Can I Be an Office?

[loanER]

i Would like to find out if i can start an office for loan processing only. What we would do is package the Mortgage Loans under the Brokers company prior to submitting the loan to the Banks. After the broker interviews the client and collects the necessary documents our office would be responsible for verifying the employment, assets, and credit, also make sure that they fit the guidelines of the mortgage lenders.

should the loan be closed by the mortgage broker, we would be paid through an escrow instruction by the broker to the escrow company for processing the loan.

What puzzles us is that, are we suppose to obtain a real estate lisence? and are we breaking any laws by doing loans outside the brokers office? Should we obtain a lawyer to structure our policies and regulations so we don't cross any IRS guidelines as far as commisions are concerned.

 

[Tracey]

You defintely need a lawyer to research the laws & write you a firmal opinion letter.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by loanER:
i Would like to find out if i can start an office for loan processing only. What we would do is package the Mortgage Loans under the Brokers company prior to submitting the loan to the Banks. After the broker interviews the client and collects the necessary documents our office would be responsible for verifying the employment, assets, and credit, also make sure that they fit the guidelines of the mortgage lenders.

should the loan be closed by the mortgage broker, we would be paid through an escrow instruction by the broker to the escrow company for processing the loan.

What puzzles us is that, are we suppose to obtain a real estate lisence? and are we breaking any laws by doing loans outside the brokers office? Should we obtain a lawyer to structure our policies and regulations so we don't cross any IRS guidelines as far as commisions are concerned.<HR></BLOCKQUOTE>

Whatever State you are operating in, you need a mortgage brokers license.

 

[loanER]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tracey:
You defintely need a lawyer to research the laws & write you a firmal opinion letter.

<HR></BLOCKQUOTE>

how much would a lawyer normaly charge for something like this? should i get a real estate laywer or a tax lawyer?

 

[loanER]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
Whatever State you are operating in, you need a mortgage brokers license.<HR></BLOCKQUOTE>

the license that we use is the brokers license of the company that hires us to package their loans. we do not submit the loans under our name. though we do have a sales license. should we have our sales license hang with the broker who hires us to process the loans?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by loanER:
the license that we use is the brokers license of the company that hires us to package their loans. we do not submit the loans under our name. though we do have a sales license. should we have our sales license hang with the broker who hires us to process the loans?<HR></BLOCKQUOTE>

What State are you in and what is a sales license?

 

[loanER]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
What State are you in and what is a sales license?<HR></BLOCKQUOTE>

California and our license is a Real Estate license..

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by loanER:
California and our license is a Real Estate license..

<HR></BLOCKQUOTE>

Based on the type of work that you are doing, it is my opinion that you would need your own mortgage brokers license or be an employee of the mortgage broker. Double check this with the State mortgage brokers licensing Board.