Why You Should Have More Than One License

Have you ever turned away business because you didn’t have a license to do business in another state? How could that possibly happen?

It happens when a relative calls who lives in another state and asks whether you can originate or broker a loan for him. Or your loan officers tell you about their friends who live in another who would give you their business. Or perhaps you are on the border with another state and your advertising pulls in from your neighboring state. There are many scenarios where you are thinking that you wished you had a license to broker/lend in another state or states.

With each new state, you add thousands to millions of new prospective borrowers to whom you can advertise and market your business. You are not limited to just your home state. And let’s face it, the phones aren’t ringing off the hook in many offices. It’s not like the good old days from a year ago. You don’t want to have to turn away any business.