Checklist for success:

How to get started.

You already know the products, the rules and how to help consumers make some of the biggest financial decisions of their lives. Now it’s time for you to make one of those decisions. Ready to be your own boss…own your own company…control your destiny? Thousands of LOs have already successfully done it. And with today’s technology, and the support available through the Broker Blueprint, it is not as hard as you may think.

Here’s a checklist to get you started…

Business Planning 101

What kind of broker do you want to be? A small boutique in one market or eventually a multi-branch operation with a regional or even national footprint? Either way, you’ll need a written business plan to guide you. It can be simple or elaborate, but it should include goals, strategies and tactics, as well as achievable benchmarks for operating costs, profits and returns.

Key elements that should be in a plan include:

  • Market research and segmentation

  • Naming and brand

  • Licensing

  • Business insurance

  • Staffing & recruiting

  • Outside resources (accounting, legal, payroll)

  • Office[s] vs. remote

  • Sales and marketing plans

Want to see sample business plans? Find consultants? Get a sense of what peers are doing and spending? Let us help you learn more.

Owner Track Technology to Drive Success

Selecting the right technology and communications systems will be some of the most important decisions that a new broker owner will make. On one hand, you don’t want to buy or lease expensive systems with more bells and whistles than you need when you’re starting out. But sometimes skimping on core systems like Microsoft applications, email, websites and software can create issues down the road as you grow.

In addition to the basics, broker shops usually require specialized technology: a loan origination system (LOS) of record, like Calyx Point or Encompass®; a product and pricing engine (PPE); and a customer relationship management (CRM) solution.

Increasingly, large wholesale lenders are sharing technology, such as broker portals and point of sales (POS), with brokers to take time and cost out of the origination process and to create greater transparency for their partners.

Want to see reviews of various solutions? Hear what works best for different kinds of brokers? See what lender-provided systems are available? We can help you get started.

Owner Track Compliance

Compliance comes with the business

Regulatory compliance is the price of entry in the mortgage business. There are state and national licensing requirements for originators and companies.

As businesses, brokerages are required to comply with a variety of federal and state laws, including:

  • Anti-money laundering

  • Fair lending

  • High-cost loans (HOEPA)

  • Consumer disclosures (RESPA/TRID)

  • LO licensing & registration

  • Professional education

To help you understand what’s required, we’ll tell you about government websites and more.

As a member of NAMB, brokers receive ongoing guidance and support from compliance experts and outside counsel.