Ed - investor might wanna be a mortg broker? - Posted by Brian
Posted by Brian on December 18, 2000 at 14:50:13:
I have been investing for almost five years now and have typically been doing rehabs and L/O’s as my exit strategy.
I recenty was approached by the owner/broker of the mortgage company I do a lot of business with to become a loan office for him.
I have checked my state requirements and they are not a big deal. 24 hours of accredited course work and a test to become a loan officer.
I am thinking that maybe this would be a good source of revenue from all the people who call on my ads for real estate but for whatever reason do not like my properties. The ones that are qualified are going to buy something so why shouldn’t I make a few bucks if I can sell them a loan.
I have become well versed in 1003’s, LTVs, D/I ratios and all the other stuff from my experience of qualifying people for my L/O’s. I only want people I can finance in 12 months or less and I usually help them get there act together along the way.
Does this sound like a good idea to become a loan officer or am I creating problems for myself?
Is there a great web site like this one for the mortgage brokers of the world?
Look forward to your comments.