Starting a Mortgage Brokerage: How to Do It Like a Pro | Co/LAB Courses
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- Опубликовано: 25 авг 2024
- In this video, we'll explore the exciting and sometimes daunting process of starting a mortgage brokerage. We'll discuss the value of independent mortgage brokers and provide guidance for loan officers and real estate agents who are unsure of where to begin. Join us to learn more about this important aspect of the real estate industry. #mortgagebrokers #realestateindustry
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👉Learn how to start and operate your own mortgage brokerage from A - Z. The complete guide is here: www.thecolabli...
👉FREE mortgage licensing course: www.thecolabli...
👉Real Estate Brokers can now add mortgage to your business. Learn about our franchising your own Co/LAB Lending Mortgage brokerage: colablending.c...
👉Get step by step mortgage brokerage licensing instruction here: www.thecolabli...
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with the knowledge and encouragement of your videos, we did it! Easy Fist Home Loans LLC is licensed to operate in the state of Maine. i wonder if you could do a video about choosing a CRM, choosing a credit vendor, and getting agency approvals? Thanks!
That makes me so happy!! And thanks for the requests. I had 1 on the list, and will add the others. Your journey has just begun, so if you want some of the shortcuts before I can post them, I have a community & consulting agency you could check out too! Happy to schedule a Zoom if could help.
Great video 💯
Thank you!
I am doing course now so I will get back to you in few weeks. For now this was quite useful video
Thanks. Appreciate it!
This looks very thorough and extensive for a good sized business. Any suggestions on paring these down for a solo/smaller sized firm?
You are correct- we were very thorough when creating, but the foundation and blueprint we use applies to solo owners and teams. Each have to get the company license, sign up for lenders, choose tech, have a budget, etc. We are just launching a membership community for more bite sized learning & payments if interested in connecting.
For the business plan portion, did you find that you were able to create one plan and use it to satisfy the business plan portion of the NMLS filing for each state you applied to or did you have to make tweaks for each state?
We were able to use 1 business plan.
Thank you so much 🫡
You are very welcome. Feel free to check out our other videos and please feel free to reach out if you have any questions.
Very good video
Thanks Clayton! Any questions it didn’t answer?
Good stuff!
Glad you enjoyed it
How do you gain lenders?
You have to wait until your company license is approved. Once it is, there are around 200 wholesale lenders that you choose from and apply with them to become a broker partner
@@CoLABLending thank you for the response! So this list of lenders is supplied by whom?
@@CoLABLending also, what’s the application process like? Not sure how they gauge accepting the application or not. And what kind of turn around time would one generally expect before being approved to do business with a wholesale lender?
@@zachroberts6180 did you find out answer of this question ?
@@zachroberts6180did you open your mortgage Brokage ? I am looking to opening in Texas
What would be the best tax/business structure, LLC, Sol pro, etc?
For a company that buys real estate?
Sorry- you meant for a mortgage brokerage. That depends on a few things, but most likely either partnership or SCorp
We chose SCorp, but it's a good idea to have a conversation with a tax pro about what election will fit best for you.
Just recently started looking into becoming a broker. What would you say is a ballpark figure for start up cost? I’m having a hard time finding this anywhere. It would help me know if I’m prepared to move forward or need to wait a lil longer
It honestly varies by state and if you are starting a solo brokerage or have a team already. Compared to most businesses, it is a low cost business to start and you can do it for under $15,000 if it is just you and you setup in a CoWork space instead of furnishing a whole office.
Just got licensed in the state of Maine. I'm about 6k deep on cash investment, but since i had to leave my full time job to do it, the real overall cost has been closer to 30k.
Amazing info Andres @ CoLABLending 🔥
You're most welcome!