Are You Prepared for the Next Installment of Dodd-Frank?

by Arizona REALTORS on January 10, 2014

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Mortgage related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) that impose new restrictions upon seller-financed transactions are scheduled to take effect today, January 10, 2014. Not to worry, AAR has you covered.

In order to ensure that its members are not facilitating seller financed transactions in violation of the Dodd-Frank Act, AAR has removed its Assumption/Carryback Addendum from the AAR forms library. Taking its place are four new forms, including two forms that enableparties to originate seller-financed transactions provided that the seller is able to qualify for one of two licensing exemptions created by the Consumer Financial Protection Bureau. For answers to frequently asked questions and detailed information on each form, visit AAR’s website.

New Forms:

SELLER FINANCING ADDENDUM; Credit Transaction Secured By A Dwelling — Seller providing financing for only one residential property in any 12-month period

SELLER FINANCING ADDENDUM; Credit Transaction Secured By A Dwelling — Seller providing financing for three or fewer residential properties in any 12-month period

SELLER FINANCING ADDENDUM; Credit Transaction Not Secured By A Dwelling

LOAN ASSUMPTION ADDENDUM

Additional Resources: 

http://www.consumerfinance.gov/

 

 

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