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#124451 - 11/03/06 12:21 PM CA mortgage brokering in other states
d1Loans Offline
Member

Registered: 10/28/06
Posts: 42
Loc: .
Does anybody know if a CA brokers license is recognize in others states to do loans outside of california. Or you have to take the test in each state to do mortgage brokering?
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#124452 - 11/05/06 09:29 AM Re: CA mortgage brokering in other states
Tanya Offline
Moderator

Registered: 04/03/06
Posts: 304
Loc: Jacksonville, FL
I believe it's like real estate. Some states have reciprocity agreements so you just need to apply. Some states make you get licensed in their state (like TX I believe).
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Sellstate Performance Realty, Jacksonville, FL

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#124453 - 11/05/06 12:04 PM Re: CA mortgage brokering in other states
Area Pro Realty Offline
Member

Registered: 05/24/06
Posts: 284
Loc: California
you need a state license to sell real estate or loans, there is no such thing as a national license.
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and host of Real Estate Agent Radio
www.RealEstateAgentRadio.com

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#124454 - 12/07/06 12:10 PM Re: CA mortgage brokering in other states
dcarl Offline
Junior Member

Registered: 12/07/06
Posts: 1
Loc: Sacramento, CA
Yes, you need to be licensed in each State and each State has their own set of requirements as far as having a physical office, files needing to be located in that State, etc.

The only State that did not require a license was Colorado, but I have heard that they will be changing soon.

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#124455 - 12/07/06 03:10 PM Re: CA mortgage brokering in other states
CALIF DREAMING Offline
Veteran Member

Registered: 08/01/06
Posts: 1123
Loc: Downey, California
If you think you can originate loan applications in states other than the one you are licensed in, some wholesale lenders who are already licensed in multiple states, will broker the application for you. They normally keep the processing fee and any SRP, but you get your origination fee and any rebates. Check with the wholesalers you are currently submitting packages to, they can be a big help for out of state business.
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"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie

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#124456 - 12/07/06 04:41 PM Re: CA mortgage brokering in other states
d1Loans Offline
Member

Registered: 10/28/06
Posts: 42
Loc: .
any of the top of your head that your know of?
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#124457 - 12/07/06 05:38 PM Re: CA mortgage brokering in other states
Area Pro Realty Offline
Member

Registered: 05/24/06
Posts: 284
Loc: California
check greenpoint and sierra pacific
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and host of Real Estate Agent Radio
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#124458 - 12/07/06 06:55 PM Re: CA mortgage brokering in other states
CALIF DREAMING Offline
Veteran Member

Registered: 08/01/06
Posts: 1123
Loc: Downey, California
Try www.fastfund.net. Go to "request login" and sign up, then go to "Wholesale" and submit your prequal. Or fax your 1003, credit, etc. to 213 447 9589. They have 100% jumbos and I believe they can close for you in most states except NY and Rhode Island.
Hope this helps.
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"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie

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#124459 - 12/07/06 07:06 PM Re: CA mortgage brokering in other states
CALIF DREAMING Offline
Veteran Member

Registered: 08/01/06
Posts: 1123
Loc: Downey, California
Forgot to mention a local southern california wholesaler who will broker for you in Arizona, Nevada and Texas. Their website is www.mfcwholesalelenders.com
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie

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#124460 - 12/08/06 10:54 AM Re: CA mortgage brokering in other states
Area Pro Realty Offline
Member

Registered: 05/24/06
Posts: 284
Loc: California
the dana capital group does loans in all 50 states for other brokers, but they are PRICEY
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Author of "How to Evaluate Real Estate Franchises" www.EvaluateREFranchise.com
and host of Real Estate Agent Radio
www.RealEstateAgentRadio.com

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#124461 - 12/08/06 12:51 PM Re: CA mortgage brokering in other states
graysqwrl Offline
Member

Registered: 08/16/05
Posts: 197
Loc: 3rd Rock From The Sun
nfs is a little better than dana capital

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#124462 - 12/08/06 01:21 PM Re: CA mortgage brokering in other states
d1Loans Offline
Member

Registered: 10/28/06
Posts: 42
Loc: .
sweet, thanks for the info
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Real Estate is Great!!!

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