On June 30, 2011, The Department of Housing and Urban Development (HUD) issued the SAFE ACT FINAL RULE which addresses mortgage loan originator licensing requirements in the case of seller financed transactions such as Land Contracts.
The Rule states in part:
As an initial statement, HUD confirms the commenters’ observation that a ‘‘residential mortgage loan’’ includes an installment sales contract, which the commenters advise is frequently involved in seller financing. ‘‘Residential mortgage loans,’’ as defined by section 1503(8) of the SAFE Act, refers to typical financing mechanisms such as mortgages and deeds of trusts. In addition, the SAFE Act definition also includes ‘‘other equivalent consensual security interest on a dwelling (as the term ‘dwelling’ is defined by section 103(v) of TILA) or residential real estate upon which is constructed or intended to be constructed a dwelling,’’ which has the potential for including a broad range of other financing mechanisms. For the purposes of this rule, ‘‘equivalent consensual security interests’’ specifically include installment sales contracts, consistent with the treatment by many states of such contracts in the same manner as mortgages and purchase money mortgages offered by sellers of residential real estate. While there is no formal recorded lien held by the provider of financing, the fact that the seller holds title to the property until the contract has been paid in full is the practical equivalent of a lien for purposes of the SAFE Act and its purposes and is comparable to the status of a mortgage in a state that follows title theory under mortgage law.
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