khoiey,

You can't do anything, for which you're compensated, without the express written permission of your B/D.

However, I can see the appeal of making mortgages and being a stockbroker.

First, you make a mortgage loan that incorporates these attractive options:

- Loan amount is 125% of the home's already inflated appraisal value.

- An adjustable rate that doesn't adjust for 2 years.

- Borrower only pays a portion of the interest monthly and none of the principal, for 2 years.

Now, focus only on homes of $500,000+. Even if the homeowner has no equity, they'll get $125,000 at closing, plus get to invest approximately $4,000/month in your favorite high commission mutual fund. $125,000 once plus $4,000 monthly...hmmmmm. Get 100 of these type of clients and you're talking real money, baby!!!!

SWEET! 

Most B/Ds offer some type of mortgage service. However, you probably won’t be paid anywhere near what you would as a mortgage broker. At Jones, I think you would make like $500 gross on a $200,000 mortgage.  They would basically mark-up a Wells Fargo mortgage and put the Edward Jones logo on it. When your client called to get the mortgage, they were basically talking to Wells Fargo service reps.

[quote=doberman]

khoiey,

You can't do anything, for which you're compensated, without the express written permission of your B/D.

However, I can see the appeal of making mortgages and being a stockbroker.

First, you make a mortgage loan that incorporates these attractive options:

- Loan amount is 125% of the home's already inflated appraisal value.

- An adjustable rate that doesn't adjust for 2 years.

- Borrower only pays a portion of the interest monthly and none of the principal, for 2 years.

Now, focus only on homes of $500,000+. Even if the homeowner has no equity, they'll get $125,000 at closing, plus get to invest approximately $4,000/month in your favorite high commission mutual fund. $125,000 once plus $4,000 monthly...hmmmmm. Get 100 of these type of clients and you're talking real money, baby!!!!

SWEET! 

[/quote]

LOL.  This is typical stereotyping of mtg brokers.  For subprime mtg, I can see borrower should get in 5-10 year adj rate because they won't qualify for anything else.   Different mtg programs attract different buyers/investors.  Normally, most of the clients walked up to me were already a specific mortgage in mind.  There is no more 125% programs if so, it would be damn hard to qualified.

I want to be able do more than just mortgages.  A lot of my clients do ask if I can do insurance and investments so I figure why not?  As long as you dont rip off your clients, I believe you will prosper.  Otherwise, you're just a chop shop.