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3 Replies Last post: Feb 3, 2008 2:10 PM by SageTrout

Private mortgage lending requirements? Washington State

Feb 1, 2008 10:14 PM

Click to view djacobsen's profile Start-up djacobsen 1 posts since
Feb 1, 2008
Hello,

I am trying to find out the licensing requirements to REFER people in need of a 1st mortgage loan to people with funds available to lend to them. (in Washington State)

It is my understanding that the Department of Financial Institutions (DFI) regulates banks and other financial institutions.

I have contacted them by phone and they don't seem to have any clear answers?

Does anyone have any advice or information that may be helpful?

-djacobsen
Tags: lending, licensing, mortgage, loan, real, estate, services Report as inappropriate
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
1. Re: Private mortgage lending requirements? Washington State Feb 2, 2008 12:06 AM
Welcome to the community! My understanding is that if you expect to receive compensation for assisting even one person in applying for or obtaining a residential mortgage, you are required by your state to have a broker's license. The procedures for obtaining one are outlined on a couple of sites:

http://www.mortgagenewsdaily.com/mortgage_license/Washington.asp

http://www.dfi.wa.gov/cs/mortgage.htm

Hope this helps. Best wishes.

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Click to view LUCKIEST's profile SCORE LUCKIEST 7,912 posts since
Aug 6, 2007
2. Re: Private mortgage lending requirements? Washington State Feb 2, 2008 7:48 AM
Welcome, Lighthouse always has great answers.
Two suggestions. One, Contact SCORE. SCORE is FREE and the Counselors have a lot of
experience and good info. You can visit SCORE in person or online.
Two. Go to the Members page and add a few words about your business.
LUCKIEST
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Click to view SageTrout's profile Mogul SageTrout 22 posts since
Jan 31, 2008
3. Re: Private mortgage lending requirements? Washington State Feb 3, 2008 2:10 PM

I think what you're seeking is a referral agreement with a source of mortgage funds. Are you seeking payment for referring people to a mortgage lender?

While there are restrictions on the payment of referral fees by licensed securities dealers, I'm not aware of any restrictions on the payment of referral fees from a lender in any state. It really depends on the lender or broker and their policies.


Obviously if you're really concerned about this the best course would be to contact the state agency that licenses mortgage lenders in Washington and ask them.

In California where I am, it's the state real estate commission. You need to have a real estate license to be a mortgage lender in California. However, licensed brokers get around that all the time by having people work under their license and sharing in the commissions in exchange for that.

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