Thread: New Mortgage Company

Wow, that's something you just can't start without a foundation! You should be knowledgeable about the field and you must have a lot of connections. Educational background plays an important role too.

It is good to know about your interest, but this is not enough to start a mortgage company. You need to have good grip over the market, have knowledge about the field. It will be better if you can work under the expert until you gain through knowledge and good experience.

Any how ALL THE BEST

Thanks for the input guys.

My role would be an ownership and management role, not the day to day operations. We would bring those people in. We have one person in mind, 20 years in the mortgage market, but he is a great broker, not a great owner.

Brad.

It is good idea for opening a mortgage company.but you need a good staff also good marketing strategies.you must need legal adviser like a lawyer then you will become a successful businessman.

I was told by my mortgage broker that the single most important factor in owning (or even working) in a mortgage broker firm these days, is you must LOVE doing it! There's so many new rules and regulations with the lenders, PMI companies, and government coming out daily it's a real pain to keep up with as I understand.

Originally Posted by BSS2T

What does it take to start a new mortgage company? I haven't the slightest clue but I am thinking of opening up shop.

Well, talk with your local mortgage brokers... See what their day-to-day challenges are, what they needed to do, etc. Though the BEST way is to work for one, and really learn what is done. The "job" would be more of a training exercise than for money.

If you know of an owner of a mortgage broker, maybe asking them what you can do for them will get you what you need. (If you could work underneath them, and they knew they you were looking for training, and not a payroll check, you could gain a lot... Of course they woud need to be okay with you becoming their competition as well.)

In short, you need to get trained with the ins-and-outs of the business, becuase learning on your own (and reinventing the wheel) will be very costly.

Later!

There are so many rules and regulation surrounding the mortgage industry. I amnot sure why anyone would want to jump into it right now. While I love what I do, my job frequently causes me an undue amount of stress.

Originally Posted by BSS2T

What does it take to start a new mortgage company? I haven't the slightest clue but I am thinking of opening up shop.

Any thoughts, concerns, or comments are greatly appreciated.

Thanks again.



Brad.

You need lots of money, knowledge, business skills, a good business plan and lots of luck. Starting a mortgage company in this market wouldn't be in my top 5 business ideas list, if you know what I mean...

That is a tall order , opening a mortgage company now. Most of my friends in this business are now sitting it out. Contact a mortgage banker and speak with some brokers in your area.