Guidance Needed: Sponsoring Brokers and Loan Shopping for New Mortgage Brokers

[Dillon Eversole]

I am currently completing the pre-licensure course for my MLO license, aiming to become a mortgage broker specializing in primarily non-QM/hard money products, along with some conforming loans. Do I need to secure a sponsoring broker who offers all these products? Also, will I have the flexibility to shop loans to wholesale lenders beyond the one with whom my license is associated?

[John Karg]

Hi Dillon, 

Yes, your broker will have agreements with a certain number of wholesale lenders, and you will be able to offer the products that any of those wholesale lenders offer. Any broker will have agreements with enough lenders for conforming loans, but not all have a ton of Non-QM lenders. 

John