What Licensing Is Required to Modify Mortgages?
Recently, a lot of people have been asking me who can modify loans in this state or that, and what licensing is required. The answer is that it depends entirely on where you live. Every state has different statutes and regulations defining who can modify mortgages for homeowners, and how the process must go. Honestly, it's kind of a free-for-all mess right now.
Several states require that anyone working as a modification consultant must have an active mortgage broker license or be an attorney. Many states have no guidelines at all, though it seems every month, more and more states are requiring mortgage licensing and/or be an attorney. I wouldn't be surprised if all the rest of the states follow suit within the next year or two, nor would I be surprised if the lenders themselves start requiring proof of licensing of some sort.
The best way to find out what your state requires is to call the mortgage broker regulatory body and ask. In some states, this is an independent organization, and in others, it is a division of the real estate commission. Either way, the real estate commission will typically know the regulations regarding mortgage modifications, or at very least, they'll be able to tell you who will know. You can also try contacting your state's mortgage broker industry associations, if any. A quick Google search should get you contact info for all the above organizations.
If you're in a state that doesn't require mortgage broker licensing for mods and you aren't already a mortgage broker or attorney, it might be a good idea to get your mortgage broker license anyway. They aren't typically that hard to get, the extra education will be helpful, the license will help with your credibility, and you'll be OK if and when your state does decide to require a license. The E and O insurance and/or the surety bond that comes with getting a license isn't a bad idea either.
If you do happen to be in a state that requires licensing and you don't have your license, another option is to partner up with a broker or attorney interested in modifications as well. You can still get the majority of the profits if you do this. Just pay them on a per file basis (say, $50 to $300) to put all correspondence to the lender on their letterhead and sign it. You'll do all the rest of the work, and you'll get nearly all of the profit.
If you'd like to learn more about starting a loan modification business, or if you want to access all the necessary forms, spreadsheets, and templates, click here:
About the Author
Matt Sparks is a successful entrepreneur, both offline and on. He is also a licensed mortgage broker, employing real estate broker, and Realtor. He has written books, articles, and blogs about small business, real estate, finance, New Urbanism, and sustainable cities.
(c) Copyright - Matthew R. Sparks. All Rights Reserved Worldwide.
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