Hi,

My name is Mark Thompson I run a consulting company out of MI, and I come across quite a few clients who are looking for loans..since this isnt my area of expertise I was wondering..Do I have to be a broker to submit loan applications to a lender and to be paid for it..how about if I only have an agreement with the client for them to pay me a point or 2 after they receive the loan. Do I need a license in order for banks to even allow me to send them applications on behalf of my clients?

Any help here would be appreciated,
Thanks

Mark

Stick to your area of expertise. This is one of the reasons we are in this mess.

You would be walking a fine line by attempting to do this. In your state and in this current lending enviroment I would not consider doing this in any way shape or form on a residential lending basis. Michigan has one of the highest foreclosure rates and depeciation in the country. Regulators are watching very closely.

Technically a lender/loan officer cannot compensate an individual for referring "RESIDENTIAL LENDING" business. It is prohibited by Section 8. Section 8 does not apply to commercial loans. Hope this helps.