I know in the past lenders would let brokers do maybe 5 deals a year in many other states than where the broker holds license.
This is not a lender issue, but a state licensing issue. As I recall, TN will allow you to do up to 5 in another state with some restrictions. Contact your licensing board or review the law for your state on brokering and see what it says. If you do the deal, all your lender should need is this information.
Any Conforming Lenders That Let You Do A Deal Out Of
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Not entirely true. Some lenders restrict even those who are under the allowed limit. I once asked a few lenders why this was the case, and they replied that since their corporate management has no idea if you’ve done more or less than the limit, they can’t track it and don’t want to take the chance on getting in trouble for paying a broker fee where they shouldn’t have. Most lenders WILL allow a co-broke situation, and last time I asked (which was awhile ago), Flagstar was still allowing you to lend out of state.
You can close a loan in another state with a varience from the state’s department of commerce or whoever in that state regulates brokers. Normally they want a copy of your liscense and will allow you to close the loan if this is a one time deal. Then close the deal. I have done this in Indiana and Kentucky with Interfirst.