Must I be licensed within Texas as a Mortgage Broker (Commercial) if I charge a payment for arranging financing?
Instead of charging a broker fee could I call it a "Finders Fee" or a "Consulting Fee"? I work for a Mortgage Banker but am contemplating starting my own shop as I enjoy developed some relationships over the years. I am not licensed at present.
Answers:
Finders fees are consulting fees are ILLEGAL under FEDERAL lend guidelines.
So, that pretty much answers your question.
It's not worth prison.
If you don't know that, then you don't know adequate to go into the business.
Commercial mortgage and residential mortgage are two amazingly different things. I used to own a brokerage in NV and while residential lending required a license commercial lend does not.
Mortgage licensing is set up in charge to protect the client, those dabbling in purchasing commercial properties are deem mo0re financially savvy, and thus not in need of as much protection.
A few states- require license for any type of mortgage-both commercial and residential -Texas however is not one of them.
I would consult an attorney as far as how you word the fee- but there are legal ways for you to seize paid- you will however probably have to establish an LLC and charge the fee through that.
You can check here for states requiring Commercial Licensing
http://www.integritymortgagelicensing.com/lists-of-licensing-requirements/commercial-loan-licensing/
and here for license requirements in Texas:
http://www.bankapedia.com/mortgage-encyclopedia/state-licensing/517-texas-mortgage-broker-requirements
if you discuss rates, fees, or review income documentation with a client.....you must have a license
Related Questions:
Mortgage added property taxes and insurance to house costs but that be not surrounded by inspired contract?
i was late on paying taxes and insurance so mortgage company compensated through higher monthly payments put into escrow. they both have be paid back but they will not lower monthly payments. taxes and insurance be not...
Answers:
Finders fees are consulting fees are ILLEGAL under FEDERAL lend guidelines.
So, that pretty much answers your question.
It's not worth prison.
If you don't know that, then you don't know adequate to go into the business.
Commercial mortgage and residential mortgage are two amazingly different things. I used to own a brokerage in NV and while residential lending required a license commercial lend does not.
Mortgage licensing is set up in charge to protect the client, those dabbling in purchasing commercial properties are deem mo0re financially savvy, and thus not in need of as much protection.
A few states- require license for any type of mortgage-both commercial and residential -Texas however is not one of them.
I would consult an attorney as far as how you word the fee- but there are legal ways for you to seize paid- you will however probably have to establish an LLC and charge the fee through that.
You can check here for states requiring Commercial Licensing
http://www.integritymortgagelicensing.com/lists-of-licensing-requirements/commercial-loan-licensing/
and here for license requirements in Texas:
http://www.bankapedia.com/mortgage-encyclopedia/state-licensing/517-texas-mortgage-broker-requirements
if you discuss rates, fees, or review income documentation with a client.....you must have a license
Related Questions:
Mortgage added property taxes and insurance to house costs but that be not surrounded by inspired contract?
i was late on paying taxes and insurance so mortgage company compensated through higher monthly payments put into escrow. they both have be paid back but they will not lower monthly payments. taxes and insurance be not...