I am wondering how you start a mortgage biz? I would like to provide
loans to prospective home buyers. Of course, i will develop a
relationship with a bank(lender)to provide them customers. So how do i
get my cut from this? I guess i am more of a 3rd party. Is this what
mortgage brokers do? It just seems like a very good biz. I believe i
can target people who have low credit, not much money, etc. but want
to buy a house. Do i need to take classes and be certified? I have an
MBA. Thanks.

(Iluv) wrote in message . com...
I am wondering how you start a mortgage biz? I would like to provide
loans to prospective home buyers. Of course, i will develop a
relationship with a bank(lender)to provide them customers. So how do i
get my cut from this? I guess i am more of a 3rd party. Is this what
mortgage brokers do? It just seems like a very good biz. I believe i
can target people who have low credit, not much money, etc. but want
to buy a house. Do i need to take classes and be certified? I have an
MBA. Thanks.

Almost all states require a license of some kind to be a mortgage
broker, which is what you are proposing to do. In some states, notably
California, the license required is actually a real estate broker's
license. The requirements for this cannot be met without some years in
the trade. Some states also require that your business have adequate
capital or a bond.

Mortgage brokers typically collect a commission, in the form of
points, for their service, which can be valuable to customers who have
any kind of unusual financing needs.

Become familiar with your state laws on real estate dealings and
licensing, as well as mortgage lending and brokering.

--
Not a lawyer,

Chris Green

On 12 Aug 2004 21:24:17 -0700, someone wrote:

I am wondering how you start a mortgage biz? .....
..... Do i need to take classes and be certified? I have an
MBA.

What mail order catalog did you get that MBA from, to be asking a Q
like this????

-v.

Mail order? I got my MBA from the Univ. of Texas. I haven't been able
to apply it since i'm in the Information Technology field. I am trying
to leave this field. Opportunities in this field are heading overseas.
I am trying to transition my myself that's why i was wondering if i
would still have to take classes in this biz eventhough i have an MBA.
What mail order catalog did you get that MBA from, to be asking a Q
like this????

-v.

On 15 Aug 2004 23:02:04 -0700, (Iluv) wrote:

Mail order? I got my MBA from the Univ. of Texas. I haven't been able
to apply it since i'm in the Information Technology field. I am trying
to leave this field. Opportunities in this field are heading overseas.
I am trying to transition my myself that's why i was wondering if i
would still have to take classes in this biz eventhough i have an MBA.

OK, that's a fair question; the answer is entirely dependent on your
state, but typically yes. You may also need some years of supervised
experience in the trade before you can do business on your own
account; your MBA will not substitute if the law calls for, say, two
years experience under the supervision of a licensed broker.

--
Chris Green