Start, Run, and Manage a Successful Mortgage Business from Udemy

This is one of the few mortgage courses that actually teaches you how to obtain your mortgage business license from start to finish, how the entire business works, and how to run your own mortgage company. Once you become licensed as a Mortgage Brokerage Business, or Correspondent Lender/Lender, or Mortgage Servicer Lender you can get approved with different lenders to start originating mortgage loans and receive a much higher compensation than as an employee.

In this course you will learn:

How to start a mortgage business no matter what structure you choose to begin with can be very fulfilling financially and lifestyle wise. You can choose to make your business as large or as small as you want by having a small group of employees or a large group. You can choose to hire a branch manager to take care of the daily operations and you just oversee the business and its future growth. Just like starting any business, there are many things to learn but this course takes the guess-work out of the equation by telling exactly what you need to do and who to contact. In order to start any of these mortgage businesses you need to obtain your mortgage loan originator license and either work in the industry for 1 year or hire someone who has worked in the industry for 1 year but this can be done fairly quickly. This course will take you behind the scenes into a world that most people never want you to know about and will never teach you how to get started. The best thing is you will have very low start-up costs and very high profit potential. If you decide to work from home, your initial costs will just be paying for your licensing which you will learn about in this course.

Main benefits of this course and of starting a mortgage business:

- Get others to work for you. Stop chasing leads and borrowers. Your mortgage loan originators will bring in deals and you help them to close those deals and make a profit in the process.

- More time. As the owner of the business you can choose to hire employees to take care of the daily operations of the business and have more free time to focus more on what matters the most and spend more time with the people you love.

- More freedom. When you own a business, you get to choose your hours, who you want to work with, and how much you want to make.

- Make more money. When you are an employee, you always receive a smaller compensation than as the employer. When you own a mortgage business you have the capacity to make much more of the profits than ever before.

As a mortgage business owner you can make $100,000+ if you're just starting out and $2,000,000+ if you're an established company depending on how you structure your business.

- More control. You will have complete control over the transaction and the speed at which your loans close which is very different to make happen when you are not the owner of the business.

- You get to help others have a job and a career. Everyone knows that finding a job is not that easy and a great paying job even more. That's why offering other people a chance to work for you and your business is a blessing that everyone will appreciate.

- Having control over your own home loan. As the owner of a mortgage business and as a mortgage loan originator, you will have the unique opportunity to buy real estate at lower rates and with reduced closing costs.

- You won't have to find a job anymore once you open your business you won't have to work for any one and will have the power to hire others and great an empire.

As a Mortgage Brokerage Business, you typically make up to 2.75% in compensation. This would be the breakdown of how much you can make:

Loan amount $300,000 x 2.75% = $8,250. This is how much you would make and depending on your mortgage loan originators compensation pay structure you pay the MLO their portion of the compensation.

What will you learn in this course?

- How to get licensed as a mortgage business

- How to get approved with lenders

- How to choose what lenders to work with

- How to choose a credit company to pull borrowers credit reports

- Choosing what LOS (loan origination software) to use

- Successfully hire mortgage loan originators

- Successfully create a payment structure for mortgage loan originators

- Understand how to process a loan and how to hire a processor

- Understand how to prevent fraud and create a quality control plan

- How to read and understand financial statements

- How to prepare a profit and loss statement as well as a balance sheet

A course diploma will be available to you when all sections have been completed at 100% which you can save or print. For instructions on downloading your course diploma you can go to: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion

Your instructor

Joseph Correa is the founder and CEO of Finibi Mortgage, a licensed mortgage brokerage business based out of Orlando, Florida. Having closed hundreds of mortgage loans, he has processed, originated, and audited the majority of his loans. In the past, he has also owned a correspondent lender business and invested in real estate.

What's inside

Learning objectives

You will be able to understand how mortgage businesses work
You will be able to start a new business with high profit potential
You will understand what is needed to start a mortgage brokerage business
You will understand what is needed to start a correspondent lender and lender business
You will understand what is needed to start a lender servicer business
You will learn how to get approved with lenders to start doing business
You will learn how to get approved with credit companies to start pulling credit and reviewing credit reports
You will be able to submit loans, close loans, and be compensated for doing this
You will learn how to hire, run quality control checks, create a hiring agreement, and prepare a payment structure
You will understand what it takes to process a mortgage loan

You will learn how to close a mortgage loan from beginning to end
You will learn why starting a mortgage business can be a great financial decision
You will learn how to complete an application to get approved for a mortgage brokerage business
You will learn how to complete an application to get approved for a correspondent lender and lender business
You will learn how to complete an application to get approved for a lender servicer business
You will understand what it takes to run a completely virtual mortgage business
You will understand how each mortgage business type profits from each transaction and how to can be a part of this
Show more
Show less

You will be able to understand how mortgage businesses work
You will be able to start a new business with high profit potential
You will understand what is needed to start a mortgage brokerage business
You will understand what is needed to start a correspondent lender and lender business
You will understand what is needed to start a lender servicer business
You will learn how to get approved with lenders to start doing business
You will learn how to get approved with credit companies to start pulling credit and reviewing credit reports
You will be able to submit loans, close loans, and be compensated for doing this
You will learn how to hire, run quality control checks, create a hiring agreement, and prepare a payment structure
You will understand what it takes to process a mortgage loan
You will learn how to close a mortgage loan from beginning to end
You will learn why starting a mortgage business can be a great financial decision
You will learn how to complete an application to get approved for a mortgage brokerage business
You will learn how to complete an application to get approved for a correspondent lender and lender business
You will learn how to complete an application to get approved for a lender servicer business
You will understand what it takes to run a completely virtual mortgage business
You will understand how each mortgage business type profits from each transaction and how to can be a part of this
Show more
Show less

Syllabus

Learn what this course is all about and general questions most people ask

Why should you start this course?

Who should start this course?

How do mortgage businesses work?

I just wanted to make sure you have the most up to date Uniform Residential Loan Application aka "URLA" for when you have a borrower that needs to complete it with your assistance or in case you want to become more familiar with this form. This is an important document for you to have in your files. You can download it in this lecture

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides a blueprint for navigating the licensing process, which can be a significant hurdle for those starting a mortgage business

Details various business models, such as one-person operations, branch offices, and passive ownership, allowing entrepreneurs to choose a structure that aligns with their goals

Explores the financial aspects of running a mortgage business, including profit and loss statements, balance sheets, and compensation structures for loan originators

Covers the importance of compliance, fraud prevention, and quality control, which are essential for maintaining a reputable and sustainable mortgage business

Discusses the use of loan origination software (LOS) like Calyx Point, which may require a subscription or purchase, adding to the initial investment

Requires learners to familiarize themselves with the Uniform Residential Loan Application (URLA), which is subject to change and updates

Reviews summary

Blueprint to starting a mortgage business

According to students, this course offers a comprehensive blueprint for starting and running a successful mortgage business. Learners frequently praise the course for going beyond just MLO licensing, providing practical, step-by-step guidance on essential topics like licensing, securing lender approvals, recruiting originators, and managing day-to-day operations. The instructor's real-world experience is highlighted as a source of valuable insights, sharing knowledge often not disclosed publicly. While some mention the density of information, the overall consensus is that it effectively teaches you how to build a business with significant profit potential.

Starting a business requires effort beyond the course.

"The course gives you the blueprint, but actually starting the business requires significant dedication, capital, and hard work outside the course."

"This course provides the knowledge, but executing the steps like obtaining licenses and building lender relationships is a substantial undertaking."

"It's comprehensive, but digesting everything and putting it into practice is a big commitment."

Packed with a significant amount of information.

"Be prepared for a lot of information; this course is packed with everything you need to know."

"It's a very dense course, covering many aspects of the business, which requires careful review and study."

"The sheer volume of topics covered is impressive, but it means you need to dedicate serious time."

Clear guidance on navigating regulatory requirements.

"Navigating the NMLS and state licensing requirements seemed daunting, but the course broke it down clearly."

"Getting approved with lenders is crucial, and the checklist and list of lenders provided were extremely helpful."

"I now understand the application fees and ongoing requirements like NMLS reports."

"The course demystified the process of obtaining my mortgage business license."

Instructor shares valuable industry insights.

"Joseph's insights from running his own brokerage were the most valuable part for me; you can tell he lives this business."

"The instructor clearly knows this business inside and out and shares practical wisdom not found in textbooks."

"His experience helps make complex topics easier to understand and relate to real-world scenarios."

"Hearing directly from someone who has done it successfully makes the information much more credible and actionable."

Provides actionable steps for licensing and operations.

"The step-by-step approach to getting licensed and approved with lenders is invaluable."

"I found the sections on hiring MLOs and setting up pay structures incredibly practical and useful for immediate implementation."

"The blueprints for closing a loan and handling common problems are very helpful."

"Learned practical tools and strategies that I could apply immediately to my business planning."

Covers setting up and managing the entire business.

"This course covers the entire scope of starting, running, and managing a successful mortgage business, which is exactly what I was looking for."

"It wasn't just about being a loan originator, but about owning and operating the actual brokerage or lender business."

"I appreciate how it explains the different business structures and the requirements for each."

"I learned the entire process of setting up my brokerage, something I couldn't find clear guidance on anywhere else."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Start, Run, and Manage a Successful Mortgage Business with these activities:

Review Mortgage Industry Regulations

Show steps

Reinforce your understanding of the legal and regulatory landscape of the mortgage industry. This will help you avoid costly mistakes and ensure compliance from the outset.

Browse courses on Financial Regulations

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Research federal and state mortgage regulations.
Identify key compliance requirements.
Summarize the main points of each regulation.

Read 'Mortgages For Dummies'

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Gain a foundational understanding of mortgages and the mortgage industry. This will help you grasp the core concepts covered in the course.

View Alter Ego: A Novel on Amazon

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Obtain a copy of 'Mortgages For Dummies'.
Read the book and highlight key terms.
Summarize the main points of each chapter.

Attend Local Real Estate Events

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Build relationships with real estate professionals and potential clients. This will help you expand your network and generate new business opportunities.

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Identify local real estate events.
Attend events and network with attendees.
Follow up with contacts after the event.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Read 'The Book on Estimating Rehab Costs'

Show steps

Improve your understanding of property valuation and rehab costs. This will help you assess the risk associated with mortgage loans for properties needing renovation.

View The Book on Estimating Rehab Costs: The... on Amazon

Show steps

Obtain a copy of 'The Book on Estimating Rehab Costs'.
Read the book and take notes on key concepts.
Practice estimating rehab costs for sample properties.

Create a Lender Comparison Spreadsheet

Show steps

Deepen your knowledge of different lenders and their loan programs. This will help you choose the best lenders to work with and provide your clients with the most suitable options.

Show steps

Research different mortgage lenders.
Identify key loan programs and requirements.
Create a spreadsheet to compare lenders.
Update the spreadsheet with new information.

Practice Loan Scenario Analysis

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Improve your ability to analyze loan scenarios and identify potential risks and opportunities. This will help you make informed decisions and provide sound advice to your clients.

Show steps

Gather sample loan scenarios.
Analyze each scenario for risks and opportunities.
Determine the best course of action for each scenario.

Develop a Business Plan

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Solidify your understanding of the key components of a successful mortgage business. This will help you create a roadmap for your own business and identify potential challenges and opportunities.

Show steps

Define your target market and services.
Outline your business structure and operations.
Create a financial projection and marketing strategy.
Refine your plan based on market research.

Career center

Learners who complete Start, Run, and Manage a Successful Mortgage Business will develop knowledge and skills that may be useful to these careers:

Mortgage Business Owner

Becoming a Mortgage Business Owner involves overseeing all aspects of a mortgage brokerage, correspondent lender, or lender servicer business. This course is the ideal resource for individuals seeking to establish and manage their own mortgage company. It provides comprehensive guidance on obtaining the necessary licenses, understanding different business structures, and getting approved by lenders. In addition, the course covers essential topics such as hiring and managing mortgage loan originators, streamlining loan processing, and ensuring compliance. You'll find the information you need to have control over your own home loan as a Mortgage Business Owner.

See salaries and explore the career path for Mortgage Business Owner

Mortgage Broker

A Mortgage Broker acts as an intermediary between borrowers and lenders, finding loan options that suit the borrower's needs. This course directly aligns with the role of a Mortgage Broker by detailing how to start and manage a mortgage brokerage business. The course covers essential aspects such as obtaining licenses, understanding business models, and getting approved with lenders. It also provides insight into hiring mortgage loan originators and structuring their pay, crucial for scaling a mortgage business. If you want to learn how to run and grow your own mortgage business, this course is an excellent resource.

See salaries and explore the career path for Mortgage Broker

Mortgage Loan Originator

A Mortgage Loan Originator plays a pivotal role in guiding borrowers through the mortgage application process, from initial consultation to loan closing. This course provides prospective owners with a clear pathway to starting a mortgage business, making hiring and managing Mortgage Loan Originators streamlined and efficient. The course includes insights into structuring payment plans for originators, conducting quality control checks, and providing essential tools and processes. This knowledge is valuable for anyone looking to effectively manage and grow a team of Mortgage Loan Originators.

See salaries and explore the career path for Mortgage Loan Originator

Mortgage Operations Manager

A Mortgage Operations Manager oversees the day-to-day operations of a mortgage company, ensuring efficiency and compliance. This course provides a comprehensive understanding of how to start, run, and manage a successful mortgage business, making it highly relevant for aspiring operations managers. The course covers essential aspects such as getting licensed, hiring and training staff, and implementing quality control procedures. With the insights from this course, a Mortgage Operations Manager can effectively streamline processes and drive business growth.

See salaries and explore the career path for Mortgage Operations Manager

Loan Officer

The Loan Officer is in charge of finding and assisting borrowers through the loan application process. This course helps to ensure a solid foundation for Loan Officers who want to take the next step into management. The course covers essential aspects such as obtaining licenses, understanding business models, and getting approved with lenders. It also provides insight into structuring mortgage businesses, crucial for scaling. This course helps Loan Officers rise above the competition and become a leader.

See salaries and explore the career path for Loan Officer

Mortgage Branch Manager

As Mortgage Branch Manager, you would oversee the daily operations of a mortgage branch, manage a team of loan officers, and ensure the branch meets its financial goals. This course provides valuable insights into the intricacies of running a mortgage business, making it highly relevant for aspiring branch managers. You will learn how to structure a business, implement quality control plans, and manage employees. The course further helps to understand how to oversee the business and its future growth.

See salaries and explore the career path for Mortgage Branch Manager

Business Development Manager

The Business Development Manager identifies and pursues new business opportunities to drive growth for a company. This course, centered on starting and running a mortgage business, builds a foundation for Business Development Managers looking to specialize in the mortgage industry. The course provides insights into mortgage business models, understanding the competitive landscape, and identifying potential partnerships. The knowledge offered by this course can position a Business Development Manager for success in the mortgage sector.

See salaries and explore the career path for Business Development Manager

Mortgage Processor

A Mortgage Processor is responsible for preparing, reviewing, and submitting mortgage loan files for underwriting. While this course focuses on owning and managing a mortgage business, it provides valuable insights into the entire loan process, including processing. The course may be useful in understanding the importance of efficient processing, whether it's done in-house or outsourced. The course also covers key elements of fraud prevention and quality control, essential for any Mortgage Processor.

See salaries and explore the career path for Mortgage Processor

Auditor

The Auditor is responsible for examining and verifying financial records to ensure accuracy and compliance. This course can be particularly beneficial for Auditors specializing in the financial services industry, specifically those focusing on mortgage businesses. Understanding the intricacies of starting, running, and managing a mortgage company will help Auditors to identify potential risks and assess compliance with relevant regulations. The course's coverage of fraud prevention and quality control plans further equips Auditors with the knowledge they need to perform thorough and effective audits.

See salaries and explore the career path for Auditor

Compliance Officer

The Compliance Officer makes sure a company follows all laws, regulations, and internal policies. This course offers vital knowledge of the mortgage industry, which is extremely relevant for compliance in mortgage-related firms. The course may prove useful in building a strong foundation in understanding mortgage regulations, fraud prevention, and quality control. The course enhances the Compliance Officer's ability to mitigate risks and ensure ethical business practices.

See salaries and explore the career path for Compliance Officer

Real Estate Investor

Real Estate Investors acquire properties with the intention of generating income or profit. This course provides a comprehensive understanding of the mortgage industry, which can be extremely beneficial for real estate investors. The course may be useful in navigating the mortgage process, securing favorable loan terms, and identifying potential investment opportunities. Understanding the intricacies of mortgage businesses, as taught in this course, may provide Real Estate Investors with an advantage in the market.

See salaries and explore the career path for Real Estate Investor

Underwriter

The Underwriter assesses the risk involved in approving a mortgage loan by evaluating the borrower's creditworthiness and the property's value. While this course focuses on business management, it does provide context for the underwriting process. The course may be useful in understanding the overall mortgage business, allowing Underwriters to have better context for the applications they assess. This knowledge will allow Underwriters to take the next step in their careers.

See salaries and explore the career path for Underwriter

Financial Advisor

Financial Advisors provide guidance to clients on managing their finances, including investments, retirement planning, and mortgages. While not directly related, this course offers a deep dive into the mortgage industry, which can enhance a financial advisor's knowledge base. The course may be useful in understanding the nuances of mortgage loans and providing well-informed advice to clients. The knowledge gained from this course may complement a Financial Advisor's expertise in overall financial planning.

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Credit Analyst

A Credit Analyst evaluates the creditworthiness of individuals or businesses to determine the risk involved in lending money. As this course touches on various aspects of the mortgage business, it may be useful for Credit Analysts seeking to deepen their understanding of mortgage lending practices. The course may be useful in understanding how credit reports are used in the mortgage approval process and how to assess a borrower's ability to repay a loan. This knowledge can help Credit Analysts make more informed decisions and contribute to the overall success of a mortgage business.

See salaries and explore the career path for Credit Analyst

Financial Analyst

A Financial Analyst analyzes financial data to provide insights and recommendations for investment decisions. While seemingly unrelated, this course provides a foundation in financial management within the context of a mortgage business. The course may be useful to gain practical insight into the management of assets, liabilities, and equity. With this knowledge, a Financial Analyst may broaden their acumen and provide more holistic advice to businesses or people.

See salaries and explore the career path for Financial Analyst

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Start, Run, and Manage a Successful Mortgage Business.

The Book on Estimating Rehab Costs

Save

Provides a comprehensive guide to estimating rehab costs for properties. It is particularly useful for understanding the financial aspects of mortgage lending related to property renovation. This book is valuable as additional reading to provide more depth to the financial aspects of the course. It is commonly used by real estate investors and professionals.

The Book on Estimating Rehab Costs: The Investor's...

Paperback

Alter Ego

Save

Provides a basic overview of mortgages and the mortgage industry. It is particularly useful for those who are new to the field and need to build a foundational understanding. This book is more valuable as additional reading than as a current reference. It is commonly used by individuals seeking to understand the basics of mortgages.

Alter Ego: A Novel

Paperback

Start, Run, and Manage a Successful Mortgage Business

What's inside

Learning objectives

Syllabus

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Save this course

Reviews summary

Blueprint to starting a mortgage business

Activities

Career center

Reading list

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