Owner Finance Resources
Welcome to TMHA's Owner Finance Resource Guide. The goal of this section is to help you find the information you need to operate in the owner finance space under current federal and state regulation.
Where to Start
If you did not attend our Dodd-Frank Implementation workshop in January, it is strongly recommended that you purchase the online rebroadcast and resource guide.
Questions
For any questions you have on the topics and materials below please send those in email form to ownerfinance@texasmha.com. TMHA and its staff can not answer any questions on owner financing over the phone or orally as we must document and abide by our limitation to not provide specific legal advice.
Broad topical questions are candidates for future research articles and resources, so please do submit them.
Articles, Videos and FAQs
- An Honest Conversation About Owner-Financing
- Land, the whole Land and Nothing But the Land…
- What’s the Deal with High-Cost Loans?
- TMHA Dodd-Frank Implementation Rebroadcast and Online Resource Guide (Available for purchase and to attendees of the Jan. 13th DFW meeting)
Average Prime Offer Rates
The FFIEC publishes the Fixed APOR Table for the week every Monday. The current week is the last entry in the table.
- A Higher-Priced Mortgage Loan is 1.5 percentage points or more higher than the current APOR for any givern term
- A High-Cost Mortage (Over HOEPA Limits) is:
- More than 6.5 percentage points over the current APOR for any givern term, for real and personal property loans $50,000 and above
- More than 8.5 percentage points over the current APOR for any givern term, for personal property loans under $50,000
Federal/CFPB Compliance Guides
- TMHA Dodd-Frank Implementation Guide: Overview of the Rules*
- CFPB Website
- CFPB Mortgage Rules "At a Glance"
- CFPB Compliance Resources:
- ATR/QM
- HOEPA
- Loan Originator Rule
- ECOA Valuations
- TILA HPML Appraisals
- Escrows
- TILA and RSPA Servicing
- How To Calculate Debt-to-Income Ratios (Appendix Q)
- HUD Approved Housing Counselors
- List of Rural and Underserved Counties
- CFPB Supervision and Examination Manual 2.0
- Supplementation Examination Materials: ECOA Procedures
- Supplementation Examination Materials: Mortgage Origination
- Supplementation Examination Materials: TILA Procedures
- CFPB Dodd-Frank Mortgage Rules Readiness Guide
- Small Creditor Flow Chart
- Full text of Dodd-Frank Act
Texas MH Guidance
- TMHA Dodd-Frank Implementation Guide: What Does it Mean to be an LO*
- TMHA Dodd-Frank Implementation Guide: Federal Regulations for LOs*
- TMHA Dodd-Frank Implementation Guide: State Law Issues for LOs*
- Glossary of Terms
- Disclosure and Notices Checklist
- List of Federal Reg Provided Forms or Sample Forms:
- Privacy Policy Notice – 12 CFR 1016 Appendix A – Model Privacy Form
- Risk-Based Pricing Notice – FCRA, Reg V –model form (can combine with Credit Score Disclosure) - Page 1, Page 2, Page 3
- ECOA/Reg B:
- Notification Forms: Adverse Action (C-1; C-3); Counter Offer (C-4); Notice of Specific Reasons for Adverse Action (C-5), Notice of Incompleteness on Application (C-6), Right to Receive Copy of the Appraisal (C-9)
- Uniform Residential Loan Application, Appendix B ECOA - Page 1, Page 2, Page 3, Page 4
- FCRA C-1 Notice for Initial Opt-Out
- Truth in Lending – TILA, Reg Z:
- H-2 Loan Model Form
- H-3 Amount Financed Form
- H-4(e) Fixed Rate Mortgage Interest Rate
- H-4(J)— “Balloon Payment Model Clause: [Final Balloon Payment due (date): $______]”
- H-13 Mortgage with Demand Feature Sample
- Mortgage Sample
- H-30(b) Sample Form of Periodic Statement with Delinquency Box
- H-30(D) Sample Homeownership Counselor Contact Information:
- “Housing Counselor Information: If you would like counseling or assistance, you can contact the following:
U.S. Department of Housing and Urban Development (HUD): For a list of homeownership counselors or counseling organizations in your area, go to http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 800-569-4287.” - Flood Hazard Notice – National Flood Insurance Act – Sample form
- De minimus flowchart
- Appendix Q
- Texas List of Rural and Underserved Counties
Vendors
Owner-Financing/Small Lender Consultants
- Financial Marketing Associates, Inc. - Dick Ernst, President
- Rishel Consulting Group - Ken Rishel
Legal
- Wiener Brodsky Kider - James "Jim" Milano
- McGlinchy Stafford - Marc Lifset
Forms
Compliance Manuals
- Rishel Consulting Group - Ken Rishel
- AllRegs
Software
- Loan Origination Systems:
- Automated Underwriting Systems