I have business that generates leads for people with good credit scores. During the process I develope personable relationships with my clients as they tell me what they want to do with their new good credit. I am getting alot of them asking me if I can handle writing them a loan for a house. I have a friend that is a loan officer and he has been writing the loans for them and making a pretty good commission check from the people i have been sending him. He tells me it is illegal for him to pay me a cut and I completely understand that. Long story short, I want to cut him out of the picture so that I can make that commission for myself. Are there any ideas on how I can become a loan officer as there are two companies trying to get me with them but I did research on both companies and found out they are ripp off companies, Global Equity and World leadrship, anybody know of a company as a have experiance with loans and the process it takes to make a loan happen? HELP
Answers:
Why not one (or more) of the companies your friend uses?
The process your talking about is unfortunately illegal. As a loan officer you can't help them with their credit. Yes, we all give "suggestions" to re-building or where they can go to get help on that. But, it is a "conflict-of-interests" to take charge of both of the aspects.
For instance, a loan officer can't do the appraisal for their own client, even if they're a licensed appraiser because it's controlling every aspect of the loan. and while yes, giving a kickback for closed loans is too illegal. There are always ways to help eachother out.
Would love to talk to you about this, send me an email at: andrew@internetmortgagepro.com I'm sure we could work something out.
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