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42
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S Cutsail
  • Rental Property Investor
  • Pasadena, MD
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States Required to hold NMLS to originate REI Loan

S Cutsail
  • Rental Property Investor
  • Pasadena, MD
Posted

I have not yet been able to get a definitive answer as to what states require a Commercial Broker to carry a broker license to get funding private or hard money for non owner occupied real estate investment properties. Can someone please point me in the right direction and the NMLS is not the place to find this information. I would really appreciate any feedback on this. I have been reaching out to private lender's and they do not require me to have a license even in certain states that require a NMLS to originate the loan as a Commercial Broker. 

Someone please help me because it seems like NO one really knows what those states are that require a license even people that have been doing this for 25 yr+. 


All feedback is welcome as long as it's backed by more then just an opinion. I'm looking for facts. Thanks.

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Don Konipol
#1 Innovative Strategies Contributor
  • Investor
  • The Woodlands TX / Avon, CT
10,561
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6,719
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Don Konipol
#1 Innovative Strategies Contributor
  • Investor
  • The Woodlands TX / Avon, CT
Replied

@S Cutsail.

In eight states, those wishing to originate commercial mortgage loans must adhere to rules which govern mortgage loan originators and brokers. This means individuals must obtain individual licenses, and their employers must hold state mortgage broker permits. These states are: Arizona, Arkansas, Florida, Maryland, Nevada, North Dakota, South Dakota and Wisconsin

three states do not require mortgage brokerage licensing to originate commercial real estate loans. However, originators of such financial transactions in California, New Jersey and New York must be licensed real estate agents, and work for firms owned by individuals who hold valid real estate broker licenses.

  • Don Konipol
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Private Mortgage Financing Partners, LLC

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