Instead of charging a broker fee could I call it a "Finders Fee" or a "Consulting Fee"? I work for a Mortgage Banker but am contemplating starting my own shop as I have developed some relationships over the years. I am not licensed at present.
if you discuss rates, fees, or review income documentation with a client.....you must have a license
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Here are a few sites:
http://www.mymortgagetrainer.com/index.p hp?option=com_content&task=view& id=62&Itemid=89
http://www.asisvcs.com/publications/pdf/ MG4400.pdf
Hope this helps!
How difficult is it to obain this license? What is the cost? I have been in the real estate business since 1998 and would like to obtain certificate to start originating loans. Any info is appreciated.
Any broker license is difficult to acquire because of the material on the test and the qustions are tricky. I don’t have one in Texas but I do have one in California. If you study you will do fine though.
http://www.sml.state.tx.us/Licensing%20G uidelines.pdf
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Reuters - Oct 30, 2009
Kelly brings more than 25 years of experience in mortgage banking, most recently serving as President and Broker/Owner of Advantage Residential Mortgage and more »Reuters - Oct 08, 2009
With over 15 years of relevant industry experience, Ms. Sieve most recently served as a Mortgage Broker for nine years at BARONS Mortgage Corp.,Leagle, Inc. - Oct 23, 2009
Ameriquest Mortgage Co., 49 SW3d 342, 344 (Tex. 2001). The literal text of the Texas constitution protects the "owner or the owner's spouse" from paying theHousing Wire - Oct 09, 2009
She most recently served as a mortgage broker for Barons Mortgage, a firm she founded. Debra Stiles is the Arlington branch manager. and more »Wall Street Journal - Oct 31, 2009
At one point in late 2007, a broker called to remind Mr. Paulson of a personal account worth $5 million, an account now so insignificant it had slipped his
Texas Department of Savings and Mortgage Lending
Find details on how it affects Texas Mortgage Brokers here. ... a healthy mortgage lending environment in Texas. Texas Department of Savings and Mortgage Lending Site Map ...