; and (2) only extend credit with respect to residential mortgage loans that are with respect to property that is owned by such person. . 4. Exception for owner financers in the definition of mortgage originator Subparagraph (E) of section 103(dd)(2) of the Truth in Lending Act ( 15 U.S.C. 1602(dd)(2) ) is amended— (1) by redesignating subparagraphs (F) and (G) as subparagraphs (G) and (H), respectively; (2) by amending subparagraph (E) to read as follows: (E) does not include, with respect to a residential mortgage sale, a person or entity (including a corporation, partnership, proprietorship, association, cooperative, estate, or trust) if— (i) such a person or entity provides owner financing, in a 12-month period, for the sale of 24 properties; and (ii) each piece of real property described under clause (i) is owned by such a person or entity and serves as security for the loan or extension of credit, provided that such loan or extension of credit— (I) is not made by a person or entity that has constructed, or acted as a general contractor for the construction of, a residence on the property in the ordinary course of business of such person, corporation, association, estate, or trust; (II) is fully amortizing; (III) is with respect to a sale for which the owner determines in good faith and documents that the buyer has a reasonable ability to pay the owner; (IV) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and (V) meets any other criteria the Bureau may prescribe by rule;