Business Broker Guide

C asked:


I am considering pursuing work as a mortgage loan broker. I have always been a very aggressive sales person when I worked in that field so I am confident I could do well at it. I am degreed and motivated but do not know where to begin. I’d like to work from home. I already have a home office set up. I have to be licensed in NY and need direction on how to begin. Any professional advice would be greatly appreciated! Thank you.

Michael asked:


I got prequalified, then I got an offer accepted for a house, and last minute, the broker rejected my application after detailed review. The application was never rejected by a bank. Can the broker do this? It’s very misleading and I have lost money due to their inadequate “prequal” letter.

David M asked:


We applied at the end of Sept. and broker is saying banks are being silent on applications. Anyone else in the same boat?

leah_ifft@sbcglobal.net asked:


I currently work as a mortgage broker who specializes in bad credit loans. I have helped many of my clients understand their credit reports and what they can do to improve their credit.

I love this part of my job, am good at it and would like to turn it into a source of income.

I would like to take a credit repair client, obtain their credit reports and explain the information contained in them in detail. I would give recommendations about what they can do to raise their score and a detailed step by step plan of action. For an additional fee, I would dispute incorrect items on their behalf.

I plan to keep my prices low and offer honest, realistic advice specific to the individual’s situation and goals.

What certifications or licenses do I need to start a business that does this?
I did find out I need a $50,000 surety bond for this. How do I get that?
I have checked my state’s website and most of the information given there was pretty vague. I’d like to hear from someone who has done this before.