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neversaynever
1044 Posts |
 Posted - 05/13/2008 : 2:36:08 PM
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In the past I have heard that FHA allows for us to do loans in bordering states. I have also heard Flagstar will allow you to use their license for something like 2 loans a year in a state in which I am not licensed in.
Can anyone confirm one or the other? |
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neversaynever
1044 Posts |
Posted - 05/13/2008 : 2:46:22 PM
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| Im in CO, trying to do Wyoming... |
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1stintegritymort
1298 Posts |
Posted - 05/13/2008 : 2:48:35 PM
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| Call the licensing Dept. in WY and ask them yourself. They will tell you if it is allowed and that way you know for sure. |
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neversaynever
1044 Posts |
Posted - 05/13/2008 : 2:49:37 PM
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Just got this response back from Flagstar
quote:
Hi Nick,
You could do it as an exception, but you cannot make any money. No processing origination, but you could make yield since you are correspondent. Hope this helps!
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dwmordue
430 Posts |
Posted - 05/13/2008 : 2:53:43 PM
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Just have to price it at 104 I guess.
Actually,
I went through the same thing last month.
I'm in WA, tried to do an FHA in Oregon, and was required to have an OR license (which pretty much is identical to a WA license in terms of testing and requirements)
Some states seem to require and actual licensed branch within the state, others seem to just want you to have an individual LO license.
In the case of Flagstar, I had used them about a year ago to do a loan in a state where I was not licensed. Somehow their license covered it.
Collected Origination and YSP on the file. |
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