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Mortgage Brokers & Lenders

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Vince Le
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How can a mortgage loan originator become a mortgage broker?

Vince Le
Posted Dec 26 2023, 21:24

What will need to be done when a mortgage loan originator (who already passed the SAFE test and got the selective state education done) wants to become a mortgage broker to work for themself, so their commission won't split up? Thank you.

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Erik Estrada
Lender
  • Lender
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Erik Estrada
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  • Lender
Replied Dec 27 2023, 04:19
Quote from @Vince Le:

What will need to be done when a mortgage loan originator (who already passed the SAFE test and got the selective state education done) wants to become a mortgage broker to work for themself, so their commission won't split up? Thank you.


 You would need to get your Real Estate Brokers license to be fully independent.

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Dallas Sauer
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  • Lender
  • Phoenix Arizona
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Dallas Sauer
Pro Member
  • Lender
  • Phoenix Arizona
Replied Dec 27 2023, 07:13
Quote from @Vince Le:

What will need to be done when a mortgage loan originator (who already passed the SAFE test and got the selective state education done) wants to become a mortgage broker to work for themself, so their commission won't split up? Thank you.


This is state specific and I would recommend checking the NMLS for your state requirements. Here in AZ, it requires a specific amount of time in the industry, more pre licensing education and passing of the brokers test before you can pay for and open your own mortgage brokerage. 

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Jon Puente
  • Lender
  • Charlotte, NC
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Jon Puente
  • Lender
  • Charlotte, NC
Replied Dec 27 2023, 07:15

Hey Vince, I am a mortgage broker that transitioned from retail to wholesale and am happy to share my journey with you!  It's very easy to do, just need to find the right company that aligns with your values and goals. 

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Doug Smith
  • Lender
  • Tampa, FL
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Doug Smith
  • Lender
  • Tampa, FL
Replied Dec 27 2023, 13:39

Hey @Vince Le. Make sure you think about the pros and cons. The compliance part can be a nightmare. Lenders pull your credit and ask for financials. There are a lot of headaches that are involved. Make sure the cost and headaches are worth it for you. Take it from a broker owner with several loan officers. It's not the cake walk that I thought it would be and there is value in having a broker/lender deal with a lot of the back office stuff.