The Consumer Financial Protection Bureau issued an advisory opinion and research report on contracts for deed, a form of home seller financing.
CFPB: federal rules apply to contract-for-deed arrangements
August 14, 2024 / By ICBA
The Consumer Financial Protection Bureau issued an advisory opinion and research report on contracts for deed, a form of home seller financing.
The Consumer Financial Protection Bureau issued an advisory opinion and research report on contracts for deed, a form of home seller financing.
Background: Under contract-for-deed deals—also called land contracts, installment land contracts, land sales contracts, or bonds for deed—the seller agrees to turn over a home’s deed only after the buyer completes a series of payments.
Details: In its advisory opinion, the CFPB said contracts for deed are generally credit that is offered by a creditor under the Truth in Lending Act, so most are considered residential mortgage transactions under Regulation Z.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
