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?
Rolf
Wheat Hill