How do you start a mortgage broker company?
July 31st, 2010
2 Comments
I am about to take a loan officer class next week and my goal is to start a mortgage loan company.I just want to be able to go into business for myself. I would love advice from people who are already doing it.
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2 Comments to “How do you start a mortgage broker company?”
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You need to check on the requirements of the state you are located in. Generally, there is a department that oversees mortgage brokers and sets the licensing requirements.
Try googling “mortgage broker licensing“.
There is probably an experience requirement. In Ohio, I think it is 3 years. Then, there is a fiduciary bond required, education requirements, testing and I think some sort of net worth requirement.
There is a lot of risk starting your own company as ideal as it may sounded and there are probably hundreds of brokers exiting the business as it has become harder and harder for them to survive with changes in the law that are perceived by many to be anti-broker. They have essentially been scape goated with the whole mortgage crisis when they were really a bit player.
You may want to focus on building a referral base as a loan officer for a bank that can lend nationally. You can make decent money and won’t have the headaches and liability that you would as a broker.
Good luck.