“We actually have a whole separate licensing team. We don’t outsource any of our consultants. They’re all 100 % SCP employees, and what they do is solely focus on the NMLS process,” Gustafson explained, noting that their pricing structure for licensing varies based on membership status and state requirements. (Non-member licensing is a one-time fee, while membership provides ongoing support and discounts.)
“We try to be a one-stop shop for the broker,” Gustafson said. “The only thing we don’t do is set up their company structure, LLC, or register them with the Secretary of State.”
Different Strokes For Different Folks
For those dreaming of a seamless start in the mortgage brokerage world without spending a dime, United Wholesale Mortgage (UWM) offers a program called “BeAMortgageBroker.com,” which was launched back in 2019 to help retail loan officers and aspiring brokers dive into the wholesale mortgage industry.
“So they will do … I like to say basically from start to finish, helping someone with their vision, who they want to be, and then helping them with their licensing,” said UWM’s Chief Growth Officer, Desmond P. Smith. “And then once they’re set up, we will help them if they want to help recruit loan officers with their branding, [or] with their marketing. It’s a full-service team that will help anyone convert from retail to the mortgage broker side.”
Smith says UWM started tracking how many brokers were helped only four years ago. Since then, Smith claims UWM has helped more than 3,000 new mortgage brokerages come to fruition.
That number is only growing, and it’s not just aspiring independent brokers looking to take the leap. “[The broker channel] has been [growing] I’d say, probably well over maybe two years now. A lot of folks are coming from retail,” Smith said. “ A lot of people, to be honest with you, don’t want to open their own shop, they just want to work for a mortgage broker. So we will help give them options.”
As for those looking to embark on a new business journey, UWM offers training called “Success Track.” Smith says loan officers, whether they’ve been in the business for 10 years or are someone starting their own company, can use Success Track training for free. But, if a broker aligns as a UWM partner, they have separate perks.