About Our RMLO Services
OFN Processing Services
In the sphere of owner financing, the RMLO acts as a loan processor for informational gathering services. Their job is to obtain financial information on the consumer so that the seller/lender has the ability to ensure they can afford the home, to ensure the seller is providing proper disclosures under RESPA, and to help the seller comply with the SAFE ACT as well as the DODD FRANK ACT when its applicable.
The Owner Finance Network always recommends the use of a RMLO even if the seller may be exempt. Using a RMLO ensures compliance with all state and federal regulations, it tends to make the buyer more comfortable with the process, and it takes the guess work out of each transaction on behalf of the seller.
It is important to remember that the RMLO simply gathers information, they do not substitute for the seller’s decision and approval process for their perspective buyer.
Another benefit to creating an RMLO loan package is if one of your exit strategies is selling the mortgage. This creates a fully documented, pretty packaged loan which could sell at a higher rate if your note buyer feels comfortable that the transaction was properly originated.
At the Owner Finance Network, we hope you will always consider the use of an RMLO.
If you would like to get into contact with us about your RMLO needs, fill out the form!
Need More Info On RMLO?
Check out some of our video resources on our YouTube channel by clicking the links below.
Need to get into contact with Owner Finance Network Processing Services?
7 TAC §80.200(b)
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A
COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND
MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”