Out of state mortgages - Posted by Shelly

Posted by FrankWI on May 21, 1999 at 10:48:00:

I agree with JPiper. Most states have licensing requirement for mortgage companies/brokers. As a mortgage broker/banker, I can not do business in any given state without meeting their requirements. Such as license fees, bonds, or background checks performed by that state.

This is to control those who obtain personal consumer information and what they do with it. It basically protects you, the consumer.

Most states require that the broker/banker have an office within that state where the license is to be posted for public viewing.

Doing business with a non-licensed broker/banker could cause problems for you. So be careful of who you give your personal information to.


Out of state mortgages - Posted by Shelly

Posted by Shelly on May 18, 1999 at 01:00:09:

I have a good friend in the mortgage business. I actually bought my house from him w/ no money down. But I had no idea what I was doing at the time, I just “went along” with his idea. I am moving to another state. If I needed a mortgage, could I potentially use his mortgage company to finance the deal, even if he is in one state and I am in another? Also, could this be done with forclosure properties and/or rehabs?

Thank you for your answers. I was up late tonight and thought of this after I already posted my other questions.


Re: Out of state mortgages - Posted by JPiper

Posted by JPiper on May 19, 1999 at 07:37:54:

The key would be whether your new state has a licensing requirement for mortgage companies/brokers, and whether the mortgage company/broker is licensed if this is required. Give them a call and ask.