SCP Newsroom

The New Broker: Steps to Preparing for Licensing

Briefcase Decide on Name and Create Business Forming your company is necessary for you to open bank accounts, enter into contracts, hire employees, and obtain business licenses/permits You may want to discuss with a CPA or attorney what the best business structure will be for you You should draft articles of incorporation/organization (this is often…

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The Ins and Outs of Loan Officer Compensation Agreements

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10 Steps to becoming a Broker

10 Steps to Independence: How to Become an Independent Mortgage Broker Today, working independently-striking out on your own-is fast becoming the path toward building a career, especially when it comes to mortgage brokers. According to Housingwire.com, “Independent mortgage brokers have secured 14.1 percent market share-the strongest presence in a single quarter in over a decade.”That’s…

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9-Step Licensing Checklist

9-Step Licensing Checklist What every new Broker needs to know for licensing. Step 1 Register Your Company 4 aspects of successful business registration involving licensing. Registering your business with the IRS to obtain a Federal Employee Identification Registering within the Home State that your company is located in. Registering for an account in NMLS and…

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New Jersey

New Jersey DOBI Annual Reports All licensees are required to file an annual report to the Department of Banking and Insurance. Licensees are required to file an annual report after each calendar year in which they were licensed. Because you were licensed in 2021, you are required to file an annual report in 2022 even if you…

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South Carolina

South Carolina law requires all licensed mortgage brokers and mortgage lenders/servicers to file a mortgage log each year directly with the South Carolina Department of Consumer Affairs. This log is separate from the mortgage call report filed with the Nationwide Multistate Licensing System & Registry (“NMLS”). All licensed mortgage brokers must file regardless of the…

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California

Compliance Update for Cali Brokers licensed by DFPI! See below for a reminder to all DFPI licensee’s- annual reports are due by March 15th. “All DFPI California Financing Law (CFL) licensees are required to submit an annual report on or before March 15, 2022, even if the licensee had no business activity in the calendar…

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Pennsylvania

The passage of House Bill 1588 will now permit loan originators working for nonbank lenders the opportunity to conduct business from remote offices, including private homes, which meet security and consumer-protection standards. The new law also removes a prior stipulation that mandated originators to live within 100 miles from the nearest licensed branch. Read more…

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