A Connecticut mortgage company is recruiting certified public accountants and other financial professionals to originate mortgages.
Fortune Lending Group LLC recently announced the formation of a network that offers CPAs and other financial professionals the opportunity to originate loans for their own clients.
The Southbury, Conn.-based lender's business model, which emphasizes financial skills, contrasts the traditional model, where originators strengths often lie in their sales skills.
"We are interested in professional, well-respected, high caliber CPAs and financial planners," Fortune Lending CEO Robb Heering told MortgageDaily.com. "As we deem those individuals are best suited to provide mortgage advice to consumers."
Heering said of the 161 applicants that have signed up for the network 42 have already been denied because they are not financial professionals.
He noted members of the network would function in the capacity of a loan originator -- not just submit an application for their client, and the network's foundation is in compliance with RESPA.
"The loan originator needs to perform certain functions to get a commission fee," explained Heering, who is also an attorney and real estate broker. "That includes taking the application, reviewing credit, and determining the suitable loan products."
Applicants residing in Connecticut would need to be licensed as an originator with Fortune, which touts its services at www.FortuneLending.com, and would become employees of the company, Heering said. And for those located within a state in which the company is licensed, they would have to adhere to the applicable state regulations as well.
Heering said once the members enroll into the network and licensing issues are completed, they then assign a training schedule, although some are already experienced in mortgage origination and others assimilate the knowledge quickly.
"And, for most CPAs it's a fast learning process," he added.