Help with Buying mortgage companies

Topic: Buying or Selling Mortgage companies

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Expert: Jay Rotenberg
Date: 11/14/2004
Subject: buying mortgage companies

Question
Hi. I'm not sure if you can answer this or not, but here goes. I'm interested in becoming a mortgage broker and starting my own company, and I want to be licensed in multiple states. My question is, if I'm doing a loan for someone who is not in my state buying mortgage companies, how would I go about closing the loan? Wouldn't I have to be present? How does it work when the mortgage broker is in one state and the borrower is in another?

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Answer
The mortgage broker never needs to attend a closing. The closing takes place at the title company and the closing documents are delivered to the title company by the lender.

The mortgage brokers work is essentially done when the lender indicates that the file is cleared for closing.

I do not attend closings even when they take place in the same city I work in.

Sincerely,

Jay Rotenberg, President
State Mortgage Funding, Inc.