Selling Mortgage Loans. What percentage can I make each loan? How avoid splitting commisions with broker?

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Seriously interested here

  1. Reply
    May 3, 2011 at 6:04 am

    In nearly every state, you need a license. Without one, you are SOL.

  2. Reply
    May 3, 2011 at 6:24 am

    If you sell mortgages for a bank, you don’t need to be licensed. You will likely have to be licensed to work in a broker shop. Most states have caps on what you can make on the loan. In Ohio it was 7.99%, but it’s changing to 5%. Many lenders have their own caps on what they’ll let you charge as well. Really it comes down to the customer. Good luck charging the cap unless you’re their only hope, and you’d have to be pretty good to be the only one to come up with a program no other broker can do. Also, broker shops have become very competitive with slowing sales. If you can prove that you can meet a steady (and impressive) monthly goal, you’re in a good bargaining position (over 50% of your fees). Remember .. the broker has to make some money too, or there is no shop! 🙂

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