22Aug/10Off
Questions on opening a loan brokerage office
Hi there,
I just got my california broker license and plan to open my own loan office. I've done about 20 loans (purchase and re-fi). Due to my relative inexperience, I would like to ask the following:
1) what are the major potential pitfalls, common mistakes for people starting out with their own loan brokerage firm? How to minimize exposure to potential liabilities (besides buying insurance) in the loan business?
2) How long would it take to a newly started firm to establish relationships and get competitive pricing with major lenders? 3 months? 6 months? Or maybe a year?