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jonbig04
283 Posts |
 Posted - 08/03/2009 : 11:18:59 AM
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First a small back story. I live in southern Colorado. I brokered loans from 2005-2007. I got out before all the carnage happened. I'm now a full time futures trader. A friend of mine is running a finance company out of a neighboring state and has been generating some good leads here in CO. Knowing I used to be a broker here, he asked if I could close them. I agreed and soon realized that all the licensing requirements here have changed and that I had some work to do. I flew through the educational requirements, passed the exam and made arrangements for my surety bond etc. I also sent in my fingerprints for a background check. Turns out it takes the state 2-3 months to verify that I'm not a felon. Obviously I don't want to wait 2-3 months. My only option is to have another licensed broker vouch for me for the 2-3 month period. Of course I would be willing to compensate on a per loan basis. I won't be doing many loans, this isn't a cash cow for me, and the loans will be modest. But if there's a licensed broker out there who could use a little extra cash for the next 2 or 3 months then I would love to work something out. I want to reiterate that his won't be my full time job. I'm not going to be closing 20 loans a month with 4YSP or anything like that. Just a few modest ones.
Anyways thought I would check in to see if anyone is interested. My email is jonbig04@gmail.com. Shoot me an email and we can talk over the phone, or in person. |
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Broker227
400 Posts |
Posted - 08/03/2009 : 7:43:13 PM
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| you have mail |
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jonbig04
283 Posts |
Posted - 08/04/2009 : 1:19:38 PM
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Thanks for the messages.
I am not looking to work for a company. I don't need leads, processors, lenders or anything like that. The only thing I need to to be sponsored by a licensed Colorado Broker
http://www.dora.state.co.us/real-estate/mortgage/documents/forms/mbforms852009/Mortgage_Broker_Temporary_License_Update_Form.pdf
Once that is done the state will issue me a temporary license that will last the 2 or 3 months until my background check is complete. I won't be using your license and I won't need anything other than the sponsorship paper. For that I'm willing to compensate on a per-file basis. |
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Broker227
400 Posts |
Posted - 08/04/2009 : 4:22:46 PM
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thats basically what we would do, you would pay a $695 processing fee and you send us the file , we would work it so you can focus on your job.
josh@commercialcg.com |
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Cal Ram
64 Posts |
Posted - 08/04/2009 : 5:09:16 PM
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Jon, what you just proposed is a total respa violation. Paying someone to jsut be a sponsor, is definetly not a "bona fide" service.
Be careful.
I own a small company in Co, we are approved with msot big lenders, have processing support, some technology(you could have clayx on a server up and running), and we should have a company bond that would cover you under the state bond requirements.
paying someone to "voce" for you would not look be looked on too positevly by Dora. I woudl suggest you join someone in the emantime, until you can go at it on your own(if that is your plan).
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Cal Ram
64 Posts |
Posted - 08/04/2009 : 5:10:10 PM
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| by the way sorry about my typing! Long day!@ |
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jonbig04
283 Posts |
Posted - 08/05/2009 : 08:18:36 AM
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| Never really thought of it as a kickback. I suppose you are right, it possible could be construed as such. If the state gov. wasn't so ridiculously inefficient this wouldn't be a problem. Hmm, unsure what to do. I guess I'll just have go around pleading for sponsorship. |
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Broker227
400 Posts |
Posted - 08/05/2009 : 09:11:08 AM
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| Or you can get W-2d as a banker and start closing deals getting 100% of your fees after a $695 processing fee |
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