[walds11]

I currently work in retail platform sales for a large bank in PA. I open bank accounts, CDs, IRAs, limited investments, lending: HELOCs, HELs and some first lien position lending and Small Business. I refer mortgages to the Mortgage Rep. I make a decent base salary plus monthly commissions. Working in a retail branch is nice because client come to you, but there is lot of servicing beyond managing my current clients and pipeline. And tons of micro-management!!! I am getting tired of working for the man.

I am thinking about becoming a mortgage broker. I know a few one man mortgage brokers and they make a decent living. One works from home and the other has an office with fairly cheap rent. They do refer some HELOC and HEL business to me. Just recently I referred a mortgage broker a deal that I or my Mortgage Rep could not do. When the deal closed, he gave me a little "kick-back." I was thinking, wow, what if I could do this myself. 2-3 deals a month and I would easily gross $150,000. That's about what this one guy's production has been lately. Obviously it is not as easy as it sounds.

Start up and monthly expenses seem to be pretty low for a Mortgage Broker. What does it take to start up and maintain ($, licensing, etc)? I have the background and knowledge about lending, so that is a good start. I have a lot of contacts in the financial services/banking industry, so that could be a good start for referral sources.

What is this thing I hear about paying a company per file to do a mortgage? Maybe you are not a full fledged broker when you do this?

Next summer/fall 2008 would be an ideal time for me to start up a business (or quit my job)because my son starts kindergarten and our childcare expenses will be pretty much nill. My wife is a teacher, so we get benefits through her.

Thanks!!!