Quote from Roslind Ray on March 12, 2024, 2:23 pmHello all.
I have been actively buying and selling notes for the last three years. During the first two years, I operated without an NMLS license. As I began to exit a note through foreclosure, the issue of NMLS licensing was brought up as a defense. Fortunately, I was in a low-volume threshold state - one where you can own up to five notes without an NMLS license.
I know many note investors are operating in all states without a license. I was encouraged to do so my a former mentor but stiff fines have me nervous about it. I know that some have also been fined for operating without a license. What approach are some of you taking to circumvent NMLS licensing requirements or are you limiting purchases to state(s) where you are licensed?
Hello all.
I have been actively buying and selling notes for the last three years. During the first two years, I operated without an NMLS license. As I began to exit a note through foreclosure, the issue of NMLS licensing was brought up as a defense. Fortunately, I was in a low-volume threshold state - one where you can own up to five notes without an NMLS license.
I know many note investors are operating in all states without a license. I was encouraged to do so my a former mentor but stiff fines have me nervous about it. I know that some have also been fined for operating without a license. What approach are some of you taking to circumvent NMLS licensing requirements or are you limiting purchases to state(s) where you are licensed?
Quote from Ben Falade on May 13, 2024, 6:07 pmI am curious my self. Is there a way to obtain a multi-state license?
I am curious my self. Is there a way to obtain a multi-state license?
Quote from Ari_SoCal on May 22, 2024, 2:52 pmHi Ben,
I used to be a licensed Mortgage Loan Originator (MLO) in nearly 20 states. Once you have a license in one state, it's relatively easy to obtain licenses in other states. However, there are multiple hours of required Continuing Education (CE) and education. If you're considering this path, I can share some shortcuts to knock out several states at a time - which can save days, if not weeks of time.
Hi Ben,
I used to be a licensed Mortgage Loan Originator (MLO) in nearly 20 states. Once you have a license in one state, it's relatively easy to obtain licenses in other states. However, there are multiple hours of required Continuing Education (CE) and education. If you're considering this path, I can share some shortcuts to knock out several states at a time - which can save days, if not weeks of time.
Quote from Ivan Terrero on May 29, 2024, 8:36 pmAri:
Interested in Georgia.
Thanks,
Ivan
Ari:
Interested in Georgia.
Thanks,
Ivan