Posted by Adam Miller on April 08, 1999 at 16:56:15:
Thanks Don, I will look into that company ASAP.
Adam
The Other Side - Posted by Adam Miller
Posted by Adam Miller on April 07, 1999 at 21:59:24:
Does anyone know where to find educational material on the subject of loan brokering? I would like to get into the business of assisting people in applying for RE loans, filling out loan packages and submitting them to lenders. I am in California and I understand that there is a lot of business in loan consulting/brokering. I have found one company here in Los Angeles called the Loan Consultants. They offer a $10,000+ training workshop in which they claim you will learn how to find applicants, package there loan and then submit to lenders. They say you will get access to over 200 lenders dealing with A,B,C & D paper. Also they claim to teach all about processing loans on Factoring/invoices and equipment leases. If anyone has worked with this company or knows of a better source to get all or any of the above info, I would greatly appreciate hearing about it. Thank you for your time
Adam
Re: The Other Side - Posted by Don (Silicon Valley)
Posted by Don (Silicon Valley) on April 08, 1999 at 15:10:44:
Adam,
There’s loan broker training available in the San Mateo area (just south of San Francisco). Last time I checked it was about $2,500 for an intensive training session…they train a lot of bank loan officers, but anyone can attend. Basically what you learn is assembling a loan package, establishing relationships with lenders, marketing, and getting your license. The license you obtain is a CA Department of Corporations broker license, which allows you to broker loans, but you can’t employ agents (in CA you need a real estate broker’s license to employ agents).
A CA Dept. of Corp. license requires that you have and maintain a net worth of $25,000 or more, be bonded, and pay minimum annual fees of around $250. Folks with these licenses tend to broker a lot of B & C paper loans.
One thing you might try for more info is going to a local thrift and loan in your area and take the loan manager to lunch…that’s what I did when I was checking out the San Mateo company (the thrift and loan was one of their references), and the loan manager informed me that I didn’t need any license to deal with a CA thrift and loan…anyone can walk in off the street, submit a loan, and collect a commission.
Anyway, the San Mateo company’s number is 650-342-6073. If you’re really considering spending $10K, you could fly up here, stay the weekend, take the training, and fly back for a lot less than that. They also provide continuing support as you develop your business.
Good luck
Don
Re: The Other Side - Posted by Irwin
Posted by Irwin on April 08, 1999 at 07:01:51:
$10k for on the job training??? Give me a break. The mortgage brokering business is technical and competitive, but you don’t have to be a raving genius to learn it. Most of the people I know in the business learned it by working for someone else and then going on their own. I’d shop around for a job where you can earn a little as you learn.