generate leads- mortgage

So i read that you have to be "licensed" with a real estate or mortgage to start a generate lead business in this field? how can u go around this?

When you say you read it, is this a fact. Where did you read it?

Just thinking that if you put a classified Ad in the paper that just said Looking for a cheap Mortgage? Phone 123 456 789 for details on two lines why would you need a license for that?

And the 123 456 789 number is owned by you with a fixed divert to whichever broker was willing to pay you so you can redirect if they stop paying.

I am in England though so might be different but technically that is all you are doing although you are using websites etc

Dan

i'm in the US and read it that certain states require it. but it did say to contact the office of SBA. so im going to look into that .thanks

I generate leads for MORTGAGE world and you do not need to be lic. There are details that you can and can not ask. I am a licensed agent and I actually did not renew my licensed because it made it easier to generate leads. PM for details, perhaps we can work together on something.

RSILeads- i just emailed you. thanks

natasha2003 said:

i'm in the US and read it that certain states require it. but it did say to contact the office of SBA. so im going to look into that .thanks

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Have a client that requires mortgage leads in the TX market...can you provide leads in that market? What kind of deal can we work out to augment our efforts for this client? PM me if interested.

Any leads in Ontario, Canada?

jimbo13 said:

When you say you read it, is this a fact. Where did you read it?

Just thinking that if you put a classified Ad in the paper that just said Looking for a cheap Mortgage? Phone 123 456 789 for details on two lines why would you need a license for that?

And the 123 456 789 number is owned by you with a fixed divert to whichever broker was willing to pay you so you can redirect if they stop paying.

I am in England though so might be different but technically that is all you are doing although you are using websites etc

Dan

Click to expand...

You can't do this in the UK
Whether in web or in print, you need to make sure that:

1. You have the appropriate wealth warnings in your ad including Representative APRs if you quote a rate.
2. You must also make it clear what your regulatory status is i.e.an Appointed Representative of an Authorised firm or you are directly authorised by the FCA yourself.

You can't even generate leads now without being regulated.

Believe me,all those sites that operate outside of this are gradually being forced out of G by the FCA putting pressure on them. I know this to be true because we did a test back in October and our site was removed by Bluehost after someone reported it to the FCA who in turn put pressure on Bluehost.

It is just a matter of time before G gets around to all of them.

Plus, no ethical finance company would accept leads off any firm that isn't regulated in some way or other.

You don't need a license to solicit leads. You do need a license to quote a rate. I have a friend who pays this guy to cold call leads from the internet, and as soon as the conversation gets to the point of "lets take an application, or "please run my credit report" or "what is the rate", he legally needs to pass the call to my friend who is licensed. So, as you an see, just getting someone interested in a mortgage, or obtaining their contact information is fine, but to obtain any personal info requires a license.

There are ways to get around it... but it's tough for both people. You and the actual broker.

So the way to get around it is to negotiate a way to get a cut of his percentage for each client you refer. This is going to have to be majorly off the books as there are technically laws against it. Can it be done? Yes. Is it done? Yes. Is it easy to do? Yes. Is it legal? Not really.

How do I know? I have both my Mortgage and Real Estate Brokers Licenses in 11 states.