I wonder if it is worth investing time to get the license or at least to take the exam prep course (20 hrs, $400) if you are planning to "become a private bank" and invest in debt.
I also see the loan processing course is offered locally for $250.
It seems to be a good opportunity to network and better understand the industry.
Well... please share your experience and if it is worth time/money.
On the other hand it would probably be unethical to write personal mortgages/loans being licensed mortgage originator....
I took the course for exactly the reasons you proposed. I found that the course had nothing to do with actual lending only the 20-30 federal laws needed to comply as a mlo. Tila,respa, hoepa, fair housing,fair credit etc The course is geared for passing federal and state exams.If you want to originate your own loans it is much better to hire an attorney or an mlo originator. The requirement to become a mortgage company and the possible fines associated with the practice of lending is not for the faint of heart .
Fair enough. I am sure it was a good knowledge although probably very boring classes...
Steven, what did you do to get more local knowledge in the debt investing after that not very satisfactory experience?
Was it good for networking? Or would you rather meet with local REI groups instead?
I hope I did not bombard you with too many questions...:)
actually meeting with local lenders, ,networking with hard money lenders following a lot of the posts on BP concerning cash outs, refinances, commercial loans, etc There is some very knowledgeable lenders and very experienced hard money lenders on this site . Hard money lenders are a great resource to vett your projects because they crunch numbers on market value ,comps, arv and rehab costs all day long.That is backbone of their business and without those skills they would not survive
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