Starting a private mtg. banking / brokering business

Board Topic: Wanted: CA mtg. broker to co-found a mtg. banking
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Wanted: CA mtg. broker to co-found a mtg. banking

Posted by: YesInvestor Jan 9 2004, 05:43 PM
We are going to start a private mtg. banking / brokering business here in San Francisco Bay Area, CA. Now the refi wave has slowed down, our business model would work even better.

Before we do that, thought to seek if there are opportunities to:

1. purchase an existing (distressed OK) business
2. partner with an existing mtg. broker business

our belief is buying or partnering with an existing will jump start our business faster

if we couldn't find one within a short period

3. we will be looking to offer jobs to mtg. broker/banker

If you have interest, please send e-mail to yes_investor@yahoo.com and let's talk!!!


Posted by: loanuniverse Jan 9 2004, 07:09 PM
Welcome to my corner of the net. I wish you luck in your endeavor. There is one thing that does confuse me in your post:

Now the refi wave has slowed down, our business model would work even better. ????? Can you elaborate?

Mortgage bankers and brokers were just printing money and working ungodly hours about a year ago. It is my understanding that while the pace is still high the volume has slowed down and so will profits.

Again, good luck.

Posted by: YesInvestor Jan 9 2004, 07:35 PM
Loanuniverse,

great website and I like your "educational" approach to explain various aspects of the business such as warehouse credit, etc.

Foremost, we are investors and then entrepreneurs. We have discovered several niche/inefficiency in the market place after doing many deals.

* To answer you question, our business model DOES NOT DEPEND on REFINANCE. *

As a result, those hard working mortgage brokers that may be considering getting out or at least looking for other opportunities due to the slow down, I would be interested in talking. We are also considering investing or purchasing small title company in CA who maybe feeling the stress of refinance slow down.

BTW, where are you based LOANUNIVERSE? We do invest in all 50 states. Maybe we can do some deals with you or get some loans on investment properties for leverage purposes. Thanks and keep up the good work!

- YesInvestor, San Francisco/San Jose, CA

Posted by: loanuniverse Jan 10 2004, 10:40 AM
Foremost, we are investors and then entrepreneurs. We have discovered several niche/inefficiency in the market place after doing many deals. Well, good luck in succeeding in a very competitive environment.


BTW, where are you based LOANUNIVERSE? We do invest in all 50 states. Maybe we can do some deals with you or get some loans on investment properties for leverage purposes. Thanks for the offer, I am based in Florida. However, I would have to decline as I am not in production. I do back room underwriting for the commercial lending division in a large community bank. It is less rewarding than sales, but it is also less demanding in the sense of goals. My ultimate goal is not to recommend any bad credit risks, while the production person is looking to book X millions during the month.

Good thing about your plan is that California does not require a separate “Mortgage broker” license. I think Florida is much more regulated.
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