How Regulatory Licensing Service Can Broaden Your Lending Power
In today’s fast-paced mortgage broker industry, many brokers gain a competitive edge by diversifying their offerings across multiple states. And while branching out into other states opens up new pools of potential customers, the licensing requirements for mortgage brokers vary from state to state (sometimes with additional state-specific or local requirements).
These differences in licensing laws provide a huge barrier to expanding your geographic reach. In some instances, candidates may spend months researching the different requirements for licensure before taking any action that moves them closer to expanding. However, MLG’s Regulatory Licensing Service can streamline this process and help you reach more customers quickly.
And there are many benefits to serving customers in multiple states, such as:
- It allows you to grow your customer base on your terms.
- If one market slows down, you can focus on another area to make up the revenue gap.
- You can target a larger market sector.
- It allows you to safeguard against isolated regional market conditions.
- You will have added creditability.
- To remain competitive with interstate banks.
While these benefits make a compelling argument for multi-state licensure, the challenges of obtaining licenses in multiple states can be prohibitive. First, it is incredibly time-consuming, and spare time is often something that mortgage brokers lack.
Additionally, every state is usually governed by a different state regulatory body, with varying requirements for licensure. Applications often have to go through a rigorous process, with the applicant providing additional information, fees, or documents at different steps. These small differences in procedure from one state to the next can add up, making it more likely that you will omit some piece of the application or supporting documentation. And this generally results in a failure to obtain the desired license. It is a dynamic process that requires much time and energy – a fact that has discouraged many mortgage brokers from obtaining multiple state licenses.
MLG’s License Ready program is designed for companies wanting to diversify into multiple states but who do not clearly grasp the process and qualifications required. This program can significantly reduce the time necessary to achieve licensure in multiple states. MLG can help review your corporate structure, determine the right license to pursue, and review your net worth, continuing education, and other important items. This review streamlines the process, saves you time and money, and results in multi-state licensure faster than candidates could achieve without assistance.
This program allows you to diversify into new markets, which supports sustained growth and success. Additionally, MLG can help you stay on top of changing licensing laws and other unforeseen challenges that may arise as you move through the process. Some of the licensing procurement services provided include:
- Setup of NMLS profiles
- NMLS training
- Multi-state, federal, and international locations
- Services for brokers, lenders, servicers, and debt collectors
- NMLS submissions and paper applications
- Estimated costs using a proprietary calculator
In addition to these services, mortgage brokers opting to pursue a federal license can get assistance with an FHA application prepared to meet your organizational structure and a HUD-compliant quality control plan. MLG can also assist with territorial planning for multiple branches and serve as a sponsor for your expansion.
MLG’s License Ready program allows you to quickly cut through the red tape and begin leveraging an expanded lending power. To learn more about how MLG’s regulatory licensing service can benefit your business, contact Mortgage Lending Group today.
The Mortgage Licensing Group, Inc. is a full-service mortgage licensing firm headquartered in Southern California that is recognized throughout the industry as an experienced and reliable service provider. Established in 2006, our company has been at the forefront of the ever-changing rules and regulations, helping alleviate the often-daunting task of meeting our clientele’s diverse state licensing requirements.