How to Start a Mortgage Business
Looking for a new way to generate profit this year? Why don’t you try to engage in a mortgage business?
By using your skills and knowledge in this kind of industry, you will be able to stay on top during tough economic times.
The mortgage business is absolutely different in every state. But one thing that these states have in common is the requirements for licensing. The process will absolutely be the same whether you decide to get a banking license or brokerage. In this article, you will learn the steps which will pave the way for your success.
Starting a Mortgage Business
The mortgage license will be the heart of your business because without it, your business will be called illegal. So, you need to contact the office of your state which is the one to oversee the mortgage licensees. The process will just be the same on how it will oversee the real estate business. This will also be a great help for you to submit the necessary application requirements. The fee also varies depending on what state you are in.
Your credit report and credit history are also very important to be checked. There are states which will just nullify your license application if you have a poor credit. But if you are in a not so strict state, you are still lucky to pursue your dream in operating this kind of business. To make sure that you will be playing the safe side, you need to pay first all the past accounts, liens, judgments and collections before you start the process of license application. Now what is you have bankruptcy? Then the best thing for you to do is to wait before you apply.
You are also required to make an asset list. But this will still depend upon the criteria, rules and regulations that are set by your state. There are state agencies which prefer the applicants to have between 20,000-30,000USD in assets which include bonds and equity in automobiles or real estate, stocks, computers, office furniture and cash.
The duration of the application processing ranges from 30-90 days. So, while you are waiting for it, you have to choose a great location and set up your office. There are states which will allow you to run your mortgage business at the comfort of your home but some don’t. If your state is not so strict regarding this, you can cut costs for the office rent.
You will also need the assistance of an accountant or attorney for your mortgage business to be successfully incorporated. In this aspect, they will help you to set up your business accounts and to adhere to the several guidelines set by an authorized department in your area or state. When everything is done, you can proceed to developing the business plan and beginning originating loans.
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