To service mortgages in New York state for a third party, d

lac · Joined: 30 Jan 2008 Posts: 1 1.29 Dollars($)

We are thinking of servicing mortgages for third parties in New York state and want to know if there are any special licenses needed. Thank you.

livinginnky · Posted: Wed Jan 30, 2008 11:02 am Post subject:

lol I mean lac

Are you serious?

Seems like a basic question. I don't mean to be rude, I am being sarcastic.

If you don't know the answer or how to find out... should you be servicing mortgages?

I don't know the answer but then again I don't service mortgages.

Are you a company? I would assume you either need to be A. A bank OR B. A mortgage broker/banker

Anything less than those 2 and I don't think you should be allowed to.

Caron · Posted: Wed Jan 30, 2008 11:30 pm Post subject: RE: license for servicing loans

Hi Lac,

Welcome to our forums.

If you wish to service mortgages for properties in New York then you'll have to get a license for it first of all and then proceed. That's the rule for mortgage servicers.

good luck

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

livinginnky,

I agree with you on this one. If they have to ask how to service a mortgage then they shouldn't be servicing mortgages. There is a lot that comes along with that.

I suggest that if they want to invest in the mortgage industry that they just buy mortgage backed securities and will be paid interest. Then they don't have to be bothered with the whole licensing issue, laws, or even understanding of the mortgage industry, lol.

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