Posted by Don on October 07, 2004 at 15:44:08:
I know in the state of Minnesota you don’t need any past experience to get a mortgage originators license. I got one with no experince. However, you need an established business (2-3 years) with good financials to get approved with lenders. If you don’t have the lenders you can’t originate the loans.
Again this is just in MN and it’s probably different in CT. Check with your state commerce department.
mortgage brokerage - Posted by Konrad
Posted by Konrad on October 06, 2004 at 12:43:55:
I’ve read some of the posts in the archive, but I am still getting a mixed message regarding this topic. Our company buys/rehabs/sells/holds properties and we are looking into getting a mortgage broker license for one of the partners (there are 3 of us). The idea of originating our own loans seems to compliment our business. The question is whether the person applying for the license needs prior exerience in the field (3-5 years). According to CT statutes, it’s a requirement to have prior experience or work under a supervision of someone who has had experience for minimum of 3 years. Still, I’ve been told that people have opened their own morgage brokerages without any prior work experience within the mortgage industry.
Does anyone know anything about the requirements and/or examptions from such requirements?
Thank you ahead of time for any information.
Konrad