If you’re a mortgage broker looking to start your own mortgage company, you’re in the right place. Before launching, start with a solid business plan, it’s your blueprint for long-term goals and operations. Once that’s in place, we’ll dive into your go-to-market (GTM) strategy, which is more time-bound and action-focused. Think of it as the playbook for a successful launch. Let’s break down your GTM strategy into simple, actionable steps.
Starting a mortgage business presents a great opportunity to build an independent business, but navigating the process requires careful planning and adherence to regulatory requirements. In this comprehensive guide, we’ll walk you through how to start a mortgage business as a mortgage brokerage. If you’re looking to become an individual mortgage broker, start first with our guide on how to become a license loan officer in your state.
Research and Licensing
Before launching your brokerage, you’ll need to be licensed in the state(s) where you plan to operate. That starts with completing your individual mortgage loan originator (MLO) license through the Nationwide Multistate Licensing System (NMLS). Then, research the specific requirements for registering your company as a mortgage brokerage. Each state has its own process, fees, and documentation.
🛠️ Not sure where to begin? Morty provides guidance on licensing and setup as part of our Platform Tiers.
Build a Business Plan
Develop a comprehensive business plan outlining your brokerage’s goals, target market, marketing strategy, and financial projections. A well-thought-out mortgage broker business plan, built for your local community, will serve as a vital roadmap for your business.
Start by defining:
- Your target market (first-time homebuyers, investors, etc.)
- Loan products you’ll specialize in
- How you’ll source and convert leads
- Revenue goals and cost structure
Creating a business plan from scratch can be challenging. Morty can help with our Business Tiers, which can support you from solo mortgage entrepreneur to thriving Virginia Mortgage Broker.
🛠️ Not sure where to begin? Use this business plan guide to get you get started.
Set Up Your Office
Whether you operate virtually or from a physical space, your office must comply with regulatory standards in your state. Some states require a brick-and-mortar location; others allow remote setups. Create a professional, secure environment for handling sensitive borrower data and conducting business.
Build a Strong Team
Build a team of licensed mortgage professionals, processors, and support staff to help scale your business. Depending on your business model, you might start solo and grow into a team-based structure, or launch with a small group of producers.
Morty’s platform allows you to flexibly scale with access to processing, compliance, and fulfillment support, all without the cost of full-time hires.
Develop a Marketing Strategy
Create a robust marketing strategy to promote your brokerage. Begin locally by attending industry events and networking with professionals. Getting to know your local real estate community can open up a lot doors.
Your marketing should reflect your unique value as a broker. Start by:
- Building a modern, SEO-optimized website
- Creating lead magnets and landing pages
- Running local digital campaigns
- Hosting webinars or local events
- Networking with referral partners (real estate agents, financial planners, etc.)
As you look to build up your brand and showcase your expertise, be sure to tailor your approach to highlight your strengths: explore options like webinars, open houses, and community-focused content creation. Whatever you do, make sure it’s well executed and looks professional. Checkout these professionally designed open house flyers and personalized rack cards, crafted specifically for loan officers.
Develop Relationships with Lenders
To serve your clients, you’ll need to establish partnerships with reputable lenders to offer a variety of mortgage products with competitive rates to your clients. There is a big range of lenders you can work with from regional banks to non-bank lenders to local credit unions. By joining the Morty Platform, gain immediate access to a vast lender network.
Leverage Technology
Incorporate technology into your operations for efficiency. Utilize customer relationship management (CRM) software, pricing engines a Loan Origination Software (LOS) and various online platforms to enhance services.
As part of the Morty Platform, you get day one access to our propriety technology, including our beautiful marketing pages, intuitive client portal and our loan officer facing LOS.
Compliance and Risk Management
Stay updated on state and federal regulations. Implement robust compliance and risk management protocols to protect your brokerage and clients. Include the submission of quarterly Mortgage Call Reports (MCR) to NMLS for a comprehensive overview of your lending activities. Morty offers support on compliance and regulatory matters as part of our Platform offering.
Provide Excellent Customer Service
Differentiate your brokerage by offering exceptional customer service. Build trust with clients for positive referrals and repeat business. Some great ways to ensure you’re giving the best service includes: strong first impressions, regular client check ins, clear product offerings, and great communication. You get all of these Morty!
Expand Your Brokerage Footprint
Once your brokerage is setup and thriving, you’ll begin to think about expanding beyond your state. Great markets to consider include California, North Carolina and Georgia. With Morty, you can expand into as multiple markets with our Business Tier.
Working With Morty
Being a mortgage brokerage owner is an extremely rewarding career, but has numerous barriers to entry. It costs money and takes a lot of time to setup, taking away from your ability to serve your customers. That’s why we’ve offering ready-made solutions through our Business and Brokerage Tiers. Gain access to Morty’s technology, mortgage infrastructure, compliance experience, marketing library and Processing & Fulfillment team all with the ability to set your own compensation structures and support to build a powerhouse team. Reach out to us with any questions, or to schedule a demo!
