All Forum Posts by: William Devine

I can't make it as I will be in Hawaii with my family on a much needed vacation.

Do they record and then make available any of the sessions?

I thought it may be interesting to some but I had two discussions with the state (Illinois) about the timeframe of obtaining a mortgage license. Shouldn't take more than four months or so since I already have a MLO who will be working for me. I will have to take a test as the principal of the company as well but it is not as involved as the MLO exam.

I just have to show sufficient net worth, that I pay my bills and that I'm not a criminal. I will also have to obtain the necessary bonds.

Just an FYI

Well said!

Of course there are a lot of other issues with starting a mortgage company. The first thing would be making sure you had the correct software to service the accounts. There are a lot of Fed guidelines and reporting that has to be done. I have to start looking around even before a license is granted.

Well while waiting for the mortgage licensing to come through I could use outside sources for financing. I also could leased some homes with an option to purchase at a set price after a year or two without guaranteeing they could get a mortgage.

I believe if I lease I could also offer some lease credits for the eventual down payment on the home as long as everything is disclosed to the lender.

Without a mortgage license you cannot give or service mortgages. 

That's disappointing but not a disaster. I will have my hands full for awhile anyway.

Thanks - I appreciate the feedback.  I have already started the licensing paperwork and will be submitting it once the sale goes through (Don't want to jump the gun).