All Forum Posts by: S Cutsail

Don,

Thanks for the response it is very much appreciated. Just to clarify what you have written. 

From what I gather you are stating that Arizona, Arkansas, Florida, Maryland, Nevada, North Dakota, South Dakota and Wisconsin require a license to originate Commercial loans correct?

Is this accurate (Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application). 

What if the Commercial Broker gathers an initial application for purposes to send it to the lender who is handling the loan origination piece, who carries and holds all the license in those state's. Is that perfectly legal?

Secondly, what three states do not require brokerage licensing to originate commercial real estate loans?

Thirdly, to clarify your answer about "originators of such financial transactions in California, New Jersey and New York must be licensed real estate agent" and work under a real estate broker. 

What if they are working under a loan broker in those 3 states. Do they need to work as a real estate agent under a real estate broker at that point to conduct those commercial types of financial transactions?

Thank you Don for your response once again. Hope you enjoy the rest of your Sunday. 

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.

@Ronald Rohde It's actually cheaper than I thought. Thanks

@Alex Mao Do you know any alumni?

@Ronald Rohde thanks for your input but they want like $15k for 5 courses. I don't have the money or I would go.

@David de Luna cozy and VTS for thorough screening if it's your first time.

@Kellan Martz conventional is the way to go

@Brian Greeson Cozy makes them pay the app fee. Vts screening is great but they just changed the rule you have to have 100 plus units to use their service.

@Brandon Mitchell where you from

@Craig Garrow thanks