I want to start a loan brokerage biz but have no experience but am a qualified accountant. Where do i start?
I'm a qualified accountant with over 5 years experience post qualification. I want to start a mortgage/secured/unsecured loans business. I know that for mortgage brokering, i'll need to take some exams. But can I set up my business once I've taken the exams or are there other conditions to fulfil? For secured/unsecured lending, do I need to take any exams? Are there any other conditions to fulfil?
Small Business - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Depends on your state and the regulations needed (testing etc). It takes more than taking the application called the 1003. ANyone can learn it - but it would be best, to have a qualified loan processor and anothe rloan officer with you on board....There is alot to learn, I have been in the business for 6 years, and the market is tough - with everyone wanting to be in the business, and you get some that do not know what to do - from taking the application, talking to lenders, to qualifying them, to ordering title, ( the list is numerious) - Sounds like you will do fine - just study and learn all you can - and follow the RESPA laws to a tee - there are alot of bad LO's out there, that is just after the money, and are shady - gives the rest of us a bad name. Myself, like helping ppl and getting them out of a tough situation. And low fees up front.. Good luck to you, and your endever.
Answer 2 :
Please contact Business Eye in Wales, Business Link in England, or local council's regeneration department who will advice you on the best place for this information. I would suggest you would definitely need to be an IFA (Independent Financial Adviser) more exams, a licenced loan company under the DTI, as a debt collector and as a bailiff (more exams).
Read more other entries :
