Becoming a mortgage Broker - Posted by Mark (Stl)

Real Estate Investing Real Estate Financing
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Posted by Cesar on March 10, 1999 at 10:22:29:

No whizzing taken…

You are absolutely, right, Darrin, if he decides to BECOME a mortgage brokerage business. However, he has the option to also join an already created mortgage brokerage business and be a co-broker for them, splitting his commissions with them. He would be able to use THEIR tables, chairs, phones, marketing, etc. to bring more business to them, and himself.

In this way, he can get the experience, learn some tricks of the trade, build up rapport with lenders, and THEN go out on his own with his own tables and chairs.

This is just a more cost-effective way to get started, that’s all…

Unless his particular state won’t allow co-brokering, which I suppose is possible…Maybe he should just go out and buy some basketballs…

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Becoming a mortgage Broker - Posted by Mark (Stl)

Posted by Mark (Stl) on March 07, 1999 at 23:15:02:

Can anyone tell me how I Can Become a licensed mortgage broker?

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Re: Becoming a mortgage Broker - Posted by Jason-DTX

Posted by Jason-DTX on March 08, 1999 at 11:46:33:

In Texas you don’t even need a license. You need to find out your state laws. Check with the secretary of state and at least they will tell you who to talk to if its not them. You can usually talk to their staff attorney’s on the phone also if you have legal questions. Free advice from the people who regulate your state’s mortgage brokers should give you the right answers.
Jason Windholz

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Re: Becoming a mortgage Broker - Posted by AJ - Oklahoma

Posted by AJ - Oklahoma on March 08, 1999 at 10:49:17:

At least in Oklahoma you have to have 2 years of residential lending experience before you can apply to become a mortgage broker. By the time you pay all the licensure fees and open a trust account at an FDIC Bank you will probably spend $1000 plus. There are many legalities in the mortgage broker business and these will vary from state to state. Working for an existing brokerage firm or bank/credit union mortgage office as a loan originator first is probably the best course of action (and in OK a requirement)

AJ

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Re: Becoming a mortgage Broker - Posted by Carmen

Posted by Carmen on March 08, 1999 at 07:58:20:

Call your state Division of Business & Professional Regulation (I think that’s what they’re called - DBPR). At least in Florida, you have to take a 45 to 60 hour course, then pass a state test to get your license - it all costs about $300 in the end. There are various “real estate schools” (you can probably find one in the phone book) which teach these state-certified courses.

I’m not sure if this differs in other states.

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Re: Becoming a mortgage Broker - Posted by Darrin (GA)

Posted by Darrin (GA) on March 08, 1999 at 24:32:35:

My broker (literally) wrote the book on becoming a mortgage broker. She writes, consults and teaches for the Capstone Institute.
www.capinst.com (I think that’s the URL…)
Her name is Rebecca Sterling. She is a wonderful and professional Christian lady who would be more than happy to answer some of your questions. OF course I would recommend her 600 page book, but you’ll have to write her to find out how to get it. It should be available at Amazon in a few months after she gets her ISBN number. Her address is 321start@bellsouth.net and the office number is 770-321-start(7827).

Darrin

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Re: Becoming a mortgage Broker - Posted by Darrin (GA)

Posted by Darrin (GA) on March 08, 1999 at 10:02:01:

Mark asked about becoming a Mortgage BROKER. In most states (excluding Alabama and a couple more) it cost way more than that to start a mortgage brokerage (which makes you a mortgage broker). He may be asking how to become a loan officer at a mortgage brokerage. The answer to both questions vary greatly from state to state, but rest assured that if your state regulates mortgage brokerages, it will cost you a bundle to get started.

Mark, go take the tests (if your state has tests for loan officers) and go to work for someone else until you get a feel for the business. The mortgage finance business is no cakewalk. You’ll be learning about it for years to come. And just when you know it all, the rules will change drastically.

Darrin

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Re: Becoming a mortgage Broker - Posted by Cesar

Posted by Cesar on March 09, 1999 at 21:36:24:

Darrin,

It seems like you are trying to say that Carmen is wrong. Just so you know, I have been through the Mortgage Broker’s school taught here in Florida by Gold Coast, and it was a 24 hour class. It cost about $200. Then, to take the Mortgage Brokerage Test, it would cost me another $200. At that point, you must open a Licensed Mortgage Brokerage Business, where you must hang your license, or you can just hang your license with another broker (the best idea)until you get the hang of it.

So it is really not a lot more than the amount she mentioned, and not a lot more difficult, either.

So, Mark, I suggest you find out from your regulatory commission in your state what the requirements are, and go from there. I do not believe it is that expensive to become one. If it is in your state, then move to Florida…

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Re: Becoming a mortgage Broker - Posted by Darrin (GA)

Posted by Darrin (GA) on March 09, 1999 at 22:51:23:

I didn’t mean to whiz on anyone’s campfire. However, I thought he might need a little more than just a passing score on the mortgage broker exam in his state.
In my experience, the following items are necessary.

Tables, chairs, filing cabinets (legal), computer, fax, phone, copier, printer, loan processing software, office supplies, business cards, mortgage calculator, incorporation fees, accountant fees, business license, phone lines, electricity, bond, office space, MARKETING, etc…

In Georgia, these things cost money. My purpose was not to discourage anyone, but rather to be realistic. Face it, if you could start a successful mortgage brokerage for $300 and a couple weeks of training, everyone would do it.

Hey, why set your sights so low? For the same money you could get two used basketball goals, borrow a ball and start a new league to compete with the NBA. That way you could become a billionaire, right?

Darrin