How hard/easy is it to start a mortgage company? What are the steps you need to follow to start a company? I have a few investors who are interested in investing in such a company, but don’t the procedure or process. Anyone with any insight on this?
Depends on your state. Check with the “Division of Financial Institutions” or whatever department oversees mtg. brokers in your state.
The easiest way is to net branch.
what is net branch?
Net branches have become a viable option for many brokers and other originators who want to expand their operations, marketing efforts, and income. Net Branching limits your financial risk or investment while allowing you access to multi state licensing and Lenders.
The basic definition of a net branch is a branch office where the manager enters into an employment agreement with the company, and the manager’s compensation is based on the net profits of the branch. The branch manager has control of the operating expenses in the office, and thus has control of the profits as well.
I hope i explained this well enough