do you have to be a licensed broker to originate mortgages i

ltlmezyoung · Joined: 27 Feb 2008 Posts: 1 1.28 Dollars($)

I orginated loans in FL and wnat to orginate in TN but I am not sure of the laws here

larry · Joined: 27 Jun 2007 Posts: 2942 409.79 Dollars($)

Hi,

Welcome to the forum.

I think you need to be a licensed broker to originate mortgages in TN. Do you have license to originate loans in TN. If not then I think you cannot originate loans in TN.

Best of luck,
Larry

blue · Posted: Thu Feb 28, 2008 5:16 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

If you want to acquire Mortgage Broker License in Tennessee, you will have to pay a non-refundable registration fee of $100 and also a non-refundable investigation fee of $100. You will have to give a Surety Bond or Irrevocable Letter of Credit with a 3-year term, audited financial statements that shows at least net worth of $25,000, a ten-year history of your business, and also you need to provide a personal disclosure of any negative financial facts or criminal activity.

For any information related to the Mortgage Broker and real estate industry in the state of Tennessee explore this site - www.state.tn.us/financialinst

Do let me know if you have any other questions.

Thanks
Blue

adonis · Posted: Mon Mar 03, 2008 5:59 am Post subject:

Hi ltlmezyoung,

I think the information on Mortgage broker licensing at http://state.tn.us/tdfi/compliance/mortgage/index.html will help you. pls have a look at it.

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