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khoiey
1583 Posts |
 Posted - 05/31/2008 : 6:44:16 PM
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| I got my life ins. license and soon taking my health license. My partner is looking to take his p&c. The question is, do you think I should create a separate entity or create a division under the current incorporation? If I do this, later on I can't apply for FHA status, is this correct? |
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1stintegritymort
1298 Posts |
Posted - 05/31/2008 : 8:21:26 PM
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| i would do it as a seperate entity and make sure you have your ABA Disclosure in there. i have thought about doing this as well. do you know what the cut is on the premium for the hazard? |
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khoiey
1583 Posts |
Posted - 05/31/2008 : 9:14:42 PM
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Not much per policy but it's all building a book of business of residual income though. If separate entity, I may not be able to do FHA correct?
quote:
Originally posted by 1stintegritymortgage
i would do it as a seperate entity and make sure you have your ABA Disclosure in there. i have thought about doing this as well. do you know what the cut is on the premium for the hazard?
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rtrefflich
3414 Posts |
Posted - 05/31/2008 : 10:05:12 PM
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| I do insurance as a separate entity and, only do life because P&C is really hard to get on with unless you have a large book. It has gone pretty well for us and gives us an additional income stream. The best part is on the cash out refi's I try to get a years premium paid in advance so as not to worry about charge backs. |
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CoolMtgGuy
3704 Posts |
Posted - 06/01/2008 : 06:28:04 AM
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I know of an FHA-approved broker who also owns an insurance agency .... both in Florida. First, these are two completely different types of business that can operate independently or in synergy ... so you are much better off haveing two seperate but affiliated businesses. Secondly, my interpretation of the FHA rules does not prohibit this arrangements. An originator of FHA loan cannot also have an active real estate sales license ... aka you cannot do both. I see no rules that say you cannot OWN two businesses ... eg: all large real estate companies.
I am trying to figure out how to do both real estate and FHA loan originations, as an OWNER of both businesses, so this topic is of interest to me.
quote:
Originally posted by khoiey
Not much per policy but it's all building a book of business of residual income though. If separate entity, I may not be able to do FHA correct?
quote:
Originally posted by 1stintegritymortgage
i would do it as a seperate entity and make sure you have your ABA Disclosure in there. i have thought about doing this as well. do you know what the cut is on the premium for the hazard?
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khoiey
1583 Posts |
Posted - 06/01/2008 : 07:53:31 AM
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I agree. However, most of the time, P&C is good for homeowner's insurance though. Almost on every deal, we have to shop H/O for the borrowers as well.
quote:
Originally posted by rtrefflich
I do insurance as a separate entity and, only do life because P&C is really hard to get on with unless you have a large book. It has gone pretty well for us and gives us an additional income stream. The best part is on the cash out refi's I try to get a years premium paid in advance so as not to worry about charge backs.
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Scrooge McDuck
8837 Posts |
Posted - 06/01/2008 : 07:57:14 AM
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| my friend started into insurance. he does the policy where the mortgage gets paid off when/if the person dies. he is having fenominal success with it. |
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khoiey
1583 Posts |
Posted - 06/01/2008 : 07:58:31 AM
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I think that's mortgage protection
quote:
Originally posted by Scrooge McDuck
my friend started into insurance. he does the policy where the mortgage gets paid off when/if the person dies. he is having fenominal success with it.
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Scrooge McDuck
8837 Posts |
Posted - 06/01/2008 : 08:13:22 AM
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| exactly. he launched it a few months ago, and is calling it the next refi boom. he says the response is great, and people are snapping up the policies. |
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khoiey
1583 Posts |
Posted - 06/01/2008 : 08:24:53 AM
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I think people are better off just to buy life policies since it is much cheaper than mortgage protection. Either way, you would need life insurance license to sell those.
quote:
Originally posted by Scrooge McDuck
exactly. he launched it a few months ago, and is calling it the next refi boom. he says the response is great, and people are snapping up the policies.
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