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 Broker Shop --- should I open or not??? View next topic
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Bengal
Dud?


Joined: 01 Sep 2011
Posts: 1

Broker Shop --- should I open or not???
PostPosted: Thu Sep 01, 2011 5:33 pm Reply with quoteBack to top

I have been a loan officer for the last 4 yrs and a Real Estate broker for the last 2 years. I have my own office and some help that I think, I can smoothly run the processing jobs. So, first question, how to get the Mortgage Broker license, I am in TX and SML regulates that. Second, how to sign up with the lenders, who to choose and how it works (is their any money upfront that I hv to pay), what are the other expenses related on this process now and in the future? I am doing 3-5 loans/per month consistently and currently the split is 75/25, I paid over 12K/month for the last 3 yrs average to my broker, of course, the company provided me the service which is limited to ONLY processing. Please share your experience and help, thanks, Sam
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wavehntr
Dud?


Joined: 04 Mar 2011
Posts: 4

Broker shop
PostPosted: Fri Sep 02, 2011 4:41 am Reply with quoteBack to top

Hello Bengal. Not sure about Tx. Broker packages do not cost anything. Contact the lenders that you like and inquire. If you are originating then I suggest you contact the lenders you currently use. If you hire LO's it will def. Cut into your own production. I am a mortgage broker in CA and can tell you from experience that it is challenging to be a new mortgage broker in this environment. But you can do very well. The first course of business would be to obtain your license in Tx. I think it is a savings and thrift license. [/i]
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realtejas
Dud?


Joined: 14 Jul 2011
Posts: 5
Location: Texas

Broker Shop
PostPosted: Fri Sep 02, 2011 6:48 pm Reply with quoteBack to top

Bengal - You are brave. All of my friends who were brokers got out of the business or connected with a bank. The list of lenders you could use is still contracting. My friends also say that the Texas TMSL is not your friend. Why not go to a bank situation? I recruit for a few banks that want LOs in Texas. Good luck.
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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: Broker Shop --- should I open or not???
PostPosted: Fri Sep 02, 2011 8:20 pm Reply with quoteBack to top

not sure on the exact wording but I do not think you can do FHA loans and be the Realtor on it

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sillycrap
Flash in the pan


Joined: 19 Mar 2011
Posts: 32

Re: Broker Shop --- should I open or not???
PostPosted: Sat Sep 03, 2011 1:03 pm Reply with quoteBack to top

of course "you cannot do the FHA loan and be the Realtor on it".

In fact, HUD's first line in their guidelines say you cannot even have an active Real Estate license and do ANY FHA loans; it goes on to say that you cannot even be a secretary in a Real Estate Office and do FHA loans!

However, don't worry about it... a quarter of the LOs have an active Real Estate License. If the FEDs would enforce 25% of their rules, we would probably not need the other 75%.

In this same vain, how about appraisers that are active Realtors. Oh, they say: "I would never appraise my own listing or sale". Well of course not, but how about your appraisal of the house down the block that you appraise: "your listing is better because you told the seller you, as the Realtor could market their house for more". So you either appraise that house for less or maybe even MORE to raise the value of the neighborhood for YOUR LISTING.

Has anyonje out there ever heard of CONFLICT OF INTEREST?
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scottee10
Flash in the pan


Joined: 07 Jul 2008
Posts: 64

Re: Broker Shop --- should I open or not???
PostPosted: Sun Sep 04, 2011 9:40 pm Reply with quoteBack to top

Ummmmm......Bulls hit alert!!!!!!!!!!
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moeraff1
Dud?


Joined: 26 Mar 2011
Posts: 12
Location: salt lake city

i agree bull poo poo
PostPosted: Mon Sep 05, 2011 6:23 am Reply with quoteBack to top

you have to have a job tied to government programs or spending of work in tech, because all the other jobs are gone.
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MortgageMan85
Wrecking crew


Joined: 10 Dec 2007
Posts: 1665
Location: Dallas

Re: Broker Shop --- should I open or not???
PostPosted: Tue Sep 06, 2011 4:54 pm Reply with quoteBack to top

Bengal,

You would have to look pretty hard for someone that has more brokerage experience in Texas than I. would be happy to assist you with the transition.

I am easy to find.

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mortgagejunkie
Dud?


Joined: 17 Sep 2011
Posts: 1
Location: Texas

Re: Broker Shop --- should I open or not???
PostPosted: Sat Sep 17, 2011 1:59 am Reply with quoteBack to top

To MortgageMan85 :
I would be interested in some help doing a broker shop like Bengal mentioned if you are interested in helping me also.
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