How does a non-profit set up a loan brokerage?
- the legal aspects: licensing requirements, etc
- how to set up a brokerage
- any special software we might need
- how would I find financial insititutes that are interested?
Answer:
The licensing will differ by the state even though the federal government has issues when things reach beyond the state. Go to your state's website and follow the licensing trail. Even though you may be state, banks/credit unions will want as close of compliance to federal as possible.
Brokerage is changing rapidly as the players all chase the profitable bottom line. Start with the bank the non-p currently uses. Ask them to either show you the "how" or to refer you / set an appt. for you with one of their brokers.
If you are fluent w/ Excell, you can do the math. If you want to impress people - ask your non-p cpa/auditor what they recommend.
You don't mention what $ # you are working w/. Alto will depend on your own financial strength, collateral, and history. Start w/ those who know you and love you - your own FI. Then move to the smaller FIs. They may not have as much behind them, but they tend to be hungrier and more willing to talk.
Great job!
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