Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

156
Posts
8
Votes
Jacob G.
  • Property Manager
8
Votes |
156
Posts

mortgage originator license

Jacob G.
  • Property Manager
Posted

If you get a mortgage originator license - could you originate loans without working for a brokerage? Anybody know ?

Most Popular Reply

User Stats

42,743
Posts
62,971
Votes
Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
62,971
Votes |
42,743
Posts
Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied
Originally posted by @Chris Mason:
Originally posted by @Jacob G.:

@Chris Mason thats what i was thinking. why did it become not worth it? financially?

 My production would drop at least 20% if I was doing all the CFPB/Dodd-Frank nonsense. Each funded loan, as in it's closed and the homeowner is in the property and they are in the "making monthly payments" phase, has another 100-200 pages of QC/compliance paperwork on the back end. Totally worth it to me to give someone else a cut of my action and allow me to focus on moving forward. Also if that someone does miss something that's discovered during an audit, they get fined and not me (obviously a pattern will result in a severed relationship, so I keep everything compliant to the best of my ability so that final QC/compliance package is a slow ball I'm pitching their way that they can knock out of the park).

it only works if your like me a commercial ONLY mortgage bankers who is not doing all the CFPB stuff.. we just have to do a quartly mortgage call report on NMLS which is pretty basic I know this because even I can do it.. at least with the help of the help line. LOL 

business profile image
JLH Capital Partners

Loading replies...