How do you start a mortgage company?

Answer 1

For starters I suggest learning the basics such as Getting your mortgage and Brokers license in your state and learn the laws, since each state is differant. From there you will then need to research your competition, and market. You also must create a very firm persuasive business plan if you want any chance of success. This is very difficult and very luctrative to those who are persistent and not weak hearted. I also recommend buying Calyx. Set up and office and contract with a bank or distributor to loan the money to you in which you end up loaning to your customer. Its confusing but you need to learn all there is. I suggest taking classes, reading books and going to the library.

From RubenG: Look up URL (website) for your state. The requirements are there. In Texas it's: www.sml.state.tx.us. If you join up with a mortgage broker (you need a loan officer's license) you can get Calyx software free (I did); plus you get the training and experience, hopefully. Otherwise, education is key; as much as possible, anyway you can get it. Remember, here in American you continue your education until you're buried.