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Default can a mortgage brokerage company broker a mortgage loan prior to incorporation or formation by the state

In order to legally broker a mortgage loan, the direct lender funding the mortgage loan would require the mortgage broker to have a mortgage broker license issued by the state in which the mortgage loan is to be funded, prior to the closing of any mortgage loans they would fund.

There are specific watchdog groups set up by the federal and state governments to investigate any violations of the applicable laws governing fraud and other criminal activities found with mortgage brokers who would violate the laws of real estate brokering of mortgage loans.

There are also watch dog groups set up to oversee the stock and bond brokers that would commit fraud in their area of expertise.

In any group you will always find those that would break the law. Some get away with breaking laws for long periods of time.

I hope this has been of some benefit to you,good luck.

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