Tips To Help You Get Approved for Used Car Financing

When it comes to getting approved for used car financing, many car buyers are unprepared for what they will need to have with them in order to get the approval they are hoping for. With some “buy here, pay here” dealers, car buyers can be approved for financing, even when they have poor credit or no credit at all. But in order to make the application process even smoother and faster, car buyers can take certain steps to be prepared.

In some cases, simply knowing what to bring and having it ready during the application process can help you get approved in just an hour. Here are some tips that should help you cover your bases and get you approved fast for used car financing.

Have your driver’s license with you. By having your driver’s license with you when you go in to apply, the salesperson can easily verify that you are who you say you are.
Bring a recent pay stub or proof of income. Most “buy here, pay here” dealers need to see proof that you are making a consistent income so they know that you’ll be able to keep up with your payments.
Have a cash down payment and/or trade title ready. Almost every used car sold will need a down payment of some sort, so having an appropriate amount ready before going in to buy your car will make the process a much smoother one.
Bring a recent phone or utility bill. Having a recent bill with you will show the salesperson that you really do live at the residence you claim to be living at, which is important when applying for auto financing.
Have proof of a bank account. If you have a bank account, bringing proof of that bank account will help the process go faster.
Have 12 references ready. Even if you have poor credit or no credit at all, having 12 references of friends and family can serve as a type of character check in place of a credit check.

Overall, these are just a few of the steps you can take to help the used car financing process go more smoothly and efficiently. Remember: the more prepared you are, the faster it will go.

What Are the Different Types of Mortgage Company Licenses Available in California

Before learning how to get a California Mortgage Company License, we need to first talk about what type of mortgage license your company should get. There are three (3) different types of Mortgage Company Licenses offered in California. The Department of Real Estate offers the California Department of Real Estate (DRE) Corporate License with the Nationwide Mortgage Licensing System (NMLS) Company Endorsement. The Department of Corporations (DOC) offers two different types of mortgage company licenses, the California Finance Lender License (CFL) and the California Residential Mortgage Lender License (CRML). All three of these license types have different requirements for approval and allow different activities. It is very important to decide up front what license type works best for you, so let’s take a look and compare each of them. I will be using a lot of acronyms, so refer to the above paragraph if you’re not sure what each acronym means.

Allowable Activities

All three license types allow companies to broker, bank/lend, or service residential mortgages. The CRML License is the only license type that allows a company to sub-service residential mortgages, which means to service loans that are owned by another company. The CFL License and DRE License both allow a company to originate commercial mortgage loans. The CFL License is the only license that allows a company to originate non-secured commercial or personal loans.

The CFL License has a major restriction that needs to be pointed out. The CFL License only allows CFL brokers to broker mortgage loans to a CFL Lender. This means that a CFL broker can’t broker to DRE companies, CRML companies, or federally or state chartered banks, unless those companies also hold a CFL License. However, there is no restriction regarding what companies a CFL lender can sell loans to. The restriction solely applies to brokering loans.

Minimum Net Worth

Net Worth is the company’s assets minus the company’s liabilities. Each license type has different minimum net worth required for approval.

The DRE License has no minimum net worth requirement. The CRML License has a $250,000 minimum net worth requirement. The CFL License has a $250,000 minimum net worth requirement if the company is originating residential mortgage loans. If the company is only originating commercial mortgage loans and non-secured loans, then the minimum net worth for the CFL License is only $25,000.

Other Major Requirements

Following are some of the other major requirements and barriers for each license type. You’ll notice that they are all very different in what they require.

The DRE License requires the company to designate an individual with a California Department of Real Estate (DRE) Individual Broker License as the Broker/Officer of the company. In order to get an Individual DRE Broker License, a person must complete 60 hours of education, show proof of 2 years full-time mortgage experience, pass the DRE Broker Test, which is only offered in California, and then submit an application for the Individual DRE Broker License. Since a person can be the Broker/Officer for multiple companies, often companies that don’t have an Individual DRE Broker employed with their company, will contact someone that already holds the Individual DRE Broker License to be their Broker/Officer, and then pay them a monthly fee to act in this capacity. However, this can get expensive. This requirement is the most burdensome part of obtaining a DRE License, and is the reason most companies will consider one of the other two license types.

The CFL License does not have any major requirements that are burdensome other than the minimum net worth mentioned above.

The CRML License requires that the company have a Federal Agency Approval with either FHA, VA, Fannie Mae, or Freddie Mac. FHA, Fannie Mae, and Freddie Mac all require $1million in net worth to get a lender approval from them. However, Veterans Authority (VA) does not have any minimum net worth requirement to get a lender approval from them. And the best part is you never even have to do any VA loans once you get this lender approval from VA. So currently this loophole basically eliminates this major barrier to getting a CRML License. However, there is currently one other major issue to obtaining the CRML License. The CRML License requires that the company has a funding source or is in the process of obtaining a funding source to fund their loans. The regulators that approve the CRML Licenses believe that the CRML License is not for companies that just want to broker mortgage loans. So the regulators will look for liquidity in the company that will allow the company to fund loans with their own money, or the regulators will look for a warehouse line of credit to fund the mortgage loans. The regulators will in most cases accept a letter of explanation and proof that the company is in the process of obtaining cash investors or a warehouse line of credit, but this is somewhat of a grey area and must be handled carefully. Although the CRML License allows a company to broker loans, the regulators interpretation of the CRML law is that the company must plan on using the license to bank mortgage loans also.

Loan Originator Licensing

There are two different types of loan originator (LO) licenses in California. There is the DRE NMLS LO Endorsement issued by the Department of Real Estate, and there is the DOC LO License issued by the Department of Corporations. The DRE NMLS LO Endorsement is used by loan originators working for DRE companies. The DOC LO License is used by loan originators working for CFL or CRML companies.

The DRE NMLS LO Endorsement is much harder to get than the DOC LO License. The DRE NMLS LO Endorsement requires 3 tests, 60 hours of education, and 2 applications. The DOC LO License only requires 2 tests, 20 hours of education, and 1 application. The reason for this difference is that the DRE requires a loan originator to first hold a DRE Individual Salesperson License or Individual Broker License before they can complete the NMLS requirements. To get a DRE Individual Salesperson License, a person needs to complete 40 hours of education, take the Salesperson test that is only offered in California, and submit an application for a DRE Individual Salesperson License. Then the DRE requires the DRE Salesperson to apply for the DRE NMLS LO Endorsement, which requires 2 more tests, 20 more hours of education, and a separate application. The portions through the NMLS for DRE and DOC are virtually identical, but again, the DRE requires the person to hold a DRE Individual Salesperson or Broker License before they can apply for the NMLS Endorsement, making the DRE LO Licensing requirements much more difficult.

Total Cost

Each license type has varying types of costs to consider. The DRE Corporate License application costs $300. And the DRE NMLS Company Endorsement application, which must also be obtained by DRE companies, costs $500. So the total cost under the DRE is $800. However, a company must also take into consideration the costs of licensing and endorsing a DRE broker/officer for the company. Between the education, testing, fingerprinting, and application fee, the cost to get a DRE Individual Broker License can be as much as $1,000 to $1,500. And if the company wants to hire a DRE Individual Broker instead of getting someone within the company licensed, the cost is usually about $500 to $1,000 per month.

The CFL License application costs $400. There is also a surety bond required, which costs about $250. And there is fingerprinting which costs about $50 per officer/owner. So the total cost under the CFL is about $700.

The CRML License application costs $1,100. There is also a surety bond required, which costs about $500. And there is fingerprinting, which costs about $50 per officer/owner. So the total cost under the CRML is about $1,650. However, under the CRML, there are a few other costs to consider. If the company doesn’t already have a Federal Agency Approval, then the cheapest one to obtain is from Veterans Authority. The cost for Veterans Authority Lender Approval is $200. If the company doesn’t already have audited financials, then the company will need to pay a CPA to complete this. The cost ranges from $800 to $1,000 for start-up companies, and goes up to as much as $3,000 to $5,000 for existing companies. Also, another major cost to consider under the CRML License is the cost of renewal. If a company does no business during the year, the cost to renew is $1,000, but if a company closes even just one loan during the year, the cost to renew goes up to $5,000.

Why Use a Finance Broker?

Why use Mick as my broker and not go directly to the bank/financial institution?

A finance broker can present you with a range of products from multiple lenders, a good one will know the best places to present your deal to based on the criteria provided.

Mick will work with you as the client to determine your borrowing needs and abilities; he will do all of the legwork for you and help you to select a loan that is most suited to your circumstances. He will follow the process and manage it right though to settlement.

Basically, the better your broker knows you and understands your requirements and goals, the better he can be at organising a suitable loan for you.

Of course, the main negative to going directly to one lending institution is that they can only sell you their product whereas a broker can research the market ensuring you get the best possible product available to specifically suit your personal needs.

Is Mick independent or connected to any particular institution?

You can be rest assured that Mick is not working directly for any banks or financial lending institutions, he is one of three directors at Financial Momentum Solutions, a company born when the 3 directors working at a local Perth based broker decided to take the plunge to start their own finance broking company… the rest is history as they say.

What’s the difference between a mortgage broker and a finance broker?

A finance broker such as Mick can assist you with all types of lending whereas a mortgage broker generally specialises in home loans and is usually only accredited in the residential sector.

Mick is and has been for many years commercially accredited with many financial institutions giving him the ability to shop around for the best deal for you as the client whilst at all times being in control. Some brokers will claim to be “commercial brokers” however as many are not actually commercially accredited all they can do is pass on the info to someone at the commercial department within the institution therefore inevitably losing a certain amount of control not to mention you being tied to that one lender!

Will it cost me more to use Mick as my broker?

The brokers fee for arranging the loan is paid by the loan provider, it is not added on top. The broker is paid by the lender at a cost to them and not to you so no it doesn’t cost you more, in fact you will often get a better deal as Mick will have taken the time to review your options with a selection of providers which in turn gives you better buying power. As part of legislation all fees paid to the broker by the lender are disclosed to you in the contracts you receive when arranging your loan.

Can Mick take care of all my commercial and residential finances?

Yes, Mick can take care of all your finance requirements, as he is accredited and proficient in all these areas.

Who is Mick working for?

The broker is always working for the client, not the bank or financial institution therefore he will always have your best interest at heart giving you peace of mind that you are getting the best deal at all times.

Who does Mick deal with?

With Mick being a licensed finance broker, he is accredited with all the well-known major banks and financial institutions along with several that most people will never have even heard of. Having access to such a vast range of lenders means that you as the client have peace of mind in knowing that all your options have been covered without you having to go out and do the investigating yourself through what can be a very confusing minefield of information.

Does Mick have reputable connections say if I needed a new accountant, or help in setting up a new entity or structure?

He absolutely does. Not all accountants for example deal in the same avenues so he can point you in the direction for the one that will best suit your needs. Some are ideal for the smaller family run accounts and some are better equipped to deal with the larger more complex businesses that need regular guidance in their business.

What would be the negatives to using a finance broker?

I think its safe to say that there really are no reasons to decide against using a finance broker for all your finance needs, and finding a good one that takes the time to get to know you, your needs and requirements can be so beneficial to you moving forward offering peace of mind that your finances are in safe hands.

6 Things to Consider When Buying Personal Finance Software

Sometimes it seems as though nothing is simple any more. Our world is no longer one that is divided by simple choices like paper or plastic. Instead, we are constantly introduced to tons of products.

When I recently started shopping for a new personal finance software I was immediately overwhelmed by all the options. My quest was to find the best personal finance software, but I quickly found out that ‘the best’ is in the eye of the beholder.

Desktop or Online?

Online programs have an advantage in that they are often free and always portable. Some folks love the fact that they can check up on their finances while on the road away from their computer.

On the other hand, desktop programs typically appeal to those who are not comfortable entering their own private security passwords online.

Free or paid?

It almost seems silly to ask if you want a paid product, but the thing to know is that most free products are free because of the advertising. Some people would rather forge all the ads and pay for a products.

What is the most important feature for you?

I think this is the most important question to ask because certain financial software specializes in different things. For example, if you are looking for the best foreign currency features you would probably consider Moneydance. For budgeting You Need A Budget is recommended. Quicken seems to have the best way to track investments.

Accessible from multiple computers or just one?

Similar to our first question (desktop or online) you need to decide if you will be using multiple computers or just one. Some desktop software only sell a single license that can only be downloaded on one computer. Therefore, if you use multiple computers in your home make sure you can legally have the said software on each computer.

Is it compatible with your bank and other financial institutions?

If you bank with a small institution or a credit union I would suggest calling the the software company before buying the product to see if they are compatible with your bank. In addition to credit unions it seems like lots of software has issues with the ING Direct security features.

Price and Upgrading

Once you’ve compared everything and determined your favorite software then you final step is to consider the price. When comparing the prices it is important to find out if the product requires must be updated occasionally. Quicken, as an example, requires you to buy a new license about every three years. Technically they don’t require it, but if you want to use online banking then you need then you need to buy the newest Quicken product. This last time my Quicken expired they did offer 25% off an upgrade. Moneydance, on the other hand, never requires an upgrade.

Once you have decide on what product you want if it is a paid product don’t forget to spend some time searching the internet for special deals or promotions.

Highest Paying Post Graduate Degrees in Finance

There are several Post Graduate Degrees in Finance that can help one land a high paying job. Finance programs from leading Universities are tickets to high paying jobs. Finance programs are popular among bright students as they can then plan their careers in investment management, Portfolio management, Banking, investment banking, investment management, private equity and hedge funds. They can also make it big as personal financial advisors and actuaries.

According to US Department of Labor, job prospects are expected to grow 20 percent for Finance Post graduates through 2018 the future is indeed very bright. A Master of Finance – M.Fin. or Master in Finance is a degree that prepares graduates for high paying careers in corporate finance, investment management and as analysts. M.S.F or Master of Science in Finance or MSc In Finance is the same degree with difference in title.

An MBA without specialization in Finance would not have studied many topics that are covered under M.Fin. An MBA program generally is diverse and covers covering general aspects of business like human resource management and operations management. M.Com. or MSM in Financial management have the same topics covered in M. Fin but in these courses the stress is more on theory. Master of Financial Economics focuses on developing models and theories, thus emphasising more on the theoretical aspect of Finance. The CFA, Chartered Financial Analyst designation can be compared to M. Fin. However CFA is more focussed on investment analysis and portfolio management.

Normally highest paying jobs also go to CFAs – Chartered Financial Analysts, CPAs- Certified Public Accountants and CFPs – Certified Financial Planner. Professionals with licences ( such as the Series 7 & Series 63 licenses ) issued by FINRA, Financial Industry Regulatory Authority can rule securities industry. The acquisition of licenses and above mentioned designations requires completion of a course of study and an exam.

M.Fin Post graduates from Princeton University, University of Chicago and Massachusetts Institute of Technology have been leading as far the as the highest paid salaries are concerned. Princeton University stresses on topics like Financial Economics, Computational Methods and Financial Engineering in its very successful Post Graduate Finance Program. MIT provides a one year course where students have an option of writing a Master thesis. MBAs from Dartmouth college, Northwest University and Stanford University have been making their alma-mater proud.

Getting a high paying Finance job has a lot to do with you and your job search strategy. Companies need candidates that fit in their requirements strategically

Obtaining Insurance Without License Availability

Obtaining insurance without license availability — meaning, trying to find insurance when one doesn’t possess a driver’s license — is somewhat difficult, though by no means impossible. State law, which guides the issuance of a license and also an automobile registration, is more concerned about getting the vehicle license than about having a driver’s license to operate it.

So, then; the first thing to worry about is finding an insurance company that’ll be willing to insure a vehicle without the owner of the vehicle having a license. The easiest and best way to obtain insurance in this case is to seek to have a licensed driver put on the vehicle registration ahead of time. For a car that isn’t being financed this is a relatively easy task.

Just have the state department of motor vehicles or Secretary of State (which is what it’s called in several states around the country) place a co-owner name on the registration and the title. For a car that’s being financed, it’ll be necessary to have a co-maker of the loan, though many banks nowadays may not be willing to extend a vehicle loan to a person without a driver’s license, so keep this in mind.

After another, licensed, driver is put onto the title things will go a bit easier. Both persons will need to discuss insuring the vehicle with an insurance agent and his or her company. Chances are, the insurer will have no problem in extending the policy to the co-owner on the registration. Normally, this is the only way to get insurance and then a registration.

There are instances, however, when an insurer will extend a policy on a vehicle that’s considered historical or antique. In this case, the insurer will look at the vehicle as a collectible rather than as something that’s going to be driven regularly on the roads. Policies in this regard are extremely inexpensive because the vehicle will probably be stored or trailered wherever it goes.

For those who have ended up with a car but who have no license, obtaining standard automobile insurance on it will usually be somewhat difficult when not having another person listed as an owner on the title. There are certain high-risk insurers out there who might extend a policy if the person seeking the insurance signs an affidavit and a document attesting that they won’t be driving the vehicle.

Obtaining insurance without license availability, remember, can be done in certain specific circumstances. Listing a co-owner on the vehicle’s title is one way to accomplish the feat. Another way would be to have the vehicle listed as an antique or historical automobile that won’t be driven. The only other way of doing so is to work through certain high-risk insurers, which is worth remembering.

Banking And Finance Careers

We all use math daily. While many of us just use the basics to keep track of how much money we gave and the change we should get, those who want to purse banking and finance careers do more than that to keep their clients happy.

People who work in banking and finance are paid well for the work that they do. Four of the fields that many professionals get into include accountancy and tax, Insurance, investment banking and retail banking. Let’s talk about each of these.

For people to work in accountancy and tax, you need to graduate and get your CPA or certified public accountancy license. To learn more about what you will be doing, many have to complete an on the job training with a legitimate accountancy firm.

The training period is about three years and afterwards, you can continue on staying with them, working for another firm or going into private practice.

Insurers just like accountants need to be licensed. This varies from state to state so you have to study and then pass the exam. Once you do so, your career may get you to sell property or casually insurance and life or health insurance.

You should also take further classes in the future because although you have your license already, rules change and you have to be aware of them.

Perhaps the biggest challenge selling insurance is deciding whether to work for an insurance company or doing this on your own. There are advantages and disadvantages doing both. When you are employed, you get a basic salary while those who decide to work for themselves can only make money earning commissions when a sale is made. How well you do is entirely up to you.

Investment banking is different from regular banking because you are there to raise capital for a company by issuing shares or bonds. Later on, you may even work with a team that advises companies regarding mergers and acquisitions.

Also under investment banking is capital markets. Here, the professional is tasked with trading bonds stocks and other financial products to increase the portfolio of the client.

But before you get into that, most entry levels personnel start out doing research first about certain companies and who are their competitors. Their information is then passed on to the account managers who will then advice the client.

Lastly is retail banking which many of us are aware of because these are the people we meet in the bank from the teller to the bank manager when we need to deposit or withdraw cash and apply for a loan.

Unlike accountancy or insurance, you don’t need to get a license to do this kind of work. You just have to be customer oriented with strong interpersonal and communication skills since you will be dealing with people.

Taking The Series 7 License Exam

Passing the Series 7 License Exam is a requirement before anyone working in the finance industry can sell or buy securities including stocks, bonds, derivatives and any other investments promoted to the general public. The exam is administered by the Financial Industry Regulatory Authority (FINRA) and covers a broad range of investments and products. In order to take the exam, generally you must be sponsored by a registered member of FINRA, although in some instances the state can act as your sponsor if you are a Registered Investment Advisor.

The Series 7 license exam is one of several securities licenses that agents must hold in order to communicate with retail investors; some states require further licenses such as the Series 63 or Series 66 licenses. Account managers, analysts and advisors employed by registered Brokers and Dealers hold Series 7 licenses, giving the investing public confidence in dealing with members of the finance industry.

The exam itself consists of 260 questions, of which at least 72% must be answered correctly in order to get a pass mark. On average, 66% of those sitting the exam obtain a pass mark, with an average score of 73%. Of the 260 questions, only 250 counts towards your final score, with the other 10 questions considered experimental questions, or practice. The cost to sit the Series 7 license exam is a non-refundable $265, as of November 2010. Check when you make your exam appointment to confirm the cost.

Typically, to register for the exams you will need to complete a U-4 application, on which you must disclose details such as previous work history, criminal convictions and anything else that may affect your ability to work in the finance industry as an advisor. Exams are offered daily, and you must pay your fee and set your own appointment time to sit the exam. Exams are sat in two consecutive 3 hour time slots, with 125 questions each.

The format of the exam is in multiple choice format, with each question having a possible four answers, with no penalties for guessing. Some questions ask you to refer to a reference book supplied by the testing centre, which contains resources such as clippings from the Wall Street Journal. A non-programmable calculator will be provided by most centers, but check when you are making your appointment, as some centers may operate differently.

Questions cover a wide range of investment areas, including:

Generating new business for the broker/dealer deals with the ethics involved in contacting potential clients and issues such as transparency and disclosure.

Evaluating customer’s financial situations and issues such as risk profile and what products or securities will help the client achieve their investment goals.

Technical expertise in opening accounts, buying and selling securities, transferring assets and general best practice record keeping.

Client communications; keeping investors informed about their current investments and making recommendations.

Accurately implementing client’s buy and sell orders and following up with the client to ensure customer satisfaction.

The series 7 license exam is a required license for anyone working in the finance industry and is designed to protect the investing public, as well as improving and enhancing industry standards.

Proposed HUD Rule Prohibits Seller – Financing Without Licence Except For Family Or Own Residence

“The Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act), as a key component of the Housing and Economic Recovery Act of 2008 (Pub.L.110-289) enacted into law on July 30, 2008, directs all States to adopt licensing and registration systems for loan originators that comply with the minimum standards set by the SAFE Act. The Department of Housing and Urban Development (HUD) is charged by the SAFE Act with establishing and implementing a system for mortgage loan originators in States that do not meet the minimum requirements of the statute. So, HUD published its proposed Rule on the minimum standards under the SAFE ACT that States need to comply with in licensing loan originators, procedures and actions, as well as its enforcement authority in the Federal Register, Vol. 74, No. 239, December 15, 2009. Moreover, HUD proposes “to clarify or interpret certain statutory provisions that pertain to the scope of the SAFE Act licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the States.”

The HUD proposed Rule, if codified as a Final Rule or regulation, would eliminate the business strategy of acquiring and reselling properties through seller financing without being licensed as a loan originator, unless: (1.) an individual offers or negotiates terms of a residential mortgage loan with or on behalf of a member of his or her immediate family; or (2.) an individual seller provides financing to a buyer pursuant to the sale of the seller’s own residence.

Proposed Rule Prohibiting Seller Financing Deprives Owners Of Property Rights Under The 14TH Amendment:

One of the cherished rights of U.S. citizens is property rights protected by the 14th Amendment of the Constitution from any state action without due process of law, which allows owners to dispose of their properties in any way they see fit.

One of their property rights is to sell their properties through seller financing to assist buyers who cannot qualify for bank loans. The usury provision (Article 15) of the California Constitution prohibits loan-shaking activities, charging in excess of 10 percent per annum, unless exempted by a finance lender’s license. Requiring owners of residential income properties to be licensed as loan originators in order to sell such properties through seller-financing directly to buyers interferes with property rights of owners.

The proposed Rule seeks to eliminate property rights exercised by property owners through centuries in favor of more regulations and of banks at the expense of home buyers with bad credit.

Proposed Rule Impairs Obligations Of Existing Contracts Protected By The Constitution:

The contract is the law among the parties. A property owner has the right to sell his or her property, including seller-financing to enable a buyer short on cash to consummate the sale.

Seller-financing likewise enables a seller to sell his or her properties faster, and earn income during the duration of the promissory note being financed.

The proposed Rule would impair obligations of existing contracts in cases involving contracts to sell with seller-financing, lease with option to buy with seller-financing, and other similar contracts.

Proposed Rule ยง3400.13 Requires Individuals To Be Licensed By States With Exemptions:

3400.13(e) of the proposed Rule provides that a State is not required to impose the prohibitions: (a) from “engaging in the business of a loan originator with respect to any dwelling or residential real estate in the State, unless the individual first registers and obtains and maintains a valid loan originators license for the State; and (d) complies with the same requirements in the case of an independent contracts engaging in residential mortgage loan origination, if: “(4) an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual; and (5) any individual who only offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.”….(underscoring supplied)

Loopholes To Proposed Rule:

A loophole to the proposed Rule is for the seller, who is amenable to seller financing of a residential income property, to hire the services of a licensed loan originator to offer or negotiate terms of a residential mortgage loan to a prospective buyer.

Another loophole is to retain “a licensed attorney who only negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client,” and who is not “compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent” thereof, pursuant to 3400.13(e)(6) of the proposed Rule.


The proposed Rule, prohibiting seller-financing without loan originator license except for family or one’s own residence, should not be codified into regulation because it deprives owners of their property rights to indulge in seller-financing, and it impairs obligations of existing contracts.

If it is found to be within the constitutional rule-making power of the Congress delegated to HUD, and not an over-reaching regulation beyond the scope of the SAFE Act, the loopholes of hiring a licensed loan originator or licensed attorney are available to owners willing to do seller-financing.

Atty Roman P. Mosqueda is a graduate from Michigan Law School with both a Doctorate of Law and LLM. The Law Offices of Roman P. Mosqueda are a full service law firm that handles all types of cases such as divorce, immigration, bankruptcy, personal injury, and more. Call (213) 252 – 9481 for a free consultation today!

Debt Consolidation Finance – Licensing of Debt Driving out

Financing, as debt consolidation finance is the simplest and most uncomplicated way of dealing with various debts. The idea is that one takes out another loan which is large enough to pay off all your debts such as credit cards, personal loans, business loans, medical loans, overdrafts and other loans. Debt consolidation finance leaves individuals with one single monthly repayment to make, which is already a great step forward in making ones finances easier to control.

Surely that the financing takes out at a comparatively low interest rate, one should find that ones total monthly repayment is lower than it was when one was servicing many smaller loans, with more expensive debts. Also, choosing a longer term to repay ones financing will lower the costs even more.

The debt consolidation finance works as mediator between various lenders and a borrower. For, there are scores of lenders available online and offline for this debt consolidation finance, with their respective policies and plans, these lenders provide two modes of availing this debt management financing plan. In one of these plans, collateral pledging is an essential part of the mode, whereas another plan requires nothing as of borrowers’ security.

More so, those individuals who are hit by the adversity of bad credit history too, can avail the facility of debt consolidation finance. Lenders keep no financial distinction on providing this debt management financing program. Such individuals only may have to pass by some tardy official works, due to their unwilling adverse credit history. No matter, owing to stiff competition amongst lenders in the money market, borrowers get many other chances of getting these loans instantly with quick approval.

Advisably, before signing up with a finance company for debt consolidation finance, individuals will take over the servicing of their debts in return for fee. Instead of having to keep up with all ones repayments to many creditors, one can now make a single payment to the management or financing company who will divide it between. This in itself can be a great weight off your mind, as the stress of keeping track of your repayments in removed, but debt consolidation finance can offer more than this. And, it can work as licence for driving out debt devils.