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walker texas ranger
how do i start my own mortgage company? please be detailed?
...asked on October 25th, 2013 @ 2:33 am in Loan - Business
You go work for one for a few years, and learn how damn hard this business really is.
Then, just as you see the rates drop and refinancing spike, go open your own joint up.
Or, you set up as a net branch of another bigger company, where you basically operate independently, but pay the parent co. for their licenses, investors, etc… Much cheaper and simpler, at least to get your feet wet. But if you have no experience, no one would sign you up.
...answered by fukinluckyfuker on October 25, 2013 @ 3:25 am
It differs in each state. What state are you located in?
Colorado Division of Banking
Go to your state website, Saving and Loan department, the site provide the info you need and other resources.
Here is a link for detailed requirements for every State, including contact information. Be aware that , in some States, it is illegal to broker a note/paper without a mortgage broker license (unless you are actually buying the note yourself). In Georgia, they aggressively enforce this–even to the point of scouring over ads to find people to prosecute.
Getting approved with lenders depends on the lenders – fyi–a lot of them want managements resume and a copy of your fidelity and surety bonds, E&O isn’t bad to have either..–
Basically, you need to KNOW the business (I have been in the business 7 years). You need to be licensed – Read-up on the RESPA laws -stay current with them (that is your bible, in the mortgage business of what NOT to do). You will need to be BONDED, and have E & O insurance – That is not cheap.
Please don’t take offense as I mean this constructivly — but there is a lot to know and you have a lot of responsibility and liability as a broker – you will need to be able to put in place compliance and internal auditing procedures, do a criminal BG check on anyone you hire– and thats before you start proccessing loans and creating respa documents to be signed.
My point is if your not even sure how to get rate sheets it might not be a bad idea to go to work for a broker as a loan officer for a couple months you will learn a lot very fast and be able to network with a lot of people, and what you learn there could save you a lot of time and money in the long run..
After that, I think the net branch idea would be good idea, because they handle all the legal and compliance stuff while you learn the rest of the business– after a while you could split off on your own. — Also the broker business is fiercly competitive so have a lot of money and a good plan for marketing as it will be your single biggest expense on a monthly bases.
...answered by W. E on October 25, 2013 @ 4:18 am