Seller-Financing Licensing Exemption Reinstated

Texas Department of Savings & Mortgage Lending Commissioner Doug Foster has issued a notice that allows the continuation of the de minimis exemption until further action is taken by the Legislature. This exemption, which was briefly repealed by the federal SAFE Act, means that a seller can once again finance up to five properties in a 12-month period without being licensed as a residential mortgage loan originator. The de minimis exemption has not yet been recodified, but the Texas Association of REALTORS will continue to work during the next legislative session to see that it is reinstated in statute.