Mortgage Licensing - An Important First Step to Opening Your Own Mortgage Company
Apply 90 Days Before Opening Your Company
The best course of action is to apply for your mortgage company license at least ninety days before you plan to open your business. Remember that most states will allow you to maintain a mortgage license to operate in the specific state whether you make any loans there or not. The general rule is that you cannot originate any loans in the state until you receive your mortgage license.
Also, on average it takes at least ninety days to receive your license. Therefore it makes great sense to apply early for this license so that you will not need to wait for the license once you have done everything else to be ready to originate your first mortgage loan.
Hiring someone to help - pros and cons:
Pros: Attorneys or licensing firms typically have experience in submitting applications to the various regulators and may be able to help you obtain the license quickly by assisting with the packaging and thorough review of your application.
Cons: The cost to hire someone. The choice is yours. There are of course other costs involved with applying for the mortgage license. For example the cost to
apply varies by state and by the types of licenses you are applying for. We recommend that you call around to companies that offer these services and ask how much they charge per each state license. Also, you want to be certain that you ask for their turn around time per state to get the application out to the state and the estimated time for approval of your license.
Where can I go to get help with obtaining my mortgage license?
Some owners of mortgage companies decide to hire someone experienced in mortgage licensing to help them prepare the application and to provide guidance with any follow up information that is requested by the state agency. For example, there are attorneys who specialize in assisting clients with mortgage licensing. From our experience, companies typically charge anywhere from $500.00 to $3,000.00 per state to prepare mortgage licensing applications, with discounts for obtaining multiple states. Prices and fees may vary. Here are a few companies and law firms that offer mortgage licensing services:
Companies and Law firms that Provide Mortgage Licensing Services:
There are quite a few companies that offer to help you with the process of submitting your license application through the actual receipt of your license. We list a few of such companies below.