"I was referred
to Greenlight by another mortgage company. I obtained my CFL
license and Greenlight Compliance did it quick, the price was
fair and my application did not even get any conditions. I received
my license and I am very satisfied with the work they did. Thank
You.”
Once you begin the mortgage license application
process, you are going to need gather certain
documents that will be required with your
mortgage license application. The most common
supporting documents are:
1
Articles
of Incorporation
2
Certificates of Good
Standing
3
Corporate Financial Statements
4
Surety Bonds
5
Qualification Authority from the
New State
Each state maintains its own list of required
documents in order to obtain a mortgage license
in that state, so more items may be required.
If you do not have any of these documents
we can also help you obtain them.
The time for each state to process a mortgage
license varies by the state licensing authority.
Certain states take longer than others to
process a mortgage license application. New
York, Nevada and Arizona are some of the states
with the longest processing times, but are
generally considered worth the wait. Call
us to discuss the processing times of the
specific states you are interested in.
Each state varies slightly in its definitions
of mortgage broker and mortgage banker or
mortgage lender. A mortgage broker generally
acts a middle man and does not close loans
in its own name. A mortgage banker generally
has its own line of credit available that
it uses to fund its own loans. In certain
states, a mortgage banker does not have to
disclose certain fees that it makes on the
back end. A mortgage banker also has the ability
to generate additional income by selling loans
in bulk. What is best for you depends on your
specific conditions.
A mortgage warehouse line of credit credit
is a short-term revolving line of credit providing
interim financing for a mortgage lender/banker,
that will be transferred to an end investor.
A mortgage warehouse line of credit allows
a mortgage company to close a loan in its
own name and to time the sale of its mortgage
loans thereby becoming an additional potential
source of income and receive basis point pricing
advantages and reduced fees. A mortgage line
of credit can also reduce the dependence on
a third party lender and quicken the ability
of that mortgage company to make the mortgage
loan. In sum, a warehouse line of credit provides
potentially quicker turn times and potentially
more profit on each mortgage loan. But, mortgage
lines of credit may not be appropriate for
all clients and if not utilized properly can
be a source of risk. Call us today to discuss
obtaining a warehouse line of credit for your
company.
Copyright 2006 Greenlight Compliance &
Licensing, Inc.
