how can I broker mortgages

[gordongecko]

I read somewhere that anyone can "wholesale" mortgages from big lenders (along with student loans, and pretty much anything). I am looking at acquiring a commercial building with a couple vacant offices that may be perfect for something like this, so figured why not see if I can't do it myself (since I am pretty solid at local marketing). Is it pretty regulated (as in not worth the hassle of setting up shop because of so many regulations to follow), and where do I get started? Any websites, books, or companies would be appreciated.

[Grasshopp3r]

Call some of the major lenders and ask them to sign up. Pick up an issue of the Scotman's Guide, which is a mortgage banking wholesaler mag.

The regulations depend on the state. Call the state that you reside in for regulatory info.

[AggroFish]

Any legit lender, i.e. not a broker putting themselves out as a lender, is going to require you to have a brokers license.

You may be better of feeding deals directly to a broker for a split...

[gordongecko]

thanks gents, looking into it still. I am thinking it may be more ideal to work out a deal with an exsisting broker to partner up on this, because I'm not quite sure I have the time for all this. anymore help is appreciated though.

[SossMan]

anyone?? ummm, no.

All 50 states now require some sort of licensing to broker mortgages. Getting set up w/ lenders is very tough if you don't have a physical location and a history of brokering loans.
Commercial is a little easier, since many don't require a full formal approval process (but you still need to be licensed), but there isn't much benefit since the wholesale rates on commercial real estate deals aren't significantly better than retail.