SLINGSHOT

looking to start one.....any ideas, what do you need to get started ? thanks

LapseofReason

Dude your about a year late. My wife owned her own about two years ago and did ok, But then got offerd to be Vice Pres. of a larger company and took it. Then the refi boom hit and she has done realy well but now that the boom is over they are shifting to BCD loans and it's tough.

You need alot of cash to put your name out there, like a mil. to be able to make money in the first year. Plus you will work all the time. My wife never touched the boat this year, she works 80-90 hours a week.

LapseofReason

She is working now at 9:00 sunday night and she worked 14 hours yesterday.

SLINGSHOT

jack,
i was interesting in offering home mortgages too start, my attorney wants to come on board with me so i am covered on the legal aspect just want an idea of where to start to get hooked up with lenders..

thanks
mike

LapseofReason

They do all kind's and are in with two builders the BCD thing is new but it can't be to bad the just leased 3000sf more space and hired 15 new people for that part. I hate the biz. because I never see my wife. I just get to hear about the bad stuff, fake W2's, LO's messing stuff up crap that she has to fix.

105mph_38_2003

Have any of you guys heard of Homeloan Corporation? I am in real good with the CEO Ben Streusand and Steve...They all have made a ton of money lately with the lower interests rates. All the high brass bought SL55's, S600's, or Jag XK-8's...Don't know why but everyone bought 1 of these 3. Maybe they got a package deal

Von Bongo

One of the most competitive businesses to get into. Majority of the price is set by what Fannie, Freddie and now FHLB are willing to pay if you intend to do A paper, so survival comes down to efficency a lot of the time.

I just pulled out a report and here at the lake in the month I looked at we had 84 different lenders file mortgages in Camden county.

The people that do well work very very hard and have solid contacts such as realtors and contractors, and many times they come from a bank or other mortgage co and strike out on thier own. I would be very nervous starting a mortgage broker business if I didn't already work in the business and didn't have a number of very solid contacts that fed me a couple 2-3 million a month in purchase business.

Last 2 years anyone could make money in the refi boom. Now is a different story, although rates have come down over the last couple weeks.

If you are going to do A paper you are going to have to live off .5 to 1% per deal if you want to be at all competitive and out of that you need to take all your expenses and so on. Also you will have to decide if you will table fund your loans or do you have the $$ to fund and then sell them. What about loan repurchases for people that defraud you or mistakes you make in underwriting the loan? You have to account for that. Do you want to get into USDA, VA and FHA lending? Who are you going to have underwrite your loans? Will you contract it out? If so there is an additional cost and delay. Ever deal with 3rd party underwriters...man what a hassel.

I could go on but I won't...just lots to think about and like anything else , good people making enough effort will do well.

Many things to consider and I wish you luck!

JPD Motorsports

Slingshot A very good friend, aka atorney opened his own mortgage co in FL. If you would like to talk to him, I can relay his number to you. Has been going strong now for 5 years with it.