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jjackie
110 Posts |
 Posted - 07/09/2008 : 3:17:02 PM
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| I have a loan in the state of ohio. We are not currently licensed there. Does anyone know a company that I may use their license for this transaction? Thanks |
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OHlo61
66 Posts |
Posted - 07/09/2008 : 3:23:56 PM
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| Jjackie, I'd be more than happy to take care of your client, unfortunately it is illegal to originate a loan in the great State of Ohio without the proper licensing, so I would be unable to compensate you for the loan. Again, I would be more than happy to get your client the loan they want. Email me. |
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jjackie
110 Posts |
Posted - 07/09/2008 : 3:49:55 PM
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| bump it |
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EquitySmart
1240 Posts |
Posted - 07/09/2008 : 3:53:42 PM
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| If you are not licensed in Ohio, then you cannot originate this loan. All states have very specific regulations that are relevant to the origination process so nobody from your company should be trying to originate loans in Ohio if you are not licensed in that state. You will need to refer the client to another broker/lender that is licensed in Ohio, so the client can get the help they need. You should post the scenario on the website and give your input about how you think the loan should be structured, so that you hopefully get responses from a broker/lender that can actually do the loan for the client. |
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jjackie
110 Posts |
Posted - 07/09/2008 : 3:57:09 PM
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| thanks for the info |
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jjackie
110 Posts |
Posted - 07/09/2008 : 4:19:16 PM
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| who wants to trade loans? |
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jjackie
110 Posts |
Posted - 07/09/2008 : 5:09:42 PM
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| any other helpers |
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jjackie
110 Posts |
Posted - 07/10/2008 : 10:34:52 AM
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| Ohio Ohio |
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JDMD
17 Posts |
Posted - 07/10/2008 : 10:44:10 AM
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I can give you a hand...please call 401-419-9192.
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darkstar
18293 Posts |
Posted - 07/10/2008 : 10:51:19 AM
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quote:
Originally posted by EquitySmart
If you are not licensed in Ohio, then you cannot originate this loan. All states have very specific regulations that are relevant to the origination process so nobody from your company should be trying to originate loans in Ohio if you are not licensed in that state. You will need to refer the client to another broker/lender that is licensed in Ohio, so the client can get the help they need. You should post the scenario on the website and give your input about how you think the loan should be structured, so that you hopefully get responses from a broker/lender that can actually do the loan for the client.
It's obvious she doesn't want to just make sure the people get help, she wants compensation...Sadly, someone will respond offpost and it will get done as originally requested, there is way too much slime left here... |
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jjackie
110 Posts |
Posted - 07/10/2008 : 12:26:37 PM
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| ohio |
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bfleming68
110 Posts |
Posted - 07/10/2008 : 12:40:47 PM
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I can help you. I am in Ohio
330-241-5153
Mary |
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gsgroupinc
2035 Posts |
Posted - 07/10/2008 : 12:44:39 PM
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| HAppy to do the loan, however as it has been stated above you can't be compensated without a valid Ohio LO license. |
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MarkIFC
545 Posts |
Posted - 07/10/2008 : 1:05:32 PM
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| If you are not licensed in Ohio and are compensated and the borrowers find out their rights, they can sue both you and the Ohio Broker who paid you a referral fee for triple damages. |
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downtime
228 Posts |
Posted - 07/10/2008 : 1:11:20 PM
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compensating the originating broker for a loan they arent licenced to work in is against the law.
In fact, originating the loan in the first place isnt fair to the homeowner, who thinks you are trying to get them a loan.
I am assuming this to be a referral loan , thats why you have an interested borrower in a state you dont do. You didnt advertise or cold call there did you?
Your best bet is to simply pass the loan off and move on.
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HollywoodLO
261 Posts |
Posted - 07/10/2008 : 1:15:18 PM
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I love how we're just getting "Ohio" in her responses, like she can bump this to the top 100 times today and find someone that is dumb enough to compensate her. I live in OH and also have a license, but I'm not willing to get my dog in this race due to her obvious neglegence for the laws in the state of Ohio.
I'm pretty sure you can't even LEGALLY speak to someone/pull credit on them if they live in Ohio and you don't have a license. |
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jjackie
110 Posts |
Posted - 07/10/2008 : 1:16:46 PM
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| thanks downtime, she called me directly though |
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jjackie
110 Posts |
Posted - 07/10/2008 : 1:18:26 PM
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| 86 the trade idea, my bad |
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DougDaft
222 Posts |
Posted - 07/10/2008 : 3:38:27 PM
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| I might be able to help you with this. We are in Cincinnati. ddaft@cbigroupllc.com |
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