Seller Financing and RMLOs are Under Attack in Texas.

There are proposed rule changes “by “the Department of Savings & Mortgage Lending (SML) that could make it harder to safely create seller-financed transactions.

SML is considering changes to its rules in 7 Texas Administrative Code: Chapter 78, concerning Wrap Mortgage Loans; Chapter 79, concerning Residential Mortgage Loan Servicers; Chapter 80, concerning Residential Mortgage Loan Companies; and Chapter 81, concerning Mortgage Bankers and Residential Mortgage Loan Originators..

Yes this is in Texas. Not Missouri. Not Kansas. But if they get it passed in Texas, it will start spreading to Kansas City or your area of the country.

We need you to take Action TODAY!!

We have an opportunity to make our voices heard by sending an email today. Timing is crucial as comments must be sent by July 12, 2024 no later than 5:00pm (CDT).

We are asking you to send an email following the 3 simple steps below using the sample email text provided.

Watch a Video Message from Jeff Watson of the Seller Finance Coalition here.

Using Jeff’s Video Instruction and the Letter Below, Personalize and Send your Message.