mortgage originator license

[Jacob G.]

If you get a mortgage originator license - could you originate loans without working for a brokerage? Anybody know ?

[Jay Hinrichs]

Originally posted by @Chris Mason:

Originally posted by @Jacob G.:

@Chris Mason thats what i was thinking. why did it become not worth it? financially?

 My production would drop at least 20% if I was doing all the CFPB/Dodd-Frank nonsense. Each funded loan, as in it's closed and the homeowner is in the property and they are in the "making monthly payments" phase, has another 100-200 pages of QC/compliance paperwork on the back end. Totally worth it to me to give someone else a cut of my action and allow me to focus on moving forward. Also if that someone does miss something that's discovered during an audit, they get fined and not me (obviously a pattern will result in a severed relationship, so I keep everything compliant to the best of my ability so that final QC/compliance package is a slow ball I'm pitching their way that they can knock out of the park).

it only works if your like me a commercial ONLY mortgage bankers who is not doing all the CFPB stuff.. we just have to do a quartly mortgage call report on NMLS which is pretty basic I know this because even I can do it.. at least with the help of the help line. LOL