Best Way to Start a Mortgage Company

Peter HuBusiness Member

Realtor · Denver CO · Member since 2022 · 10 posts · 9 votes

I own a small real estate brokerage in CO and I'm also looking to start a mortgage company or at least having some staff members licensed as loan officers. Does anyone have experience doing this and can show me how best to go about it? Thanks!

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Peter Hu:

I own a small real estate brokerage in CO and I'm also looking to start a mortgage company or at least having some staff members licensed as loan officers. Does anyone have experience doing this and can show me how best to go about it? Thanks!

Following as intriguing to learn more about this side of the business.
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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
2y
Quote from @Peter Hu:

I own a small real estate brokerage in CO and I'm also looking to start a mortgage company or at least having some staff members licensed as loan officers. Does anyone have experience doing this and can show me how best to go about it? Thanks!

Are you looking to just serve Colorado / full spectrum (including owner-occ, house hack, etc.)?
The big dividing line is if you choose to do full spectrum or focus 100% on business purpose (i.e. DSCR). The steps, licensing, regulations and everything are much much higher on option 1, however obviously would add a larger target market
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Peter Hu:

I own a small real estate brokerage in CO and I'm also looking to start a mortgage company or at least having some staff members licensed as loan officers. Does anyone have experience doing this and can show me how best to go about it? Thanks!
spoke to a guy earlier this week that has started and sold several. noted if you do not have $2M to start with its probably going to be extremely challenging as you need to get to $200M in originations a year to really make it worth the while as there are specific staff like compliance etc. that are needed from the get go.

Having started several businesses i have learned trying to do it with staff and only a few hundred grand will not work.
Thats also thing with loan officers, most states now require them to be W2 not 1099.
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Scott WolfPro Member
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 957 votes
2y
Quote from @Peter Hu:

I own a small real estate brokerage in CO and I'm also looking to start a mortgage company or at least having some staff members licensed as loan officers. Does anyone have experience doing this and can show me how best to go about it? Thanks!

No experience with it, but I know there are franchises like Motto Mortgage, that provide mortgage in a box essentially, or check bizbuysell and see if there is an existing firm available for sale.
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