Start, Run, and Manage a Successful Mortgage Business
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This is one of the few mortgage courses that actually teaches you how to obtain your mortgage business license from start to finish, how the entire business works, and how to run your own mortgage company. Once you become licensed as a Mortgage Brokerage Business, or Correspondent Lender/Lender, or Mortgage Servicer Lender you can get approved with different lenders to start originating mortgage loans and receive a much higher compensation than as an employee.
In this course you will learn:
How to start a mortgage business no matter what structure you choose to begin with can be very fulfilling financially and lifestyle wise. You can choose to make your business as large or as small as you want by having a small group of employees or a large group. You can choose to hire a branch manager to take care of the daily operations and you just oversee the business and its future growth. Just like starting any business, there are many things to learn but this course takes the guess-work out of the equation by telling exactly what you need to do and who to contact. In order to start any of these mortgage businesses you need to obtain your mortgage loan originator license and either work in the industry for 1 year or hire someone who has worked in the industry for 1 year but this can be done fairly quickly. This course will take you behind the scenes into a world that most people never want you to know about and will never teach you how to get started. The best thing is you will have very low start-up costs and very high profit potential. If you decide to work from home, your initial costs will just be paying for your licensing which you will learn about in this course.
Main benefits of this course and of starting a mortgage business:
– Get others to work for you. Stop chasing leads and borrowers. Your mortgage loan originators will bring in deals and you help them to close those deals and make a profit in the process.
– More time. As the owner of the business you can choose to hire employees to take care of the daily operations of the business and have more free time to focus more on what matters the most and spend more time with the people you love.
– More freedom. When you own a business, you get to choose your hours, who you want to work with, and how much you want to make.
– Make more money. When you are an employee, you always receive a smaller compensation than as the employer. When you own a mortgage business you have the capacity to make much more of the profits than ever before.
As a mortgage business owner you can make $100,000+ if you’re just starting out and $2,000,000+ if you’re an established company depending on how you structure your business.
– More control. You will have complete control over the transaction and the speed at which your loans close which is very different to make happen when you are not the owner of the business.
– You get to help others have a job and a career. Everyone knows that finding a job is not that easy and a great paying job even more. That’s why offering other people a chance to work for you and your business is a blessing that everyone will appreciate.
– Having control over your own home loan. As the owner of a mortgage business and as a mortgage loan originator, you will have the unique opportunity to buy real estate at lower rates and with reduced closing costs.
– You won’t have to find a job anymore once you open your business you won’t have to work for any one and will have the power to hire others and great an empire.
HOW MUCH CAN YOU MAKE IN A TYPICAL TRANSACTION AS A MORTGAGE BUSINESS?
As a Mortgage Brokerage Business, you typically make up to 2.75% in compensation. This would be the breakdown of how much you can make:
Loan amount $300,000 x 2.75% = $8,250. This is how much you would make and depending on your mortgage loan originators compensation pay structure you pay the MLO their portion of the compensation.
What will you learn in this course?
– How to get licensed as a mortgage business
– How to get approved with lenders
– How to choose what lenders to work with
– How to choose a credit company to pull borrowers credit reports
– Choosing what LOS (loan origination software) to use
– Successfully hire mortgage loan originators
– Successfully create a payment structure for mortgage loan originators
– Understand how to process a loan and how to hire a processor
– Understand how to prevent fraud and create a quality control plan
– How to read and understand financial statements
– How to prepare a profit and loss statement as well as a balance sheet
A course diploma will be available to you when all sections have been completed at 100% which you can save or print. For instructions on downloading your course diploma you can go to: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion
Your instructor
Joseph Correa is the founder and CEO of Finibi Mortgage, a licensed mortgage brokerage business based out of Orlando, Florida. Having closed hundreds of mortgage loans, he has processed, originated, and audited the majority of his loans. In the past, he has also owned a correspondent lender business and invested in real estate.
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1Why should you start this course?Video lesson
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2Who should start this course?Video lesson
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3How do mortgage businesses work?Video lesson
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4Should you have a virtual office or physical office?Video lesson
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5What credit company should you use to pull credit?Video lesson
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6How to choose a Mortgage Loan Originator?Video lesson
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7Are Mortgage Brokerage Businesses profitable?Video lesson
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8Instructor BackgroundVideo lesson
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9Mortgage broker business specific courseVideo lesson
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10Are mortgage businesses profitable?Video lesson
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11Is it a good idea to start your own mortgage brokerage business?Text lesson
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12Why should you start a mortgage business?Video lesson
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13Who should start a mortgage business?Video lesson
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14Can I own a mortgage business and invest in real estate?Video lesson
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15One person business modelVideo lesson
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16Branch officer and loan officer business modelVideo lesson
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17Branch manager and owner business modelVideo lesson
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18Passive income business ownerVideo lesson
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19Mortgage brokerage business requirementsVideo lesson
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20Answering all disclosure questions, having a principal loan originator, creditVideo lesson
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21Mortgage brokerage business application feesVideo lesson
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22What can you do as a mortgage brokerage business?Video lesson
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23Correspondent lender and lender requirementsVideo lesson
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24Answering all disclosure questions as a correspondent lender or lenderVideo lesson
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25Correspondent lender application feesVideo lesson
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26What can you do as a correspondent lender or lender?Video lesson
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27Mortgage lender servicer requirementsVideo lesson
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28Mortgage lender servicer application feesVideo lesson
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29What can you do as a mortgage lender servicer?Video lesson
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30Cost of license renewalVideo lesson
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31NMLS MCR reportsVideo lesson
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32NMLS Call reports overviewVideo lesson
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33Obtaining your mortgage license through the NMLS overviewVideo lesson
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34Transaction JournalVideo lesson
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35Understanding a transaction journal overviewVideo lesson
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36Lender paid compensation vs borrower paid compensationVideo lesson
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37Blueprint to getting started as a mortgage brokerage businessVideo lesson
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38Incorporating your mortgage businessVideo lesson
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39Obtaining an EIN for your mortgage businessVideo lesson
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40Blueprint for closing a loanVideo lesson
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41What's a rate credit?Video lesson
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42Problem: What should you do if someone has bad credit?Video lesson
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43Problem: What can you do if someone is just short of a minimum credit score?Video lesson
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44Problem: What options do I have if my borrower only has W2’s to show or only taxVideo lesson
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45Problem: What if I add a co-borrower and they have a low credit score?Video lesson
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46Problem: How do I address a large deposit on my borrowers bank statement?Video lesson
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47Problem: If my borrower is short on funds to close what options do I have?Video lesson
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48Problem: What if I am doing an FHA loan and the home needs repairs?Video lesson
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49Problem: What if my borrower doesn’t have a job or income but has assets?Video lesson
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50What types of lenders should I get approved with?Video lesson
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51Lender application submission checklistVideo lesson
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52Using Scotsman guide to find lendersVideo lesson
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53What is BRAWL and why is it important?Video lesson
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54This is a list of great lenders to work with and their loan programsVideo lesson
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55Time requirements on documents to comply with all lawsVideo lesson
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56How to hire mortgage loan originators and how to pay themVideo lesson
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57MLO pay structuresVideo lesson
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58Offer letterVideo lesson
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59Hiring agreement and contractVideo lesson
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60Allowing mortgage loan originators access to pull creditVideo lesson
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61Obtaining a prequal link for loan originators to useVideo lesson
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62MLO background checks and processVideo lesson
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63Mortgage loan originator quality control checksVideo lesson
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64Your customers are your mortgage loan originators: Treat them fairlyVideo lesson
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65Getting a loan origination softwareVideo lesson
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66Calyx Point overviewVideo lesson
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67Choosing a credit companyVideo lesson
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68Credit report company review and office inspectionVideo lesson
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69Pulling credit reports overviewVideo lesson
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70In-house processor vs Outsourcing vs Processing your own loansVideo lesson
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71What does processing mortgage files entail?Video lesson
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72Preparing company financialsVideo lesson
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73Profit and Loss Statement and Balance sheetVideo lesson
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74Practice Profit and Loss Statement and Balance SheetText lesson
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75Digital file management and sharing for the office and employeesVideo lesson
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76"Ubering your business"Video lesson
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77The power of Zoom and other video conferencing servicesVideo lesson
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78Virtual office vs physical officeVideo lesson
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79Hiring a branch managerVideo lesson
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80Fraud preventionVideo lesson
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81Quality control planVideo lesson
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82Compliance worksheetVideo lesson
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83Opening multiple mortgage branches/officesVideo lesson

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