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AlexLocklear85
143 Posts |
 Posted - 05/17/2008 : 11:34:46 AM
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I am a licensed Loan Officer in North Carolina, but the company I'm about to start working for, America's Mortgage Broker, out of Florida is able to do loans in other states, but only LO's who are approved in those states can do deals there.
I know I would probably have to go to the state's that required an actual "license" and take a class. But from what I have heard, some state's don't even require a license. Any help? |
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TheBigGuy
392 Posts |
Posted - 05/17/2008 : 11:37:33 AM
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| Every state has a slightly different set of guidelines, it is best to visit each state website and determine how you want to move forward from there. Focus on a few states at first that you might actually use. |
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rtrefflich
3414 Posts |
Posted - 05/17/2008 : 11:47:00 AM
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I am a broker in CA and In order for me to get approved in UT I had to pass all tests and all. Every state has different guidelines. I would look at the states where you are most likely to do business in and see what they require for you to get approved with them
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AlexLocklear85
143 Posts |
Posted - 05/17/2008 : 12:32:52 PM
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| What are the guidelines in CA? |
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CoolMtgGuy
3710 Posts |
Posted - 05/17/2008 : 12:40:01 PM
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No single answer as requirements are unique to each State.
For example, in CT, a loan originator does not needs a license but must be registered with a licensed broker. So, your employer is the licensed broker in CT (assuming that is one of their licensed States) and they would simply submit a registration form along with your resume and a check for $100.
I think that your employer is smart to have that rule else they risk increased liability all around. The only way to do loans in multiple states without an individual originator license is probably to be an employee of a Fed-chartered bank. |
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AlexLocklear85
143 Posts |
Posted - 05/17/2008 : 1:02:41 PM
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| Thanks so much |
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CoolMtgGuy
3710 Posts |
Posted - 05/17/2008 : 1:19:15 PM
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quote:
Originally posted by AlexLocklear85
Thanks so much
You may want to talk to your broker about the idea of partnering with other originators who are licensed in a particular State where you have a borrower. It is about whose name is listed on the 1003 as the originator ... and that person has to be licensed in the state where the subject property is located. Two originatros working for the same company can certainly jointly service a borrower legally. Consider it a "team" ... just on a loan by loan basis. |
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AlexLocklear85
143 Posts |
Posted - 05/17/2008 : 1:30:11 PM
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| So the other person would obviously get a percentage of the commission? |
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rtrefflich
3414 Posts |
Posted - 05/17/2008 : 1:33:36 PM
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CA is not a reciprocal state so you will have to test. I would turn in my education as well to see if they will allow you to use it.
If you are an attorney in CA you do not need any education.
http://dre.ca.gov/exm_apply_broker.html
quote:
Originally posted by AlexLocklear85
What are the guidelines in CA?
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AlexLocklear85
143 Posts |
Posted - 05/17/2008 : 1:46:54 PM
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| So in order to be an LO in CA I would have to take the Real Estate Exam? |
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CoolMtgGuy
3710 Posts |
Posted - 05/17/2008 : 1:51:42 PM
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quote:
Originally posted by AlexLocklear85
So the other person would obviously get a percentage of the commission?
The sharing of funds issue is not a State-level issue. It is Federal (aka RESPA). If two originators work on a given app and split the tasks, sharing of compensation can be done in a compliant way. There is also accomodation in the law that relates to compensation of employees in a company. This is not the same as co-brokering between originators in different companies or States. You might want to read up a bit on RESPA and feel comfortable with the concept before approaching your boss.
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syndicator
105 Posts |
Posted - 05/17/2008 : 3:05:27 PM
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Do some states have a recipratory* agreement? I know if you are a licensed RE agent in Illinois your license is honored in seven other states without having to go through the exams and training classes.
Does anything like that exist in the broker world? Or is everybody try to give the Broker/LO a hard time.
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rtrefflich
3414 Posts |
Posted - 05/17/2008 : 3:29:12 PM
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I believe so
quote:
Originally posted by AlexLocklear85
So in order to be an LO in CA I would have to take the Real Estate Exam?
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rtrefflich
3414 Posts |
Posted - 05/17/2008 : 3:31:17 PM
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UT has reciprocity with five or six different states on its RE side, but does not on the mortgage side
quote:
Originally posted by syndicator
Do some states have a recipratory* agreement? I know if you are a licensed RE agent in Illinois your license is honored in seven other states without having to go through the exams and training classes.
Does anything like that exist in the broker world? Or is everybody try to give the Broker/LO a hard time.
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chaffins2
48 Posts |
Posted - 05/17/2008 : 3:34:12 PM
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There are a couple of companies out there that will allow you to get Cross-Certified in several states at one time. the two that I am familiar with are TrainingPro and Financial Strategies..
B.C. |
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Lexylou
14 Posts |
Posted - 05/17/2008 : 8:43:21 PM
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quote:
Originally posted by AlexLocklear85
I am a licensed Loan Officer in North Carolina, but the company I'm about to start working for, America's Mortgage Broker, out of Florida is able to do loans in other states, but only LO's who are approved in those states can do deals there.
I know I would probably have to go to the state's that required an actual "license" and take a class. But from what I have heard, some state's don't even require a license. Any help?
Alex:
Your new company should have a compliance department with the requirements. I know in South Carolina if they are a mortgage banker, you can originate under their license....but if you broker out you need an originator license.
Also...go to the state websites of each state your company is licensed in and get the forms and etc....however again your company may have all of those on hand. |
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lonewolf
87 Posts |
Posted - 05/17/2008 : 9:12:02 PM
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Alex,
I assume you are leaving DNJ? I have had a one-man office since 1998 (started in Lumberton). I was born and raised in Robeson County (and assume you have some connection due your name). I'd love to talk to you regarding your situation. I am in the process of exploring FHA and for the first time in a decade receptive to looking to partner with folks with the same desires. Respond here if you want to talk or do lunch. I'm in Raleigh also. |
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