Arizona Subdivision Homes For Sale.
Rio Verde Foothills Arizona Homes For Sale |Golf Course Homes |Horse PropertiesSearch Rio Verde Arizona MLS by Bedrooms, Price or Size. Direct link to the Rio Verde Arizona MLS with up to the moment information. Click on any link to be directed to your search for Homes, Lots, Land, Luxury Homes, Golf Course Homes, Horse Properties.
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North Scottsdale Arizona | Horse |Properties |Homes |LandFree MLS Search all North Scottsdale Arizona Horse Properties, Land, Homes, For Sale. Search the North Scottsdale MLS, Homes for Sale, Horse Properties for Sale, Land, Like a Realtor.
|All Horse Property||By Price||Facilities||Raw Land|
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Commercial Real Estate For Sale
Scottsdale, Phoenix, Tempe, Chandler, Gilbert, Mesa, Fountain Hills, Scottsdale, Cave Creek, Carefree, Arizona. Search all Commercial Real Estate For Sale. Search Office, Office Warehouse, Warehouse, Medical, Dental, Retail, Commercial Land For Sale.
Commercial MLS Search, Click on any search linkCommercial MLS Real Estate Search, Scottsdale, Phoenix, Mesa, Tempe, Chandler, Gilbert, Fountain Hills, Cave Creek, Anthem Arizona. Click on any link to be taken to the search results page.
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OVER 300 ENDORSEMENTS
- Jeff McDowell, North Scottsdale Realtor 623.262.0811 EMAIL ME
By Jeff McDowell
So at the end of the day be assured that your Realtor knows the implications of Seller Financing of Real Estate In Scottsdale Arizona…..or better yet, give me a call to handle your next Scottsdale Real Estate Transaction.
By Jeff McDowell[lastupdated]