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  • 1.  Intra-family mortgages

    Posted 05-22-2021 22:49

    I practice law and own a title agency in Florida.

    There is conflict among Florida practitioners regarding intra-family mortgages,

    e.g. parents to child, as to whether Dodd-Frank requires licensure for the Lender,

    or Lender is exempt under the previous (RESPA) definition of Creditor.  

    Personally, I think the intra-family Mortgagor was not intended to be regulated

    as a Creditor (Lender) under  Dodd Frank, but I am curious as to thoughts from across the country.




    Skip Straus
    Straus & Associates P.A.
    Enterprise Title Inc.
    10081 Pines Blvd.
    Suite C
    Pembroke Pines FL 33024
    Tel:  954 431 2000
    Fax:954 431 8999


    Past President

    Florida Land Title Association(FLTA)
    I subscribe to the FLTA Code of Ethics


    100 years logoSI


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  • 2.  RE: Intra-family mortgages

    Posted 05-24-2021 10:59
    Good Question.

     In Minnesota, A "person" (broadly defined) that is not in the business of making or servicing residential mortgage loans and makes no more than three such loans, with its own funds, during any 12-month period, is exempt. All criteria must be satisfied in order to be exempt.

    Jeanne Johnson
    Minnesota Licensed Education Provider
    Real Estate and Land Titles

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  • 3.  RE: Intra-family mortgages

    Posted 05-25-2021 10:41
    Good Morning Skip,
    I went down this rabbit hole a few months back, near as i could ascertain Dodd-Frank did not change the licensing act to require such broad regulation.

    MORTGAGE LICENSING ACT OF 2008. The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended--
    The Bureau shall develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing <<NOTE: Deadline.>> System and Registry. The system shall be implemented before the end of the 1-year period beginning on the date of enactment of the Consumer Financial Protection Act of 2010.

    Jamey Cowley
    Closing Agent / Escrow Officer
    Clay County Abstract & Title Company
    Clay Center KS
    +1 (785) 632-3209

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