so i want to start my own mortgage company

[alvin]

i spoke to 2 newbie investors last night and they started their own mortgage company(branch). these two investors are not licensed at all and they had partnered up passively with a broker. these 2 investors are mainly running the show by recruting loan originators, a senior loan officer, processors, etc. i was actually surprised because i really didnt think they had the knowledge to do it however i will give them credit to start it up with very little knowledge in regards to the mortgage industry.

i feel that if they can do it, heck, why not start my own too and learn as i go. i'd rate myself to having 20% knowledge of the mortgage industry so i have alot to learn quickly to fill in the gaps. i have an aunt that has her own mortgage firm and im planning to ask her if i can branch from her operations and do business in my county.

one of the problems im going to have is that im still working full time with my computer job. so this will be part time for me doing loan originations/processing. i plan to hire a friend who's an account executive and a sr loan officer to take care of the day to day operations.

there will be 3-4 owners involved. my aunt(broker), my LLC, and my friend(account executive)

this is definately a big step but im going balls out with this. this would be a great milestone in my life to get this branch up and running

[Secret!]

Originally Posted by alvin

i spoke to 2 newbie investors last night and they started their own mortgage company(branch). these two investors are not licensed at all and they had partnered up passively with a broker. these 2 investors are mainly running the show by recruting loan originators, a senior loan officer, processors, etc. i was actually surprised because i really didnt think they had the knowledge to do it however i will give them credit to start it up with very little knowledge in regards to the mortgage industry.

i feel that if they can do it, heck, why not start my own too and learn as i go. i'd rate myself to having 20% knowledge of the mortgage industry so i have alot to learn quickly to fill in the gaps. i have an aunt that has her own mortgage firm and im planning to ask her if i can branch from her operations and do business in my county.

one of the problems im going to have is that im still working full time with my computer job. so this will be part time for me doing loan originations/processing. i plan to hire a friend who's an account executive and a sr loan officer to take care of the day to day operations.

there will be 3-4 owners involved. my aunt(broker), my LLC, and my friend(account executive)

this is definately a big step but im going balls out with this. this would be a great milestone in my life to get this branch up and running

This is one of my favorite quotes: "They know not, what it is they know not about ...." - and that sums up what you're about to do. One thing we all DO know is that you'll be brutilizing and punishing most customers who deal with you, due to all the laws you'll be breaking (since you don't know they're even out there) and as you stumble around learning at the expense of your customers; you'll end up devistating several families in the process. My advise, get yourself trained before you even consider doing this, you'll thank me later if you do