Hello BP community! I have decided to start a mortgage and lending company. I will be 50% owner with a MLO. He will handle all the lending side of things and we will hire a 3rd party processor. It looks like we will be conducting business as a wholesaler for large lenders.
This seems like a great revenue channel, what are some pitfalls to look out for? What are your thoughts?
The only thing I could point out is please be extremely cautious of who you're partnering up with. It's something I rarely recommend because of all the complications that usually occur once things start rolling.
And if you really decide to partner up with someone, make sure that the papers, agreements and contracts are extremely clear to all parties to avoid any kind of misunderstandings.
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