Must I get a Mortgage Broker’s license? - Posted by Stacy (AZ)
Posted by Stacy (AZ) on January 09, 1999 at 11:30:31:
I’ve been researching the Arizona revised statutes regarding buying and selling mortgages/trust deeds. My brain is now sloshing in legalese soup! I think I’ve confirmed that when buying or selling notes for one’s own account, there is no license needed. However, it seems clear that when flipping notes, a MB license is required.
John, if I market my business correctly, I should eventually have a steady stream of notes coming across my desk. It seems only logical that the majority of these would not be of interest to me for my portfolio. I had envisioned flipping many of these to institutional buyers and collecting a broker’s fee. But now I’m wondering if I’ll get into trouble acting as a broker without a license, never having taken ownership of the notes. Am I missing something, or do I need to go through the effort to get a broker’s license?
I realize you’re not an attorney in AZ, but do you have any insights?