I want to bring your attention to H.R. 1728 Mortgage Reform and Anti-Predatory Lending Act. The intentions are honorable, the bill is to amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to provide certain minimum standards for consumer mortgage loans, and for other purposes.

But the reality is that the bill has a lot of ambiguity and broad definitions that are going to impact our industry dramatically.

HR 1728 will be detrimental to retail home buyers, investors, and mortgage brokers should it become law.

With this piece of legislation Congress will greatly restrict seller financing, thus taking of our private property rights. The US House recently passed HR 1728 which limits you as an individual to sell real property using seller financing to only once every 36 months (HR 1728 Sec 101 Definition (3)(E)).