Loan Processing: What Sellers Need to Know

OFN Processing Services, LLC NMLS #1819300 In today's video, Scott provides a step-by-step guide on the seller financing process for loan processing, covering essential documents, RESPA requirements, and the roles of the title company and closing attorney to ensure a smooth transaction.
Louis Scott Horne, NMLS ID #2171137
OFN Processing Services, LLC is not a lender but a third-party processing company.

Intro – 0:00
Providing Financial Information to a Seller – 00:51
Seller’s Expectations from Another Investor – 1:17
Processing When Selling a Home to a Buyer – 1:42
Role of a Residential Mortgage Loan Originator (RMLO) – 2:52
Gathering Financial Information and Making an Informed Decision – 3:39
Understanding Debt to Income Ratio (DTI) – 4:00
Importance of Ability to Repay (ATR) Rule – 5:55
Credit Score and Its Relevance - 6:26
Loan Estimate and RESPA Requirements – 6:38
Three-Day Right of Rescission – 6:50
Decision Making and Closing Preparation – 7:05
Preparation of Closing Documents – 7:24
Recording and Completion of Seller Finance Transaction – 7:53
Outro – 11:36

Видео Loan Processing: What Sellers Need to Know канала OFN Processing