My lender told me that a "broker cannot be the Loan Officer on his own loan. The Loan Officer needs to be [someone else] for compliance. As the Broker one of the LO’s of company would be the LO. As an LO another [LO] or Broker would be the one writing the loan." "An LO other than the borrower LO would generally gain some fee. An LO may rebate monies to fixed closing costs for covering. Making monies would be taxable income to the company and LO in file." I hope that helps.
great stuff! This really helped me understand some concepts poorly explained in my brokers course.
Big help, thanks man!
your video have been really helpful in trying to learn about buying a home 😊 🙏🏽
Thank you so much for taking the time to say so! That's my goal!
What other topics would you like answers on?
Thanks for this video!!!
Great video. Fire your cameraman
That guys sucks! I agree! (It was my tripod...lol) I'm a one-stop shop, or was until I hired an editor about a year ago.
If your a mortgage broker are you allowed to sell yourself a mortgage and make money off of your own refinance?
I'm not exactly sure. I'll have to reach out to a buddy of mine who owns a mortgage lending company.
My lender told me that a "broker cannot be the Loan Officer on his own loan. The Loan Officer needs to be [someone else] for compliance. As the Broker one of the LO’s of company would be the LO. As an LO another [LO] or Broker would be the one writing the loan."
"An LO other than the borrower LO would generally gain some fee. An LO may rebate monies to fixed closing costs for covering. Making monies would be taxable income to the company and LO in file."
I hope that helps.
@@RealEstateInvestingUnmasked Thank you that helps clear it up
thank you for this information you made it pretty clear to me do you have a phone number I can call you
You can reach out via my website.