Broker advice on starting up mortgage business

[ivy]

I recently passed the CA Real Estate Broker exam. I plan to start my own mortgage business in the near future. However, I have no clue where to start. I need some guidance and advice. What should I do?

[CrushedGrape]

I notice no ones answered your question yet, I'm from the UK but will attempt one or two lines of advice.

Firstly, find out what legislation there is in the market and work backwards from there. Make sure your business is squeeky clean and has the appropriate licenses. Next, spend some time researching the actual lenders. For example, will you go with one? Will you deal with a broker and act as an intermediary or will you have a lending panel.

[ivy]

you know that is a great idea to learn more about the lenders.
i guess that's what i will do in the meantime. when i do get comfortable enough i will then build my clientele and hopefully get a lot of deals.


i appreciate your advice!

[Alta]

[QUOTE=ivy]I recently passed the CA Real Estate Broker exam. I plan to start my own mortgage business in the near future. However, I have no clue where to start. I need some guidance and advice. What should I do?[/QUOTE

Have you found out any info on starting up a mortage company? Alta

[kthomas]

If you're looking to learn about the mortgage business, you can learn as you earn at the company I am an agent for. You'll get to work with some of the strongest financial companies in the business, using cutting edge technologies and other financial experts' knowledge to do things like this:

Offer mortgages with the same payment as a 30 year mortgage, but it gets paid off in 8-12 years instead, saving the client hundreds of thousands of dollars.

Offer refinance mortgages to include all the client's debts, and still get it all (the mortgage and the other debts) paid off in 8-12 years, and the client pays no more out of pocket than they are paying right now.

Our average client saves over $125,000 in interest payments, with no out of pocket cost, and becomes debt-free in 8-12 years.

It doesn't cost you anything to become an agent with them, but they are only looking for a few good agents at this time. There is an interview process, which I will be glad to explain to you.

If you want to start "softly," instead of becoming an agent, you can make some nice commissions by just referring clients to me. If you want to do some of the follow-up work with the clients, etc., I am open to JVs like splitting the agent commission 50/50, etc.

The first website I've put up for this business details the "Pay off your Debts in Half The Time, at no out of pocket cost" aspect of the business. I am currently working on one for the first mortgages, also.

If this is where your interests lie, you can't go wrong by getting into the business this way. It won't cost you anything; you don't have to get any additional licenses; you'll have an edge over other mortgage companies with both your strongly established creditors and your plans which let people pay off the mortgages in half the time with no additional out of pocket cost; and you'll make some nice commissions while you are learning the business.

Anyway, you can contact me over at the website:

http://www.EquitySmart-TX.com

I can give you more info on the company than what is up on the website, and help you get started looking into the agent or the referring agent possibilities.

Kathryn