Attention Ohio Note Brokers...Licensing? Help!

[Jessica Swingle]

Hi all,

I recently decided to start a note business - to buy notes for my own portfolio but also to broker to other investors.

After much research, I'm afraid I'm back to square one on the licensing issue. I've heard everything from "just start brokering and figure it out later" to "you must be licensed as a Mortgage Broker (which, in my home state of Ohio, requires a minimum 3 yrs in the mortgage industry plus a 50K surety bond, etc). I have no problem taking courses to get a license (not trying to take short cuts) but according to the requirements, I do not have the work experience in the industry to even apply.

My goal is conduct business honestly, ethically, responsibly and legally. However, I can't seem to find clear answers on this. If my marketing message states that I am a "note buyer" (which, in fact, I am), and I decide to either "sell" the notes I choose not to purchase via

A. simultaneous close...or

B. act as a principal and assign my rights to an end buyer for a fee

(similar to wholesaling real property), do I have to be licensed?

I'm not asking for legal advice, but any thoughts or Ohio contacts (attorneys or people who have experience brokering notes in Ohio) would be GREATLY appreciated.

Thank you,

Jessica