How do I get SAFE license?
OK, I need to get licensed under SAFE as a Loan Originator to do seller financing deals. But I don't want to be a Loan Officer.
So I go ahead and go through an online class to take the test. No problem.
But then when I go to actually get licensed, you need to have a "sponsor". But this is a catch 22 because essentially all "sponsors" are mortgage brokers.
But mortgage brokers are not interested in sponsoring me because I will not be selling loans as a loan officer.
I have even called our state regualtors to find out what I can do to be sponsored. THey have no idea. But there will be lots of people who fall into this problem. There are lots of attorneys and loan mod/loss mit people who are going to need to be licensed.
They only solution I have so far is to spend a few grand a year to become a licensed Mortgage Broker.
Any other ideas?