10 Steps to Opening your Own Mortgage Brokerage

As I write this, I have been a mortgage originator for 21 years now and yes it has been a wild ride, but I have to say overall, it has been a blast! In 2021 I finally opened Fresh Home Loan Inc., “Independent Mortgage Brokers that Work for the People” ™.

I started this goal in 2007 but with the mortgage crash, and life, and the market, etc. etc. I never did it. I became motivated again in 2018 as I was tired of feeling limited by a corporate structure and we weren’t a good fit for each other at the end of the day. I went Independent in 2019, hanging my license with a good friend who was revamping his brokerage and my life has been amazing since! I finished my classes for the Broker license in 2007 but I didn’t take the broker test until 2020. That was a chore in itself to even get the test date in 2020. Then on April 9 ^th 2021 Fresh Home Loan Inc. was officially Independent!

It is really tough opening shop. I can tell you the worst part about it is one of the last things you have time for is production due to all the other minutia going on. It can be overwhelming. It is definitely worth it though, so if you are looking to do it check out this video and read this:

Step 1 – Your Business Name

Like I say in the video, I think localism works best. Before you fall in love with the name, check with your state registry to see if it’s available. Then make sure you have a domain name that works. Check GoDaddy, Google domains, etc.

Step 2 – Your Business Type

What kind of business are you? S Corp, C Corp, LLC? You can speak to a CPA and an attorney about this. I have set up my corporations through LegalZoom.

Step 3 – Your Business bank Account

Open one.

Step 4 – Licensing

I am speaking to California here. You need a Broker License with the Ca. Department of Real Estate, and you need to be acknowledged as a Broker with the NMLS. THEN you apply for a brokerage with the DRE and then the DRE communicates with the NMLS when you are registered and open. This was painfully slow during the pandemic. Be prepared to be patient (and frustrated!).

Step 5 – Mortgage Call Reports

These are due quarterly and there is an annual report as well. Stay on top of your call reports.

Step 6 – Your Lending Partners

The way I found out my brokerage was opened was because I had 2 really big wholesale lenders call me on Friday morning asking me to sign up. I was like “You mean I am FINALLY OPEN??!?!?!”

Get approved with those guys because they will have you running credit and submitting loans in no time. You should then get signed up with a good 5 wholesale lenders (or more) depending on the size of your company. I can tell you I also had a couple wholesale reps call me to get signed up, so I said “Sure, why not” and they were terrible, and the reps were stalking me all the time, I stopped answering the call fo one from Southern California, next thing you know he has a local area code he is calling me from. I would say, avoid that!

Step 7 – Support

I mention a couple broker groups in the video. It’s to be connected to like-minded individuals. Just make sure you spend more time originating, than posting on social media to these like-minded individuals.

Step 8 – Credit Reporting and LOS Software

Afterall, once you are open you will need to start taking applications, right? Vet ALL LOS systems carefully and even do it now before you are open. Integration is key. As far as credit reporting goes, it does take some time to get this going. There is an onsite inspection as well. I would go with a company you have used elsewhere and like.

Step 9 – Compliance

Getting behind on compliance can be easy to do. You can hire a compliance officer which I do think is a good idea. Otherwise, the NMLS can be very helpful.

Step 10 – Insurance

Figure out what protections you need, E&O, general liability etc.

All these things need to happen simultaneously as you are supposed to originate loans. It can be a bit overwhelming. If you want to explore working for a wholesale brokerage, we are recruiting and geared for that San Francisco Bay Area/ California Jumbo/High Bal Market. Visit https://freshhomeloan.com/hiring-loan-officers/ for more details and Good Luck to you! You are going to CRUSH IT!

You can reach me at garrick@freshhomeloan.com for questions – Garrick

Garrick Werdmuller has been originating loans since 2001 and has received awards from industry accolades as National Mortgage Professional Magazine, Bay East Association of Realtors, Top Agent Magazine and Expertise. He is the author of Home Buying and a Global Pandemic available on Amazon: https://www.amazon.com/Buying-Global-Pandemic-Garrick-Werdmuller-ebook/dp/B097J1CR94

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Garrick Werdmuller

510-282-5456

garrick@freshhomeloan.com

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From Garage to ADU: How a 203(k) Loan Helped One Family Maximize Their Space

By Garrick Werdmuller • June 18, 2025

🛠️ From Garage to ADU: How a 203(k) Loan Helped One Family Maximize Their Space 🛠️ Buy It and Fix It With One Loan: The FHA 203(k) Limited A few years ago, I helped a couple purchase their home with just 5% down. It was a great fit for them at the time — solid neighborhood, the space they needed, and a bonus: a detached garage with potential. Fast forward to today — their teenage son was getting older and needed his own space. Naturally, they started exploring how to turn that detached garage into an Accessory Dwelling Unit (ADU) so he could move in and have a bit more independence. They gave me a call, hoping to tap into their home’s equity with a line of credit. But after running the numbers, it became clear that a traditional HELOC wouldn’t provide enough funds to cover the full conversion. That’s when I brought up a lesser-known option: the FHA 203(k) Limited loan . The FHA 203(k) Limited program snapshot outlines a renovation loan product allowing borrowers to finance both the purchase and rehabilitation of a property with a single mortgage , specifically for non-structural repairs or improvements. Here's a summarized overview for reference or communication: 🏡 What Is It? The FHA 203(k) Limited is designed for: Homebuyers purchasing a fixer-upper Homeowners refinancing and remodeling Primary residences only You can finance both the home and non-structural renovations—like kitchens, bathrooms, floors, HVAC systems, roofs, appliances, and more—with a single mortgage . 💡 Why Use a 203(k) Limited? ✅ Finance up to $75,000 in repairs and upgrades ✅ Only 3.5% down payment ✅ One loan, one closing ✅ No 203(k) Consultant required ✅ Ideal for non-structural repairs and cosmetic improvements ✅ Perfect for first-time buyers and FHA borrowers 🛑 What You Can’t Do With It This is for light remodeling only. You can’t use this loan for: Structural changes or additions Foundation work Landscaping (except for erosion prevention) Pools, hot tubs, or other luxury features (Bummer ! I know! 😒) 🧾 Borrower Submission Checklist Here’s what we’ll need to get started on your FHA 203(k) Limited loan: ✅ Basic Docs Loan Application (apply online or schedule an appointment) Government-issued ID Most recent 30 days of paystubs Last 2 years of W-2s or tax returns (for self-employed borrowers) Most recent 2 months of bank statements ✅ Property & Repair Info Signed Purchase Contract (if purchasing) Contractor’s Written Proposal with: Itemized list of repairs Cost breakdown (labor + materials) Statement that work is non-structural W-9 form from contractor Contractor license & insurance (if required by local jurisdiction) ✅ Appraisal & Renovation Docs Appraisal supporting As-Is and After-Improved Value Permit list (if applicable) Final Work Plan (signed off before close) 💬 Final Thoughts The FHA 203(k) Limited can turn a fixer into your dream home—or give your current space the refresh it deserves. With just one loan , you get flexibility , affordability , and peace of mind . Have a property in mind? Let's talk! 👉 Schedule a Free Consultation https://freshhomeloan.com/schedule-a-meeting/ 🏡 #FHA203k #203KLoan #RenovationLoan #FixerUpper #HomeRemodel #MortgageSolutions #FirstTimeHomeBuyer #HomeLoanHelp #RealEstateTips #MortgageBrokerLife #CaliforniaHomes #BayAreaRealEstate #CentralValleyHomes #DreamHomeGoals

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Guía definitiva de préstamos ITIN – Tu paso hacia la compra de casa

By Smith Chung • June 18, 2025

¿Qué es un préstamo ITIN? Un préstamo ITIN es una hipoteca diseñada para personas que declaran impuestos usando un Número de Identificación de Contribuyente Individual (ITIN) en lugar de un número de Seguro Social (SSN). El ITIN lo otorga el IRS a quienes no son elegibles para un SSN pero aún así deben declarar impuestos en EE. UU. 💬 En resumen: ¿No tienes SSN? ¡No hay problema! Si has sido financieramente responsable y cuentas con documentación básica, ¡podrías calificar! 💪 👨‍👩‍👧‍👦 ¿Quién se beneficia de un préstamo ITIN? Los préstamos ITIN están diseñados para quienes persiguen el sueño americano — incluso sin documentación tradicional. Podrías beneficiarte si: 🌎 Eres inmigrante viviendo en EE. UU. sin green card ni SSN 🧾 Declaras impuestos usando un ITIN 💼 Tienes ingresos estables (W-2, por cuenta propia o incluso en efectivo con comprobantes) 💳 Pagas renta y servicios a tiempo y puedes demostrarlo 💥 Hemos ayudado a familias que pensaban que comprar casa era imposible — ¡y cerraron en solo 30–45 días! 🛠️ ¿Cómo funcionan los préstamos ITIN? Los préstamos ITIN generalmente son financiados por prestamistas no tradicionales (non-QM) o bancos especializados que operan fuera de los lineamientos de Fannie Mae/Freddie Mac. Aquí te explicamos cómo funcionan: 💰 Tipos de préstamo: Tasa fija o ajustable Compra, refinanciamiento o retiro de efectivo Propiedad principal, segunda vivienda y algunas propiedades de inversión 💵 Pago inicial: Generalmente del 10 % al 20 % A menudo se permiten fondos de regalo 📊 Crédito: En algunos casos no se requiere puntaje FICO Se puede usar historial de renta, servicios públicos o incluso crédito internacional 📉 Tasas y plazos: Ligeramente más altas que las convencionales Disponibles con tasa fija a 30 años o ARM de 5/7/10 años 📄 Documentación que necesitarás Para obtener una precalificación, debes demostrar estabilidad, ingresos y solvencia. La mayoría de los prestamistas solicitarán: 🆔 ITIN válido y vigente 📑 2 años de declaraciones de impuestos 💼 Comprobante de ingresos (W-2s, 1099s, o P&L si trabajas por cuenta propia) 🏦 2–3 meses de estados de cuenta bancarios 🌐 Identificación válida (pasaporte, matrícula consular, etc.) 🏘️ Historial de renta (comprobante bancario o carta del arrendador) 💡 Consejo extra: ¡Algunos prestamistas incluso aceptan ingresos o activos del extranjero! 🚫 Conceptos erróneos comunes sobre los préstamos ITIN ❌ Mito 1 : Los préstamos ITIN son ilegales. ✅ Falso. Son 100 % legales y cumplen con las regulaciones federales. ❌ Mito 2 : No calificas si eres trabajador independiente o te pagan en efectivo. ✅ No es cierto. Con declaraciones de impuestos o registros bancarios, definitivamente puedes calificar. ❌ Mito 3 : Te van a estafar o cobrar de más. ✅ ¡No con nosotros! Buscamos la mejor opción para tu préstamo y te explicamos todo con claridad. 🌱 ¿Por qué los préstamos ITIN son importantes para nuestras comunidades? 🏘️ Ser dueño de una casa crea riqueza generacional, estabiliza vecindarios y eleva a las familias. Para muchos inmigrantes, los préstamos ITIN son un puente hacia un futuro mejor — y nos enorgullece ser parte de ese proceso. ❤️ 🧑‍💼 Cómo pueden ayudar los agentes de bienes raíces Agentes inmobiliarios — ¡no dejen pasar esta oportunidad! Los compradores con ITIN son leales, motivados y, en muchos casos, están bien establecidos en sus comunidades. Aquí algunas formas de atenderlos mejor: 🤝 Haz equipo con prestamistas que conozcan las reglas de ITIN • 📆 Establece tiempos y expectativas realistas • 💗 Lidera con empatía y orientación 📣 ¿Quieres destacar? Dirige tu marketing a clientes con ITIN — ¡nosotros te respaldamos! 💼 El enfoque de Fresh Home Loan hacia los préstamos ITIN En Fresh Home Loan Inc., trabajamos con prestamistas confiables para ofrecer soluciones hipotecarias ITIN rápidas, justas y transparentes. Ya sea tu primera casa o una inversión, estamos contigo en cada paso. ✅ 🚀 ¿Listo para comenzar? ¿Conoces a alguien que pueda beneficiarse de un préstamo ITIN? Hagamos realidad el sueño de ser dueño de una casa — de la forma correcta, con apoyo y claridad desde el primer día. 🏠✨ “Llama hoy mismo para empezar tu precalificación — en Fresh Home Loan hablamos tu idioma y creemos en tu futuro.”