Starting a Mortgage Brokerage: How to Do It Like a Pro | Co/LAB Courses

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The Lab: Mortgage & Real Estate Business Academy

The Lab: Mortgage & Real Estate Business Academy

Күн бұрын

Пікірлер: 35
@MortgageBusinessAcademy
@MortgageBusinessAcademy 2 жыл бұрын
Thanks for watching our video! If you are new here make sure to subscribe to our channel and turn on the notification bell so you don't miss any videos! Still, have questions? Write them in the comments below, and we will answer them!
@22cranbrookave
@22cranbrookave 8 ай бұрын
I am doing course now so I will get back to you in few weeks. For now this was quite useful video
@MortgageBusinessAcademy
@MortgageBusinessAcademy 8 ай бұрын
Thanks. Appreciate it!
@EasyFirstHomeLoans
@EasyFirstHomeLoans 2 ай бұрын
with the knowledge and encouragement of your videos, we did it! Easy Fist Home Loans LLC is licensed to operate in the state of Maine. i wonder if you could do a video about choosing a CRM, choosing a credit vendor, and getting agency approvals? Thanks!
@MortgageBusinessAcademy
@MortgageBusinessAcademy 2 ай бұрын
That makes me so happy!! And thanks for the requests. I had 1 on the list, and will add the others. Your journey has just begun, so if you want some of the shortcuts before I can post them, I have a community & consulting agency you could check out too! Happy to schedule a Zoom if could help.
@Ethernet480
@Ethernet480 Жыл бұрын
This looks very thorough and extensive for a good sized business. Any suggestions on paring these down for a solo/smaller sized firm?
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
You are correct- we were very thorough when creating, but the foundation and blueprint we use applies to solo owners and teams. Each have to get the company license, sign up for lenders, choose tech, have a budget, etc. We are just launching a membership community for more bite sized learning & payments if interested in connecting.
@KianaMarq
@KianaMarq Жыл бұрын
For the business plan portion, did you find that you were able to create one plan and use it to satisfy the business plan portion of the NMLS filing for each state you applied to or did you have to make tweaks for each state?
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
We were able to use 1 business plan.
@wiseGUY1288
@wiseGUY1288 Жыл бұрын
What would be the best tax/business structure, LLC, Sol pro, etc?
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
For a company that buys real estate?
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
Sorry- you meant for a mortgage brokerage. That depends on a few things, but most likely either partnership or SCorp
@EasyFirstHomeLoans
@EasyFirstHomeLoans 2 ай бұрын
We chose SCorp, but it's a good idea to have a conversation with a tax pro about what election will fit best for you.
@jdtgaming4424
@jdtgaming4424 Жыл бұрын
Great video 💯
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
Thank you!
@zachroberts6180
@zachroberts6180 Жыл бұрын
How do you gain lenders?
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
You have to wait until your company license is approved. Once it is, there are around 200 wholesale lenders that you choose from and apply with them to become a broker partner
@zachroberts6180
@zachroberts6180 Жыл бұрын
@@MortgageBusinessAcademy thank you for the response! So this list of lenders is supplied by whom?
@zachroberts6180
@zachroberts6180 Жыл бұрын
@@MortgageBusinessAcademy also, what’s the application process like? Not sure how they gauge accepting the application or not. And what kind of turn around time would one generally expect before being approved to do business with a wholesale lender?
@oceanhighllc5316
@oceanhighllc5316 9 ай бұрын
@@zachroberts6180 did you find out answer of this question ?
@oceanhighllc5316
@oceanhighllc5316 9 ай бұрын
@@zachroberts6180did you open your mortgage Brokage ? I am looking to opening in Texas
@goddessofamarna
@goddessofamarna Жыл бұрын
Just recently started looking into becoming a broker. What would you say is a ballpark figure for start up cost? I’m having a hard time finding this anywhere. It would help me know if I’m prepared to move forward or need to wait a lil longer
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
It honestly varies by state and if you are starting a solo brokerage or have a team already. Compared to most businesses, it is a low cost business to start and you can do it for under $15,000 if it is just you and you setup in a CoWork space instead of furnishing a whole office.
@EasyFirstHomeLoans
@EasyFirstHomeLoans 2 ай бұрын
Just got licensed in the state of Maine. I'm about 6k deep on cash investment, but since i had to leave my full time job to do it, the real overall cost has been closer to 30k.
@salcardiel
@salcardiel Жыл бұрын
Good stuff!
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
Glad you enjoyed it
@claytonelofgren
@claytonelofgren Жыл бұрын
Very good video
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
Thanks Clayton! Any questions it didn’t answer?
@ShotgunEric
@ShotgunEric Жыл бұрын
Amazing info Andres @ CoLABLending 🔥
@MortgageBusinessAcademy
@MortgageBusinessAcademy Жыл бұрын
You're most welcome!
@japnpwr
@japnpwr 5 ай бұрын
Thank you so much 🫡
@MortgageBusinessAcademy
@MortgageBusinessAcademy 5 ай бұрын
You are very welcome. Feel free to check out our other videos and please feel free to reach out if you have any questions.
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