Mortgage License - can someone tell me.... - Posted by Edyta

Posted by Willie on August 19, 2003 at 20:14:52:

I wouldn’t think HUD would have any authority to set any rules, unless they pertain to a HUD loan only and then it should be limited to what they can legally require. It is my understanding that it is up to the State where you are doing business to license those participating and set the rules.

Mortgage License - can someone tell me… - Posted by Edyta

Posted by Edyta on August 19, 2003 at 19:51:56:

I am getting conflicting information regarding mortgage licensing. Hopefully someone can clear this one for us.
I and my husband are both in mortgage brokeraging business -I am a senior mortgage officer with a loan officer’s license in NC and my husband is an account executive (he can take his mortgage officer license test any time).

We are contemplating opening our own mortgage brokerage shop or joining a net branch. Either way, our initial plans were to stay with our current employers for about 6 months while we are getting started with our business; however, I learned that I can’t work for more broker at this same time under HUD rules. This of course means that we to give up either my current employment (or at least one of us) or hold off our plans to open our own shop…

What I am not sure about is whether or not my husband can be a branch manager with a net branch (or principal broker for own company) if he is not originating loans currently -his is account exec without the need to have the license.

All in all the question is - does the HUD prohibits broker (or loan officer) from originating for more than one broker OR does the HUD not allow working for more than one broker in ANY capacity.

Your help would be much appreciated. Thank you