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Trulia Atlan…, Home Buyer in Atlanta, GA

Whose job is it to negotiate with the lender?

Asked by Trulia Atlanta, Atlanta, GA Fri Apr 26, 2013

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What are you negotiating with a lender regarding? A short sale?

Under current GA law, only a licensed Mortgage Loan Originator may negotiate the terms of a mortgage. A real estate agent may provide facts to the seller's lender, but they may not negotate terms without a MLO license.

http://dbf.georgia.gov/sites/dbf.georgia.gov/files/imported/…

House Bill 83 is currently awaiting the Governor's signature.
http://www.legis.ga.gov/Legislation/en-US/display/20132014/HB/83

"A BILL to be entitled an Act to amend Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating to the licensing of mortgage lenders and mortgage brokers, so as to exempt licensed real estate brokers and salespersons assisting in a short sale real estate transaction from the mortgage broker licensing requirements; to provide for related matters; to repeal conflicting laws; and for other purposes."
0 votes Thank Flag Link Fri Apr 26, 2013
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