Mortgage brokers are legal entities and individual entrepreneurs who help borrowers choose a profitable lending program. If a broker works in a specialized company or real estate agency, he knows better the conditions and technologies of banks, so it is better to select an institution that is appropriate for the age, income and credit history of the buyer. If you have some experience and connections, the mediator will help you complete the documents and go through all the registration procedures A mortgage broker is not needed when buying a home in a new building. Only accredited credit institutions participate in each specific program.
2 parties participate in the registration of a mortgage loan: a credit institution and a real estate buyer. An agent can represent both the bank and its client, interacting with other market participants: realtors, appraisers, insurance companies.
Mortgage brokers make a national average salary of $91,316 per year. Senior mortgage brokers make a national average salary of $181,768 per year.
You can determine the functional responsibilities from the job description. Such a specialist is obliged to:
Once you know the responsibilities of a mortgage broker and understand the income potential of becoming one, there are certain things you should know about to start. The following steps may help you to succeed in this sphere:
For getting mortgage broker license in Florida you should consider following requirements:
►Provide information about the main lender (must have a licensed lender in Florida)
► Complete an MU2 form for each controlling person in your business
►Answer questions about disclosures on forms MU1 and MU2
►Check FBI and state criminal record checks for each controlling person
►Submit credit reports for all controlling persons
As soon as you get a license, you have to renew it on yearly basis in order to operate legally. Entire renewal process should be completed before December 31 of each year. When you are licensed as a broker, you must keep detailed records of your business activities. You must fill out a mortgage broker’s deposit account form and keep a log of transactions and lending.
If on your mind starting your mortgage brokering business in Texas then you need to familiarize yourself with the administrative process that is required for all brokers in the state. Here’s how you can start your legal compliance efforts.
In order to operate in Texas you have to get a license. Because it will guarantee that you are professional mortgage broker. The criteria are set by the state licensing authorities that oversee the activities of mortgage professionals.
The Department of Savings and Mortgage Lending and the Office of the Consumer Credit Commissioner (OCCC) are two bodies that regulate mortgage brokers.
Below you will find requirements for having Texas mortgage broker license:
· Application from MU1 have to be completed (mortgage company application)
· Financial statements
· Formation documents
· Business plan
· Organizational and management charts
· Disclosure questions
· Obtain FBI and state criminal history background check for each control person
· Provide credit reports for all control persons
Applicants for the Department must also meet the financial requirements set out in the Texas Mortgage Broker Licensing Act. You must either maintain a net asset of at least $ 25,000 or provide a surety of a $ 50,000 mortgage broker.
Do you have any further guidance on how to get a Texas mortgage broker license? Share your thoughts in the comments section.