Just got an e-mail from the state association saying that anyone who does anything with residential mortgages has to get licensed as a mortgage broker. Haven’t checked into the specifics yet but I’m sure the process is not a lot of fun and will cost money. I have outsourced the actual lending function to Precision Capital (my money, their work) but I still have to take applications and assist buyers. I really don’t want to be in the loan broker business again as the requirements always get worse but it doesn’t look like I have much choice.
Can anyone think of a creative way around this? Perhaps employing the services of an existing loan broker?
Hark! Hear that sound? Could it be the death knell of the whole Lonnie Dealer concept?