Mortgage Note Business
I've interested in soliciting a discounted payoff to mortgageholders for cash now. Listing the notes on the internet for perspective buyers. Receiving a finders fee/comission when the note transfers ownership.
What liscenses do I need?
If I don't use ''Mortgage'' or ''Broker'' in my business name can I get away without a liscense?
How much trouble can I get into if I don't have a liscense?
Re: Mortgage Note Business
You should immediately consult a lawyer in your area. There are not enough details in your question to enable a meaningful response. In general, only licensed people can be paid commissions. Consult a lawyer to learn if there exceptions. The name of your business ordinarily would not have any impact on whether there is a violation or not (although in some instances certain words are prohibited from being used in corporate names.)
Because promissory notes can fall within the definition of "security", you could fall within the regulatory purview of your state's (apparently New York) securities regulators or the Securities and Exchange Commission, or the state's banking department, among others. If you proceed on the internet, you might also subject yourself to the jurisdictions of other states. You should consult a lawyer.
