Ive' been in the business for many years those in the brooker business already are reluctant in giving me any start up advice any help would be great
2006-07-26 07:04:18 · 8 answers · asked by toung tied 1 in Business & Finance ➔ Small Business
when you have a problem with a mortgage you should try to consolidate that loan, this is called debt consolidation.
this is rather easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-07-31 20:39:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The reaper had some good advice, sub-prime lenders are your best bet especially with the economy today here is some other lenders that you could contact Lime Financial, First Franklin, Long Beach Mortgage, Yale Mortgage. You would probably want to find a few loan originators that are currently working under another broker. I just started my own mortgage processing company and it is a jungle out there. Besides all the initial setup and licenses required you have a long road ahead of you. But if you are determined, you can make it work. If you keep asking i am sure someone will lead you in the right direction. Don't forget these days people are motivated by money, which is sad to say but if you find a broker that does not currently offer in house underwriting, you can sign on with them as a contract underwriter. Hope this helps. When you do start your firm I would love to process for you just remember Fast Paced Mortgage Processing, Inc
2006-07-26 09:08:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.
Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:
* So You Want to Be a Mortgage Broker by Ameen Kamadia
* Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls by Jack Guttentag
* The Mortgage Originator Success Kit: The Quick Way to a Six-Figure Income by Darrin J. Seppinni
* Complete Idiot's Guide ® to Success as a Mortgage Broker by Daniel S. Kahn
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2006-07-26 09:47:27 · answer #3 · answered by TM Express™ 7 · 0⤊ 0⤋
The best advice is to forget it for the next few years. Nationwide, mortgage originations have decreased about 40% from their 2003 peak. And they are likely to decrease even more as interest rates continue to go up. Find something else to underwrite (long-term care insurance, for example).
2006-07-26 07:27:41 · answer #4 · answered by NC 7 · 0⤊ 0⤋
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2014-10-07 16:05:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
what you'll need is contacts within the lenders themselves. obviously the better you know them or the more business you can bring to them the better your rates will be. expect the rates given to you will be a little over par which is about normal. obviously the more lenders you have the more you can offer your clients in terms of rates and packages. all lenders deal with Alt-A and A paper clients. what i would suggest you do is target the subprime lenders since the majority of people out there fall under subprime categories. try southstar, WMC direct, Option One, freemont and countrywide. if you can get these lenders to hook up with you, you will have an impressive array of lenders in which to offer various options to your clients.
2006-07-26 07:12:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The above answers are great so I'm just adding...start with CLIENTS. Net branching can accelerate things.
2006-08-01 19:45:09 · answer #7 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
I recommend getting a website that will generate leads:
2006-07-27 04:58:20 · answer #8 · answered by emetalshop 3 · 0⤊ 0⤋