http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/ Your Source for Commercial Real Estate Loans Tue, 16 Feb 2010 12:32:17 +0000 hourly 1 http://wordpress.org/?v=3.0 http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/comment-page-1/#comment-1283 The Commercial Real Estate Agents | Residential Real Estate Sales Wed, 24 Jun 2009 11:18:46 +0000 http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/#comment-1283 [...] I Am A Real Estate Broker Who Wants To Open A Mortgage Division [...] [...] I Am A Real Estate Broker Who Wants To Open A Mortgage Division [...]

]]> http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/comment-page-1/#comment-1086 TN_RealE Wed, 03 Jun 2009 18:37:46 +0000 http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/#comment-1086 It's true you have to make sure you don't violate local or federal laws. Check with your local real estate attorney to see what the regulations are where you do business. You might also consider partnering with someone who's already in the mortgage business. Many real estate offices have a partnership or affiliate agreement with a mortgage company that's "their" lender. Your attorney can tell you about the disclosures you'll need to give your clients to be able to make a commission on both the real estate and mortgage side. (If it's even allowed in your state.) Some offices even have an insurance salesperson as well to offer a "one-stop-shopping" atmosphere to their clients. But I would suggest partnering with people who already have experience in these other industries. It's not that you can't do it. But you might find yourself spread a little too thin and becoming a jack-of-all-trades/master of none. The law in all these industries change often, and it would be difficult to be the sole responsible party who has to keep up with all those changes. I'd make my first stop the attorney. After that, find some partners/affiliates who will contract with you. Also....these 'partners/affiliates' can sublet some of your office space which can be an additional source of income for your office. There may be some that completely disagree with this philosophy. Just my 2 cents. Good luck! It’s true you have to make sure you don’t violate local or federal laws. Check with your local real estate attorney to see what the regulations are where you do business.
You might also consider partnering with someone who’s already in the mortgage business. Many real estate offices have a partnership or affiliate agreement with a mortgage company that’s “their” lender. Your attorney can tell you about the disclosures you’ll need to give your clients to be able to make a commission on both the real estate and mortgage side. (If it’s even allowed in your state.)
Some offices even have an insurance salesperson as well to offer a “one-stop-shopping” atmosphere to their clients.
But I would suggest partnering with people who already have experience in these other industries. It’s not that you can’t do it. But you might find yourself spread a little too thin and becoming a jack-of-all-trades/master of none. The law in all these industries change often, and it would be difficult to be the sole responsible party who has to keep up with all those changes.
I’d make my first stop the attorney.
After that, find some partners/affiliates who will contract with you.
Also….these ‘partners/affiliates’ can sublet some of your office space which can be an additional source of income for your office.
There may be some that completely disagree with this philosophy.
Just my 2 cents.
Good luck!

]]> http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/comment-page-1/#comment-1087 steve s Wed, 03 Jun 2009 18:37:46 +0000 http://www.commercialrealestateloansnow.com/i-am-a-real-estate-broker-who-wants-to-open-a-mortgage-division-any-suggestions/#comment-1087 First of all it is bad enough that real estate agents pretend to be mortgage brokers and think they know everything about the mortgage industry. If you are serious about opening up a broker shop then go to Thomas-law.com and look up your states laws on what you need to qualify so that you don't violate RESPA and the Fair Housing Laws. Also go to mortgageoriginator.com to see what the industry is all about. Just because your in real estate doesn't mean you know everything about the finance side. First of all it is bad enough that real estate agents pretend to be mortgage brokers and think they know everything about the mortgage industry. If you are serious about opening up a broker shop then go to Thomas-law.com and look up your states laws on what you need to qualify so that you don’t violate RESPA and the Fair Housing Laws. Also go to mortgageoriginator.com to see what the industry is all about. Just because your in real estate doesn’t mean you know everything about the finance side.

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