mortgage broker as investor

Viewing 8 posts - 1 through 8 (of 8 total)

djsubari
Member
@djsubari
Join Date: 2005
Post Count: 10
July 6, 2005 - 2:58 am
Just wondering, can a mortgage broker invest using finance from his own company, with the loan approved by himself?
– D A V E –
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
July 6, 2005 - 3:00 am
YES.
But mortgage brokers do not approve loans. They just submit them. They are subject to all standard lending guidelines.
TMA
http://www.email4money.info
Investor Links
First Home Buyer Website
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
July 6, 2005 - 3:09 am
I handle my own applications for finance. But as Rob said we don’t approve anything ourselves so no conflict of interest.
I am curious as to why you ask?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
djsubari
Member
@djsubari
Join Date: 2005
Post Count: 10
July 6, 2005 - 4:37 am
The reason I am asking is that I am about to be trained by my friend to be a mortgage broker (he runs his own finance company). I have the intention of investing as well as being a broker in the future, while also finishing my degree. I just thought it would save me a lot of time securing a reliable finance company.
On that note, how did you find clients when you first started as a broker? Thanks in advance for any advice
– D A V E –
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
July 6, 2005 - 5:11 am
Clients rarely tell you all the facts even when asked directly. Take everything with a grain of salt and look for clarity of information in documents provided.
TMA
http://www.email4money.info
Investor Links
First Home Buyer Website
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
July 6, 2005 - 5:13 am
Dave,
Thats the hard part! Expect to have very few clients for the first year or so – it is only after you have thrilled clients referring you to others that the snowball starts rolling.
Advertising doesn’t seem very useful either. Is just a matter of networking, networking and networking!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
djsubari
Member
@djsubari
Join Date: 2005
Post Count: 10
July 6, 2005 - 6:21 am
Thanks for the advice, Simon and TMA…
– D A V E –
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
July 6, 2005 - 4:09 pm
Working with larger established and reputable companies provides you with great training and usually a lot of leads. This gets you going pretty quickly if you are pretty decent as a broker.
TMA
http://www.email4money.info
Investor Links
First Home Buyer Website