Explain to me how Ameriquest can operate in different states?
 

Hello,
Can anyone explain to me how Ameriquest mortgage can operate in so many
states? I recently got my loan officer's license in Texas. I was
curious to find out if i could provide a residential loan to a friend
of mine in California, but i was told that i could only practice this
in Texas only. My mortgage broker, whom i have to be sponsored with,
also told me the same thing. So how does a mortgage company like
Ameriquest able to practice in all 50 states? Thanks.

wrote in message
oups.com...
Hello,
Can anyone explain to me how Ameriquest mortgage can operate in so many
states? I recently got my loan officer's license in Texas. I was
curious to find out if i could provide a residential loan to a friend
of mine in California, but i was told that i could only practice this
in Texas only. My mortgage broker, whom i have to be sponsored with,
also told me the same thing. So how does a mortgage company like
Ameriquest able to practice in all 50 states? Thanks.


Licensed agents in all 50 states?

Licensed agents in their perspective states but ok to work for a
brokerage firm based in another state? Ameriquest is a California based
Mortgage brokerage company. The laws in Texas are different for the
mortgage brokers here. So what process did they get approval to operate
in Texas? By just having a licensed agent in Texas? Just curious. So if
one can find a loan officer in California who is licensed to offer Cali
residents loans, that loan officer can work under a Texas mortgage
brokerage firm? If that is the case, then i can get my friend to start
a mortgage brokerage firm here in Texas and offer loans nationwide as
long as we can licensed agents from that particular state.

Bishoop wrote:


Licensed agents in all 50 states?

On 6 Sep 2005 13:10:47 -0700, wrote:

Licensed agents in their perspective states but ok to work for a
brokerage firm based in another state? Ameriquest is a California based
Mortgage brokerage company. The laws in Texas are different for the
mortgage brokers here. So what process did they get approval to operate
in Texas? By just having a licensed agent in Texas? Just curious. So if
one can find a loan officer in California who is licensed to offer Cali
residents loans, that loan officer can work under a Texas mortgage
brokerage firm? If that is the case, then i can get my friend to start
a mortgage brokerage firm here in Texas and offer loans nationwide as
long as we can licensed agents from that particular state.

Bishoop wrote:


Licensed agents in all 50 states?

Assuming the question isn't a troll.

The COMPANY has to be licensed in each state. It then hires agents that
are licensed in the state they will work.

Your friend can become licensed in another state and then do business in
that state, however the potential business won't usually justify the
expenses involved. Ameriquest is expecting enough business in the various
states to justify the expenses.

This is no different than some other businesses, such a insurance to name
but one.

If the COMPANY has to be licensed in each state then is it just a
simple form to fill out ?

The expenses would be minimal as most loans are done through the phone
, email, and fax nowdays, at least the way we do it here. No need to
actually open an office. By going national, it would expand our
customer base. Don't know if Ameriquest has an actual office in each
state, which i doubt, but they do quite a bit of business over the net.

My initial thought was that the reasons why one could do loans
nationally was that maybe the mortgage brokers were using national
lenders(Bank of America, etc) which is in most states. That's what i
thought anyways.

wrote in message
oups.com...
If the COMPANY has to be licensed in each state then is it just a
simple form to fill out ?


It's not a simple form. It's a very complex form.

If you are really interested in doing it, go to every states department of
banking website and look for information on being a mortgage broker.

Here are two to start with
NY's http://www.banking.state.ny.us/iambb.htm

And CA's, look for California Finance Lenders
http://www.commerce.ca.gov/state/ttc...cense+Handbook