3 Things You’ll Need Besides Your Mortgage Lender Bond
#1: NMLS Criminal Background Check and Continuing Education
After you obtain your mortgage lender bond and license, all state licensed mortgage lenders must complete a criminal background check. You must also complete the NMLS credit report authorization process, regardless of whether your credit information was already received by the state regulators. In addition, all lenders must complete annual continuing education. These courses include federal regulations, fraud, consumer protection and fair lending issues. You’ll want to visit the NMLS website to determine the states that have specific education requirements, view the approved course provider list and read the continuing education FAQ’s.
#2: Consider Incorporating Your Business
There are several benefits associated with incorporating your company that you should consider:
- Personal asset protection. Your personal assets cannot be taken as payment if you have outstanding business debts.
- Boost of credibility. People often place additional trust in a company that has “LLC” or “Inc.” at the tail end of its name.
- Brand security. Once you incorporate, other business will be unable to file your exact business name (this applies in most states).
- Receive tax benefits. Incorporating allows you to write off expenditures such as health and life insurance premiums.
- Easier access to loans. As you’re probably already aware, banks typically prefer lending to incorporated businesses.
#3: Use Local Search Marketing, Outshine Competitors
Local search marketing online is one of the best ways to gain a competitive advantage and grow your business’ local exposure. Billions of searches are done online for local businesses in the U.S. alone. If you’re not convinced this tactic can work for you, take this quick questionnaire to determine if local search marketing is right for your business. If you find local search marketing can help extend your company’s local reach, there is a plethora of tools that you can utilize to get started. Take a look at this visual guide to determine which local search marketing options apply to you.
Your local business listing is one of the most vital items to implement correctly, and you can use this guide to learn how to properly list your business. Also, company reviews are important when trying to attract new clients, so be sure to read how to get positive reviews and manage your reputation.
If time is a constraint that won’t allow you to properly set up and manage your local search marketing campaign, there are companies for hire that you can partner with to help you launch this powerful strategy.
Author: Eric Weisbrot
Eric is an industry expert that specializes in taking complex surety concepts and explaining them in terms that make sense to the general public. He also manages the JW Surety Bonds website and works with various partners to help further educate the public on suretyship using various mediums.
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