One of the most frequently asked questions from real estate agents is can realtors be loan officers at the same time? Many lenders tell many high-producing real estate agents NO they speak with. However, with recent guidelines changes, real estate agents can be loan officers at the same time and get paid on both sides of the transactions, says Ronda Butts, a dually licensed realtor and loan officer at Gustan Cho Associates.
The only way many lenders will hire a dually licensed loan officer and real estate agent is for the loan officer to put their real estate license in hibernation. That
Until recently, real estate agents who were dually licensed could not do FHA loans. However, as of February 2023, dually licensed real estate agents and loan officers can do FHA loans. It seems common sense for being a real estate agent and a mortgage loan originator to go hand in hand. In the following paragraphs, we will cover and discuss whether can realtors be loan officers at the same time.
Realtors Can Get Compensated on Both Sides of The Purchase Transaction
Gustan Cho Associates has the Business Development Manager (BDM) Preferred Realtor Partner Network Program, where licensed real estate agents can be dually licensed loan officers on the same transaction. You can be the loan officer of record, working the loan from beginning to end, or have a reduced role as a loan officer assistant helping to manage the discussion with the client. Your level of engagement is entirely up to you. Call us, and we will explain how our BDM realtor/loan officer partner program works.
Career Opportunity For Real Estate Agents To Be Loan Officers
Many realtors know a lot about mortgage loans. Most licensed loan originators count on real estate agents to send them business.
Why not become a real estate agent and loan officer at the same time and get paid on both sides of the transaction? Most realtors have a list of lenders in a specific niche area.
For example, some loan officers may be good at helping borrowers with low credit scores. Other lenders may be good at bank statement loans for self-employed borrowers. Gustan Cho Associates, Inc. are mortgage brokers licensed in 48 states with over 190 wholesale lenders.
Why Can Realtors Be Loans Officers at Some Lenders and Not Other Lenders?
You cannot hold a realtor’s license and be a loan officer at some mortgage companies. It is up to the individual mortgage company to decide whether or not they want to hire a loan officer who is a practicing realtor. In the following paragraphs, we will cover and discuss the topic of whether realtors can be loan officers at the same time. We will cover and discuss why Gustan Cho Associates differs from other lenders. The answer to why Gustan Cho Associates can do loans other lenders cannot do will be answered. We will also discuss career opportunities for real estate agents to be realtors and loan officers at the same time at Gustan Cho, Associates, Inc.
Do Homebuyers Prefer A Dually Licensed Realtor and Loan Officer?
Most homebuyers prefer hiring one professional to handle their home purchase and loan origination for the same transaction. Homebuyers have a lot of faith and trust in their realtor. Most homebuyers take the advice of their realtor on which loan officer to use. Why not use a realtor who is a dually licensed loan officer? Many licensed real estate agents know a lot about mortgage lending. Why can’t realtors make money on the same transaction?
Should I Be A Real Estate Agent and a Loan Officer at The Same Time?
Many real estate agents ask lenders if can realtors are loan officers at the same time. Why refer the homebuyer to another loan officer when the real estate agent can do the loan himself if he just had an NMLS mortgage loan originator license?
The dually licensed realtor/loan officer can make money from both sides of the transaction by being the realtor and loan officer.
We will discuss the actual agency mortgage guidelines per the Consumer Financial Protection Bureau on whether can realtors be loan officers at the same time. Realtors get conflicting answers when asked if can realtors are loan officers at the same time. The short answer to the question, can realtors be loan officers at the same time, is YES.
Can I Get a Job As A Licensed Loan Officer If I Am a Licensed Realtor?
To many, including the public and investors, it makes all the same sense in the world to be a real estate agent and loan officer at the same time.
Most mortgage companies will not hire dually licensed realtors with an NMLS mortgage loan originator license.
It just does not make sense why most lenders will require the loan officer with a real estate license to put their real estate license in hibernation if they want to be employed. Being a real estate agent and a loan officer can go hand in hand. Many home buyers and sellers like the idea of their real estate agents also being their licensed mortgage loan originators on the same transaction.
FAQs on Can Realtors Be Loan Officers at the Same Time
There are many frequently asked questions about whether can realtors be loan officers at the same time. Homebuyers can deal with one professional in charge of their home purchase and mortgage financing instead of two separate professionals.
Knowledge is king to becoming a real estate and housing professional. The answer is YES. Licensed real estate agents can be licensed loan officers at the same time.
Real Estate Agents are licensed professionals who represent home buyers and sellers. Gustan Cho Associates is looking to hire real estate agents as remote loan officers. Real estate agents who become licensed loan officers do not need any origination experience.
Is It Legal To Be Both a Loan Originator and Real Estate Agent?
The agent will be partnered with an experienced licensed loan officer and will work as a partner. Suppose the dually licensed loan officer/real estate agent wants to originate their loans without a loan officer partner. In that case, the realtor must have at least one year of full-time loan origination experience. The loan officer needs to be knowledgeable about a loan officer’s origination system, such as Lending Pad, Encompass, or Calyx Point. The best real estate agent is knowledgeable not just in showing homes or listing properties but has extensive knowledge in all areas of real estate.
Homebuyers Being Represented By a Realtor Who Is Also A Loan Officer
Top realtors have knowledge of the neighborhoods. Location, location, location is the name of the game in the world of real estate. Top-producing realtors need to be experts in the areas and neighborhoods they represent. Expertise and knowledge differentiate a top-producing licensed real estate agent from a rookie.
Should I Use A Dually Licensed Realtor and Loan Officer?
Homebuyers and sellers will thoroughly qualify real estate agents who know their comparable sales, title issues, zoning, legal issues, and last but not least, have general knowledge of mortgage lending. A professional real estate agent should know the basics of mortgage loan programs in today’s marketplace.
Non-QM and non-Prime Mortgage Loans
Besides Conventional, FHA, USDA, and VA loans, Gustan Cho Associates Backlinks Shows You Are Strong a Topic and has over 190 wholesale lending relationships with non-QM and alternative wholesale mortgage lenders. Top realtors should know the right questions to ask a loan officer about mortgage lending guidelines.
Can Realtors Make Dual Income As Loan Officers?
Many licensed real estate agents hold special certifications in areas of real estate besides just holding their real estate salesperson licenses.
I have encountered many real estate agents with law degrees, appraisal licenses, and insurance licenses. Many realtors with licenses in other areas may not be active in those fields.
Holding licenses because having expertise in other areas of real estate makes them more marketable agents. In this article, we will discuss and cover how real estate agents become loan officers simultaneously and make money as loan officers and real estate agents on the same transaction.
Career Opportunity For Realtors To Be Loan Officers at the Same Time
Can Realtors Be Loan Officers at the Same Time? The answer is yes. NEXA Mortgage dba Gustan Cho Associates NMLS 1660690 is recruiting professional real estate agents with at least a one-year loan origination experience. Need to be familiar and expert with a loan origination system such as Encompass or Calyx Point.
How Can Realtors Be Loan Officers at Gustan Cho Associates?
Realtors with no loan origination experience may be considered case-by-case if they are close to our Oakbrook Terrance, Illinois branch and one of our branch offices.
Many realtors have licensed mortgage loan originators. Some realtors who are licensed mortgage loan originators do not originate many loans.
We are only looking for realtors who are actively originating at least one to three loans per month. Some real estate agents with their NMLS MLO licenses hold mortgage licenses, while other realtors practice loan origination to supplement their full-time real estate careers. Gustan Cho Associates will provide exclusive leads.
Regulations on Can Realtors Be Loan Officers at The Same Time
Licensed realtors can be loan officers. However, there are strict rules and regulations. Many successful full-time realtors are also full-time mortgage loan officers. These hard-working professionals are in demand.
Many home sellers will choose a realtor, a licensed mortgage loan originator, due to their professional credentials.
Here are the rules and regulations for being both a licensed real estate agent and a licensed mortgage loan originator at the same time. Real Estate Agents with their real estate clients CAN NOT represent the same client as a loan officer on FHA loans.
Licensed MLOs Cannot Represent Buyers on FHA Loans as Dual Realtor/Loan Officers
They can originate other loan programs such as VA, USDA, conventional, jumbo, and non-QM loans. Gustan Cho Associates has a team of loan officers who are not realtors who can team up with realtors who are loan officers.
Realtors who are licensed loan officers cannot originate FHA Loans for their real estate clients.
Theoretically, they can originate any conventional, jumbo, portfolio, or commercial loan for their real estate client. However, most mortgage companies will not allow licensed real estate agents to be loan officers for the same client in any loan transactions.
Can Real Estate Agents Be Loan Officers on The Same Transaction?
There are instances when a real estate agent cannot be a loan officer on the same transaction. Not in all transactions can realtors be loan officers at the same time.
There are instances when buyers of mortgages on the secondary mortgage market will not purchase non-FHA secured loans of borrowers represented by a real estate agent and loan officer on the same transaction after the loans have closed and funded.
Moreover, if you are a realtor, you might use your realtor’s commission for a down payment for a property. Suppose the real estate client is not their own and does not represent the home buyer or property buyer as a real estate agent. In that case, the real estate agent can originate any mortgage loan program, including FHA, VA, USDA., or Jumbo, and non-QM/specialty loans.
We Are Hiring Realtors To Be Dually Licensed Mortgage Loan Originators
Licensed real estate agents interested in becoming licensed mortgage loan originators, please contact us at (800) 900-8569 or text us for a faster response. Or email at gcho@gustancho.com.
The possibility of real estate agents serving as loan officers has expanded with recent regulation changes, offering exciting opportunities.
We are a mortgage company licensed in multiple states with no lender overlays on government and conventional loans. Or please fill up the form below, and we will get back to you ASAP.
Ethical Considerations and Managing Conflicts of Interest
While this article has extensively discussed the legalities and career opportunities of being a real estate agent and a loan officer, it is vital to recognize and address the potential ethical considerations and conflicts of interest that may arise in these dual roles.
Ethical Considerations
Being a real estate agent and a loan officer at the same time presents unique challenges and responsibilities. Clients must be able to trust that their interests are being represented faithfully. Transparency and open communication are crucial. Clients must be fully informed of the dual roles and provide explicit consent to proceed under this
arrangement.
Managing Conflicts of Interest
A clear policy must be in place to identify and manage conflicts of interest. This might include providing clients with alternative loan officer options and fully disclosing any financial incentives related to both roles. Ensuring clients are comfortable with the dual-role arrangement is paramount.
Providing clients with comprehensive information about how their needs will be met, how their information will be handled, and how any potential conflicts will be resolved will contribute to a successful relationship.
It is essential to approach this dual role with a clear understanding of the ethical considerations and a robust strategy for managing potential conflicts of interest. For more information on the ethical guidelines, potential challenges, and best practices for managing this unique career opportunity, please do not hesitate to contact John Parker at Gustan Cho Associates, a dba of NEXA Mortgage, LLC.
Frequently Asked Questions (FAQs)
- Can realtors work as loan officers at the same time?
Yes, it’s possible for realtors to also work as loan officers simultaneously. Still, there are certain considerations and regulations they need to adhere to. - Are there any conflicts of interest if a realtor is also a loan officer?
There can be potential conflicts of interest, as the realtor might have a financial incentive to steer clients towards their own loan products or lenders they are affiliated with. However, ethical standards and regulations are in place to mitigate such conflicts. - Do realtors need special licensing or qualifications to work as loan officers?
In most jurisdictions, real estate agents and loan officers require separate licensing and qualifications. Realtors typically need a real estate license, while loan officers must be licensed according to mortgage lending regulations. - How can I ensure transparency if my realtor is also a loan officer?
Communicating openly with your realtor about their dual role and any potential conflicts of interest is essential. You can also request that they disclose financial arrangements or affiliations with specific lenders. - What regulations govern realtors who also work as loan officers?
Regulations regarding dual roles vary depending on location. It’s crucial for individuals working in both capacities to understand and comply with relevant laws, licensing requirements, and codes of ethics set forth by their respective governing bodies. - Should I be cautious when working with a realtor or a loan officer?
While it’s not inherently problematic, exercising caution and ensuring transparency is wise. Verifying that they are acting in your best interest and providing unbiased advice is essential. - Can a realtor provide unbiased advice if they are also a loan officer?
It depends on the individual’s integrity and adherence to professional ethics. Realtors and loan officers should prioritize their client’s interests and provide impartial guidance, disclosing any potential conflicts of interest. - Are there any advantages to working with a realtor who is also a loan officer?
Some clients may appreciate the convenience of providing both services by one individual or firm. However, it’s essential to ensure that the realtor maintains transparency and always acts in the client’s best interest. - Can a realtor lose their license for unethical behavior related to their role as a loan officer?
Yes, unethical behavior in either role can result in disciplinary action, including fines, suspension, or revocation of licenses. Realtors and loan officers are subject to professional standards and regulations to protect consumers.
Can Realtors Be Loan Officers at Gustan Cho Associates?
Gustan Cho Associates always looks for hard-working real estate professionals who want to originate loans. The ideal candidate is a hard-working realtor with at least one year of mortgage loan origination experience. The candidate should be an expert in a loan origination system (LOS) such as Encompass or Calyx Point. Gustan Cho Associates provides exclusive leads seven days a week. Please send a cover letter and a copy of your resume to gcho@gustancho.com.
This article on Can Realtors Be Loan Officers at The Same Time was UPDATED on March 26, 2024, by Gustan Cho, NMLS 873293.
Want To Get Started? Gustan Cho Associates Is Hiring Real Estate Agents To Become Loan Officers
I’m a licensed DRE broker in CA. What courses do I need to be an originator?
You need to get an NMLS license through the DBO for California to become a loan originator
HI Im a licensed real estate agent. Ive completed my 20hrs safe class and I’m waiting to test in Jan.
Should I get my LO license with the DRE or the DBO
Once you passed the NMLS exam, apply for the California DBO license. If you need sponsorship, please contact us at gcho@loancabin.com. The best to you.
Hi I am interested in this program, I just pass my LO exam in Georgia, and I already have a RE License, can u tell me if you are hiring
Hi Heather. I am in GA too. And just passed my SAFE test and am a RE broker. Where are you located? I am in Cumming. Reply here or to shiller.bob@gmail.com. Look forward to comparing notes. Good for you in passing your test!
Bob
Can I originate a VA loan and represent the client as their realtor?
Yes, you can. You just cannot originate FHA Loans.
I am currently working on both loan originators and R.E. licenses in GA..whom do I talk to about onboarding?
Contact Mike Gracz at mgracz@gustancho.com and/or call and/or text Michael at 630-659-7644
Currently working on getting my LO and RE in Florida. Anyone down here I can work with?
We offer remote loan officer positions to qualified licensed individuals. Please email me at gcho@loancabin.com.
I’m a licensed realtor in Florida and I finished the course for mlo; I need to take exam. Anyone I can talk to here?
What is your question? I can answer your questions here
Hi Gustan , I stubbles upon your blog here , I’m living in New Mexico now , I have my California RE lic hung with Park and refer for now , I also have a Nevada lic that I’m gonna have expire in Sept since CE is a pain in the ass they require you to be in a class room 12 hr unlike Cali you renew every 4 years and can do it online ,
I’m going to be taking my MLO test in July I believe , 17 hr Fed and 3 hr State for NM , I’m planning to use my California lic for referrals since I live in NM ,
My goal is to work Remote , but would be nice to have some training , I have been watching lots of online training on You tube , some real good stuff on there .. Does your company do New Mexico , Do you have an office here too by chance ?
Unfortunately we are not licensed in New Mexico at this time. I highly recommend that you work for a smaller mortgage shop that is local to you where you can go into the office. Remote loan origination is very difficult if you do not have hands on experience. Once you have about one to two years experience, then you may work as a remote loan officer. Call me at that time. By then we should be licensed in New Mexico.
Will Loan Cabin work with a loan originator from Florida. Whos should I contact for info on any program you offer?
We are licensed in Flordia. Please reach out to gcho@loancabin.com. Looking forward to working with you.
What about VA? I have MLO and BR broker’s licenses.
You can be a licensed loan officer and real estate agent at the same time with us at Gustan Cho Associates
HI Im a licensed real estate agent and I just passed the NMLS test and Im about to submit my application to get the MLO license but my concern is, if I decide to apply through the DRE am I going to be able to do Real Estate and Loans at the same time with the NMLS Endorsment or will I be forced to only do one or the other? I will really appreciate if you help me to clarify this concern because I do not want to be in the position that I will have to pick to only do one or the other going through the DRE..Or in another words, if I apply through the DRE being a sales person not a broker will I be able to do both loans and Real Estate? Looking forward to hear the right answer. Thank you very much.
Congratulations on your passing the NMLS exam. We have many licensed real estate agents who are loan officers. You need to apply for an NMLS MLO license through the DBO and NOT the DRE. The DRE is only for companies that are both realtors and licensed lenders. You can hold your real estate license with the DRE but need to apply with the DBO in order for you to get licensed with us and/or other mortgage lenders. If you are interested in becoming part of our team, feel free to contact me at gcho@gustancho.com or call and/or text me at 262-716-8151. Thank you.
I will. Thank you very much.
You are very welcome. Please do not hesitate to contact us if you have any questions. The best of luck to you.
So can you hang your Realtor license with one company and also be a licensed loan officer with another in CA and NV once you have passed the tests?
Of course. That is how it is done. You can work both as a real estate agent and loan officer at the same time. You would need to be sponsored by a realtor for your real estate license and by a mortgage lender like us for you to be sponsored as a mortgage loan originator.
I am located in Colorado are you licensed here?
Yes we are. We are licensed in 15 states and Colorado being one of them.
In Illinois are you able to have both your real estate license and mortgage broker license?
You can have your real estate agent’s license and mortgage loan originator’s NMLS license in all states.
I’m a real estate agent in Oregon and Washington. I’m getting my Loan officer license soon. Do you know where I can start or connect after I get my Loan Officer license?
Go to http://www.loanofficerschool.com and ask for David Reinholtz to sign up for the 20 hour NMLS online course. I highly recommend the Loan Officer School because they have the best study practice questions. After you pass the exam, you can contact us at gcho@gustancho.com to start the hiring process.
I finished the 20 hrs + 4 hrs New Jersey specific training. I am now studying to take the S.A.F.E. NMLS MLO exam in New Jersey. Once I pass I will need a company to work for as an MLO (I have one that is interested and willing…However, I have been informed that they do not allow MLOs to use their RE licenses – they must “put them aside”). I would also like to get my Real Estate license in New Jersey as well: is that possible?? Could I work as an MLO for you?? (Would that allow me to use a RE license in N.J.??
Thanks!!
Most lenders will require you to forfeit your real estate license and place it in hibernation. Other lenders like us do not require that you give up your realtor license. However, you cannot represent your own real estate clients and be the loan officer on the same transaction. You can have one of our loan officers represent your real estate client and you be the loan officer assistant and get paid. But you cannot be dually a realtor and loan officer on the same transaction. You can represent other realtors mortgage transactions.
Hey Gustan, I had already passed my SAFE exam in 2016 and found out that it was still good for up to 5 years so I would like to reinstate it. I also have been a Realtor for the last 4 yrs but want to supplement my income by being a LO and only take listings in RE sales. However do you advise me to take the 20hr edu to be eligible to take SAFE, not to get licensed b/c I already have it…but as a refresher to learn again? or do you all have a training that your firm offers or recommends? I didn’t close many loans due to lack of training and why I went into sales in the first place back then But def looking to learn about mortgage industry during these times now
As long as the last time you got licensed is five years or less, you do not have to retake the 20 hour NMLS course or take the 125 question national NMLS exam again. You can get your license reactivated by applying for a state. Contact David Reinholtz at http://www.loanofficerschool.com and tell him I sent you. He will answer all of your questions and set you up.
Hello Gustan, I am real estate agent in California and planning to take MLO license exam this month to become Loan Officer as well. Can you please confirm:
1. I will be eligible to work for you as a Loan Officer while still holding my real estate license with my broker?
2. You mentioned in one of the comments that to do above, we might have to apply for NMLS MLO license through DBO and not DRE. I’m not sure if DRE provides MLO license.
Did you mean I should not get endorsement from DRE for my MLO license?
Thank you very much for your helpful insights. Appreciate it.
Yes, you can still be licensed as a licensed real estate agent and be licensed as an NMLS loan officer at the same time. You need to get your NMLS license through the DBO. You need to complete a 20 hour online NMLS course and pass the 125 question 3 hour federal NMLS exam and get a 75% to pass. Once you pass, you need to apply for your NMLS California license through the DBO. You can get licensed in any state your sponsoring company is licensed in. We are licensed in 15 states and have 7 states that are pending. We are seeking licensed real estate agents who are licensed loan officers but need to be producers. You may email me at gcho@gustancho.com or text me at 262-716-8151 if you have any questions. I highly recommend David Reinholtz from Loan Officer School. You can go to loanofficerschool.com and call the toll free number and tell hime I referred you. He will give you a discount. He has the best study materials and practice questions.
Hi Gustan. I have my RE Broker license in California and Florida. I am getting ready to take the NMLS exam. Would I sign with a mortgage company as a broker associate? I would like to originate loans and list and sell property in both CA and FL. Is that possible? Thanks
You would have to get hired by a mortgage company. Please email me your contact information at gcho@gustancho.com and I can guide you the right way.
Hi Gustan, I have both MLO and RE license in California. I know I can’t originate loan and do RE transaction on FHA clients. Can I do loan and RE transaction for the same client if it’s conventional loan?
No lender will allow you to be a loan officer and real estate agent for a client. The main reason is because the secondary mortgage bond market will not buy loans that has the same realtor and loan officer.
hello gustavo, Can i do loan and RE transaction in the same client if it is a conventional loan in texas?
No you cannot. You cannot be a real estate agent and loan officer in the same transaction
Hello, Can you clarify what does the article above means then ? I’m sorry but it confuses me ! It says that RE agent can originate conv. loans
It reads the following:
“Realtors who are licensed loan officers cannot originate FHA Loans for their own real estate clients”
“However, they can originate any type of conventional loan, jumbo loan, portfolio loan, or commercial loan for own real estate client
You cannnot be a realtor and loan officer on the same transaction. You can handle other peoples loans but not loans that your are an agent on.
Are you remote licensed in Arizona yet. You mentioned you may in the future?
Yes, we are licensed in Arizona. Please email us at gcho@gustancho.com or call us at 262-716-8151. Text us for a faster response.
Hi! I’m dual licensed in RE and MLO in Oklahoma. The above article reads that I cannot originate a loan and represent the buyer in the same transaction on FHA. What about VA and USDA? I hear so many different responses.
On all loan programs you cannot be a realtor and MLO for the same client. The secondary mortgage bond market with not purchase MBS on mortgages that have the same loan originator and realtor for the same transaction.
My wife is the broker of record of our small team of Realtors and I am an agent. We both passed the NMLS test today in California. Do you see any issues of me doing real estate and her doing the loan for any future clients?
That should be fine. You just cannot represent the buyer on both sides of the transaction as a realtor and loan officer at the same time.
Good afternoon Quick question. I am a licnsed Realtor and Licensed LO in Florida. As stated above, “Realtors who are licensed loan officers CANNOT originate FHA Loans for their own real estate clients
However, they can originate any type of conventional loan, jumbo loan, portfolio loan, or commercial loan for own real estate client.”
I know i can be the realtor and lo on a conventional transaction when representing a buyer. FHA is a no go.
My Question: If my realestate broker has an FHA buyer he is representing on a sale and would like for me to assist in the FHA financing, can i do the mortgage since i am not the realtor even if my realestate license is with that broker???
For Example:
John Doe is a realtor and LO. John has his realestate license with ABC Realestate company. The broker of ABC Realestate company is Tom. Tom is representing the buyer on a transaction and contacted John Doe to assist. The Buyer needs FHA financing. Can John Doe do the mortgage even if it is not his client But his realestate license is with the broker company???
Thank you for your questions and my apologies for the delayed response. Here are the answers to your questions:
Under HUD Guidelines, you cannot be a loan officer and realtor on the same client at the same time. Theoretically, you can do conventional, va, or other loans for the client and represent them as a realtor and a loan officer at the same time, however, you need to have your client sign an affiliated business agreement. Unfortunately, most lenders will not have real estate agents represent clients as loan officers on the same transaction as a realtor and loan officer due to liquidity issues on the secondary mortgage bond market. So in reality, you cannot be a realtor and loan officer on the same client at the same time. You can represent clients of other realtors as a loan officer and not sign an affiliated business agreement including your managaging real estate broker. Hope this answers you questions.
Hi Gustan, I’m thinking about getting my MLO license but I’m not sure if my Brokerage will prevent me from working as both a Realtor and MLO with an unaffiliated company. Our brokerage doesn’t have an in-house lending arm, but my previous brokerage did and they did not allow their Realtors to also work as MLO for any company. Is this common? Am I going to waste time getting my MLO with the DBO if my Broker has a prohibition against their licensed agents also earning money as MLO (I understand I can’t represent a client as their Realtor AND be the MLO- either one or the other). Does that include a prohibition as the MLO if the client is represented by another agent in the same Brokerage? Thanks much for the info
You should be fine. We have loan officers who are also real estate agents. You just cannot be a realtor and loan officer on the same transaction.
Do you offer training or hire an entry level MLO? Basically a person that never did real estate or first time entering the mortgage industry. I have my NMLS identifier and I take the nationwide test on 07/11/2020.
It is very difficult to get started as a remote loan officer without any experience. Your best bet is to get a position with a local brick and mortar mortgage broker where you can report to the office.
Hi Gustan, I am currently RE licensed in AZ and have been for nearly 20 years. My wife recently accepted a job Transfer to Idaho and I will get my RE license there as well. I ran a RE brokerage in AZ and hired/trained hundreds of agents in that state, so I want to become a MLO and capitalize on my AZ agent contacts along with new mortgage prospects in Idaho. Can you help or point me in the right direction?
I highly recommend David Reinholtz of http://www.loanofficerschool.com. Give him a call on the number on his website. He has the best online 20 hour NMLS course and the best practice exams for you to study so you can pass your 125 question the first time.
Sorry, I should have mentioned that I have already passed the NMLS exam… I am now having a difficult time finding a company that will allow me to start without 2 years of experience already, and one that operates in Idaho and Arizona/California.
Congratulations on passing your national NMLS exam. Unfortunately, we are not licensed in Idaho and Arizona yet. We are licensed in California and 15 other states. Most lenders will not hire anyone without two to three years of full-time experience. However, there are mortgage brokers and bankers that will. My advice is for you to hook up with a small mom and pop brick and mortar broker shop where you can go into the office and get physical training. Training remotely is very difficult. This way you get to be hands-on and talk to other loan officers and in house support states such as mortgage processors and support staff. From your experience, I think you will do phenomenal. I would love to have you on my team once we are licensed in Arizona and Idaho. I think you make a great addition to our growing team. All of our loan officers who are licensed real estate agents far exceed production levels than others who are not realtors. Please do not hesitate to contact me if you have any questions.
I recently got my real estate agent licence , how long do I have to wait to became a loan consultant and do both things at the same time? how much money it cost to become a loan consultant
You can get your loan officer NMLS license right away. I recommend David Reinholtz. Contact http://www.loanofficerschool.com. Call the number on the website and ask for David Reinholtz. They have the best online NMLS 20 hour study course and the best NMLS study and practice questions. Congratulations and the best of luck.
Hi Gustan,
You said get your mortgage originator license through California DBO, but I never read where you said get your mortgage originator license through DRE. What is the advantage or disadvantage getting MLO from DBO vs. DRE?
If you want to work as an NMLS licensed loan officer and be sponsored by a mortgage lender, you need to get the California DBO license. DRE is for real estate brokers and not mortgage bankers.
I’m currently a Real Estate Broker in Florida, would I be able to originate a loan for a client of one of my agents under my BK license?
You can become a loan officer and be a realtor at the same time. However, you cannot originate a loan for the same real estate client at the same time.
I want to become a mortgage originator in MO, but I have to find a sonsorship whose also licensed in MO. Can you help me?
Are you licensed? Do you have any experience?
I am licensed in NV and TX (Realtor) – are you licensed in either state? I am interested in becoming licensed as a loan officer as well
We are licensed in Texas but not Nevada. If you want to get your mortgage NMLS license, I highly recommend David Reinholtz from http://www.loanofficerschool.com. Go to that website and call the toll free number. Ask for David Reinholtz and tell him Gustan Cho referred you. He will give you a discount.
OK thank you –
How would I get licensed in NV as well?
Contact David Reinholtz at http://www.loanofficerschool.com. He will guide you in the right direction. He is the President of http://www.loanofficerschool.com, the largest and best loan officer school in the country.
Hello
I am real estate agent for almost 2 years and I got my NMLS license recently. I would like work with your company. can you help me out
What state are you in and have you had prior mortgage loan origination experience?
Hello,
I’m a licensed real estate broker in multiple states including California. Do you happen to know the states in which I can broker mortgages/loans/notes with only a real estate broker license? I think I read somewhere you can do so in California. If not, do I have to take additional classes and pass a separate exam to get a mortgage broker or loan originator license in California?
I’m confused and would really appreciate your help. Thanks!
You need to get a DBO NMLS license. Please contact David Reinholtz at http://www.loanofficerschool.com. He has the best online training program and the best practice exam. Mention my name and he will get you a discount.
if you are a realtor you will know all the answers for the mortgage test. Most people use mortgageeducators.com. they are cheap and you can access 24 hours a day. After you do the course . take the test prep. you will need two years as an originator to become a broker. backed up with pay stubs. if you want to do MD and TX, I can sponsor who ever wants to work in those states. BayviewMortgage.com doesn’t do FHA loans. I can bring on real-estate agents as loan originators. NO bank or broker approved to do FHA loans can hire a realestate agent,insurance agent,title company employee. the fines start at 7500 per offense committed.I think each loan touched is an offense.
Do you hire newly licensed loan officers in Colorado?
We are licensed in Colorado. However, we are not hiring loan officers without experience due to the high volume of loans we are having. We have nobody to train new loan officers. I highly recommend you contact a local brick and mortar mortgage broker and get your training there. Contact us if you have any questions. I will guide you the right direction.
I have an Alaskan Real Estate License, can I also have a LO license here too concurrently?
Yes. You need to apply for the individual states.
You Need a commercial loan or hard money loan?
Contact Danny Vesokie of Affiliated Financial Partners, a private money (LOAN) lenders and also a commercial loan broker. Here comes a good commercial loan offer for all those who needs Financial assistance at a low rate of 3%. With Danny Vesokie loan Improvement, you can say goodbye to all your financial crisis and difficulties. Affiliated Financial Partners give out loans of any amount. We fight financial crisis and to give a room for bright future in our society as we do our business .If you are interested you should indicate your interest and we shall assist you in securing your loan.
Apply with details.
1. Your names:
2. Amount Needed:
3. Your country:
4. Loan Duration:
5. Your address:.
6. Phone Number:
7. Monthly Income:
8. VALID ID:
Hi Gustan,
I live in SoCal and I’m interested in becoming a MLO. Do you need DRE # to be a loan officer or just NMLS #? Lastly, what would you recommend to be able to get my foot in the door where most brokers want someone that already has experience?
Thank you in advance!
You need the DBO from California. Depends on your background. Due to the mortgage industry being so busy, the problem we have training someone without any experience. What is you background? I am open minded. We are based in Redding California and licensed in multiple states.
Hi,
I’m in the process in taking the course to become a real estate license in Michigan get close near end to take exam. My questions is what courses or certifications will I need to take to line up ahead so I can also become a loan officer?
As long as you pass the 125 question federal NMLS exam and pass it by getting a 75%, you can then start applying for any state licenses. Once you get approved for your Michigan state license and/or other licenses you want to do business in, you can start applying at mortgage companies. Is this the question you are asking? Please feel any other questions you have on this section.
I hold a Loan Originators license…currently studying for the Illinois Real Estate exam. But I’m finding many Mortgage sponsors don’t want you using both. They actually want you to suspend one or the other. It is a bit discouraging… Does your firm sponsor for the state of Illinois?
I have licensed loan officers who are licensed real estate agents. Our company accepts licensed loan officers and licensed real estate agents and they can work at both jobs. However, you cannot do both sides of the transaction on the same client. If you have a real estate client and act as a the purchasing realtor, you can refer it to one of our loan officers and you will make half the regular loan origination commission.
Thanks for that. As I am most interested in your firm, I need to ask a question unrelated….. If I NEVER intertwine both services in any transaction I perform, must I make both sponsors aware I am both a Realtor and a Loan Officer?
Correct. You can be a loan officer and real estate agent at the same time. However, you need to disclose your employers about this. We are fine with having our loan officer be licensed real estate agents.
Hello Gustan :
I am licensed real estate broker in florida and would like to get LMO licensed and interested in your firm , the rule of dual licensed on the same transation is not allowed also applied for brokers/owners ? if your agents are the one dealing with the clients ?? im appreciated
You can be licensed as a realtor and loan officer at the same time. You cannot be the realtor and loan officer for the same client. However, you can refer your realtor client to one of our loan officers and you can be the LOA and the assigned loan officer will be the loan officer of record. We have licensed loan officers who are also licensed real estate agents. I think it is a great idea for realtors to be licensed loan officers. You can do business in other states as a loan officer. You are not just stuck in your geographical area. Let me know if you have any questions.
Hello!
I was googling to see if I was able to get my nmls license with a “serious delinquency” on my credit report and came across your webpage. I saw that you had offered your email for questions, so if it is appropriate could you please answer a question for me?
My score is 670’s but I have a a serious delinquency on my report. I had an unpaid credit card debt that I settled rather than paid in full. I hadn’t known any better. This was back in June. I am gearing up to take my SAFE test in December for WA. Would this hinder my ability to get licensed?
Thank you,
Oscar Miller
You should be fine and not have any issues
The RMLA is a law that comprehensively regulates the New Jersey mortgage loan origination activities of Mortgage Companies and their individual mortgage loan originators (MLOs). Among other things, it establishes licensing requirements for Mortgage Companies and MLOs, sets forth the qualifications needed to obtain those licenses, lists the fees that Mortgage Companies may charge to consumers and otherwise regulates the manner in which Mortgage Companies deal with consumers, gives the New Jersey Department of Banking and Insurance (Department) supervisory and enforcement authority over Mortgage Companies and MLOs, and imposes upon Mortgage Companies various reporting requirements. On Aug. 24, 2018, the State of New Jersey enacted a bill, Assembly Bill 2035, that made significant and important amendments to the Residential Mortgage Lending Act, which had not been amended since it was passed in 2009. Over the years following the RMLA’s enactment, Mortgage Companies have had to grapple with a number of issues arising from ambiguities and/or a lack of clarity in various provisions in the RMLA. The amendments were enacted to resolve many of these issues. The amendments made several substantive changes. One such change allows MLO’s who are either 1) federally registered bank MLO’s looking to begin working for a New Jersey-licensed Mortgage Company, or 2) state-licensed MLO’s (in states other than New Jersey) looking to start originating New Jersey loans for a New Jersey-licensed Mortgage Company (which could be their current employer or a new employer), to start taking New Jersey loan applications while awaiting approval of their New Jersey license applications. Another important change is the creation of an “approved conditional” license status that will allow a license applicant to engage in licensed activities while striving to meet the required standards for financial responsibility, and an “approved inactive” license status that will allow licensed MLO’s essentially to put their licenses “on the shelf” for a period of time while they are not employed by a New Jersey-licensed mortgage company. Yet another significant change – actually, a long-needed clarification – concerns the fees and charges that mortgage companies may charge or pass through to their customers when originating loans on their behalf. As we progress through this course we will touch on important topics from the original act and the amended act. Let us start by looking at licensing requirements.
Massimo Ressa
CEO of Loan Cabin, Inc.
PERSONS REQUIRED TO BE LICENSED
LICENSING REQUIREMENTS FOR RESIDENTIAL MORTGAGE LENDERS AND RESIDENTIAL MORTGAGE BROKERS, AS BUSINESS LICENSEES:
No person may act as a residential mortgage lender or broker without first obtaining a license. The department will issue licenses that specify whether a business licensee is licensed as a residential mortgage lender or broker. Please note that a person licensed as a residential mortgage lender may act as a broker, if proper disclosure is made. Additionally, no person may be issued or hold a license as a residential mortgage lender or residential mortgage broker unless one (1) officer, director, partner, owner or principal is a qualified individual licensee of that same type sought or held. The commissioner may, by regulation, require a licensed residential mortgage lender or broker to employ additional qualified individual licensees to properly supervise the business licensee in its branch offices. If a qualified individual licensee allows his license to lapse or for some other reason is no longer affiliated with the business licensee, the business licensee must notify the commissioner within ten (10) days, and must also appoint another qualified individual licensee within ninety (90) days or a longer period as permitted by the commissioner.
Finally, no person licensed as an insurance producer with title insurance authority may be licensed as a business licensee or engage in the business of mortgage loan origination. While on the subject of residential mortgage lenders and residential mortgage brokers, it is important to note that neither are required to maintain an office an New Jersey as long as they are qualified to do business in New Jersey and have a registered agent for service of process. However, if a business licensee changes the address of its principal office or a branch office serving New Jersey consumers, it must file a notice of address change.
FOR RESIDENTIAL MORTGAGE LENDERS AND RESIDENTIAL MORTGAGE BROKERS, AS QUALIFIED INDIVIDUAL LICENSEES:
No individual may act as a qualified individual licensee for a residential mortgage lender or residential mortgage broker without first obtaining a license under the RMLA. A qualified individual licensee licensed as a residential mortgage lender or broker may act as a mortgage loan originator. However, no person licensed as an insurance producer with title insurance authority may be licensed as a qualified individual licensee or engage in the business of mortgage loan origination. It should be noted that this license is required for a natural person who must be an officer, director, partner, owner or principal of a business entity licensed or to be licensed as a Residential Mortgage Broker and is required as a condition of the business entity’s qualification for licensure. The individual must at a minimum meet all of the licensing criteria for a mortgage
loan originator. Residential mortgage loans include both first and second mortgage loans on New Jersey property. A licensed Qualified Individual may act as a mortgage loan originator without additional licensure.
FOR MORTGAGE LOAN ORIGINATORS:
No individual may act as a mortgage loan originator without first obtaining a license or transitional license. Furthermore, no individual may be issued or hold a license or transitional license as a mortgage loan originator unless employed as an originator by one, and not more than one, business licensee, and is subject to the direct supervision and control of that licensee, employed by an exempt company, or who is under a written agreement with and sponsored in the Nationwide Mortgage Licensing System by one, and not more than one, person exempt from licensing requirements and registered with the department, and is subject to the direct supervision and control of that exempt person. There is one exception to the above rule. No individual may act as a loan processor or underwriter who is an independent contractor, or employed by an independent contractor without first obtaining a mortgage loan originator license under this act, with the exception of exempt companies, which we will discuss in the next section. Finally, no person licensed as an insurance producer with title insurance authority may be licensed as a mortgage loan originator or engage in the business of mortgage loan origination.
A NOTE ON TRANSITIONAL LICENSES
The 2018 amendments to the RMLA established a statutory framework for the issuance of “transitional MLO licenses.” These transitional licenses will allow many MLO’s – those who have been working for a bank or a bank subsidiary (Bank MLO’s) and those who have been working for a Mortgage Company not licensed in New Jersey (Out-of-State MLO’s) – to begin working for and earning commissions from a New Jersey-licensed Mortgage Company without having to first apply for and obtain a New Jersey MLO license. The 2018 amendments permit Bank MLO’s to obtain transitional licenses if they were validly registered in the Nationwide Multistate Licensing System & Registry with a depository institution or a depository institution subsidiary (and thus exempt from state licensing requirements under the SAFE Act for at least the one-year period immediately preceding submission of their application for a New Jersey MLO license, and become employed by a New Jersey-licensed Mortgage Company, as well as submit an application for a New Jersey MLO license. The amendments also permit Out-of-State MLO’s to obtain transitional licenses if they are validly licensed as an MLO in at least one state, are or become employed by a New Jersey licensed Mortgage Company, and submit an application for a New Jersey MLO license. Bank MLOs and Out-of-State MLO’s who obtain a transitional license will be immediately authorized to take New Jersey loan applications for their New Jersey-licensed Mortgage Company employer, while awaiting approval of their pending New Jersey MLO license application. If, however, they are unable to obtain such approval after 120 days, their transitional license will expire, and they will have to cease acting as an MLO for their New Jersey-licensed Mortgage Company employer until their application is approved.
FOR EXEMPT COMPANIES
No person qualifies for registration as an exempt company unless the person is in the business of mortgage loan origination solely by virtue of its performance of loan processing or underwriting functions. The commissioner has the authority to adopt rules in accordance with the “Administrative Procedure Act,” specifying additional criteria on the basis of which a person in the business of mortgage loan origination solely by virtue of its performance of loan processing or underwriting functions may qualify for registration as an exempt company. An exempt company must register with the commissioner and with the Nationwide Mortgage Licensing System and Registry. An applicant for registration or for renewal of registration as an exempt company must:
• Submit a completed application to the commissioner;
• Pay to the commissioner at the time of application a nonrefundable application fee not to exceed $500 as established by the commissioner by regulation;
• Pay to the Nationwide Mortgage Licensing System and Registry any fees required by that system and registry, or any fees which, by arrangement of the commissioner, are payable to the Nationwide Mortgage Licensing System and Registry on behalf of the commissioner; and
• Obtain a blanket bond in an amount and form prescribed by the commissioner, but not less than $25,000. The bond must be obtained from a surety company authorized by law to do business in New Jersey. The exempt company must procure the bond to cover its mortgage loan origination related activities. The bond will run to the state of New Jersey for the benefit of any person injured by the wrongful act, default, fraud or
misrepresentation of any person covered by the bond. A registered exempt company must also:
• Respond in a timely manner to any request of the commissioner for the production of and access to books, records, accounts, documents or other information relative to its operations;
• Submit to the Nationwide Mortgage Licensing System and Registry a mortgage call report of conditions, in the form and manner, and with such information, at any time as may be required by the nationwide system and registry, and any other report to, or through, the nationwide system and registry pursuant to an arrangement for reporting and sharing information;
• Provide written notice to the commissioner within 10 days of the occurrence of any event that would cause the exempt company to no longer qualify for registration as such under the terms of this subsection d. and so notify in writing all licensed mortgage loan originators employed or retained by the exempt company; and
• Employ at least one individual who is licensed as a mortgage loan originator who does not engage in the origination of mortgage loans and who has been assigned supervision and instruction duties with respect to individuals employed as loan processors or loan underwriters.
EXEMPTIONS
The following persons are exempt from the licensure requirements of the New Jersey Residential Mortgage Lending Act:
• Depository institutions. Note: subsidiaries and service corporations of these institutions are not exempt. Furthermore, a depository institution may register with the department for the purpose of sponsoring individuals, licensed as mortgage loan originators, provided that such registered entity obtains and maintains bond coverage for mortgage loan originators.
• A registered mortgage loan originator that is registered under the federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Note: Registration is Required by the SAFE Act:
The prevailing idea under this exception is that even though loan originators who work for depository institutions are exempt from individual licensing, these mortgage loan originators must still register with the NMLS and acquire and use a NMLS unique identifier. If a “registered” mortgage loan originator (MLO) discontinues employment with an exempt entity and wants to engage in the business of making mortgage loans in New Jersey with a non-depository institution such as a mortgage broker or lender, then that previously only registered MLO must now become licensed as a Mortgage Loan Originator (MLO).
• A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client, as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a residential mortgage lender, residential mortgage broker,
or mortgage loan originator. Note: It is common for attorneys to prepare mortgages during the normal course of practicing law. This happens many times when private financing from investors is involved, rather than going through a financial institution. Other times, an attorney will
prepare mortgage loans to secure an interest in a property as part of a contractual agreement. What the State of New Jersey is saying here, is that if an attorney is engaging in the mortgage loan business and is being compensated by any of the persons provided in the list above, they will be subject to the same licensing requirements as if they were, let’s say, a mortgage broker or originator.
• A person licensed as a NJ real estate broker or salesperson and not engaged in the business of a residential mortgage lender or residential mortgage broker: Note: A real estate broker or salesperson is not deemed to be engaged in the business of a Mortgage lender or mortgage broker if:
o The real estate broker receives two hundred and fifty dollars ($250) or less at the
closing of the mortgage loan for reimbursement of expenses incurred in providing
specific mortgage related services in connection with a particular real estate sale or
real estate brokerage service;
o The real estate broker itemizes in writing the specific services provided by the real estate broker or by the salesperson licensed with the broker and submits that itemized list to the mortgage lender prior to closing; and
o The real estate broker or salesperson receives a real estate commission in connection with the transaction.
• Any employer, other than a residential mortgage lender, who provides residential mortgage loans to his employees as a benefit of employment, which are at an interest rate which is not in excess of the usury rate in existence at the time the loan is made, as established in accordance with the law of New Jersey, and on which the borrower has not agreed to pay, directly or indirectly, any charge, cost, expense or any fee
whatsoever, other than interest.
• The State of New Jersey or a municipality, or any agency or instrumentality thereof, which, in accordance with a housing element that has received substantive certification from the Council on Affordable Housing, or in fulfillment of a regional contribution agreement with a municipality that has received a certification, employs or proposes to employ municipally generated funds, funds obtained through any State or federal subsidy, or funds acquired by the municipality under a regional contribution agreement, to finance the provision of affordable housing by extending loans or advances, the repayment of which is secured by a lien, subordinate to any prior lien, upon the property that is to be rehabilitated.
• Any individual who offers or negotiates terms of a residential mortgage loan:
o with or on behalf of an immediate family member; or
o secured by a dwelling that serves as the individual’s residence.
• Any person who, during a calendar year takes three or fewer residential mortgage loan applications or offers or negotiates the terms of three or fewer residential mortgage loans or makes three or fewer residential mortgage loans related to manufactured housing structures which are:
o titled by the New Jersey Motor Vehicle Commission;
o located in a mobile home park; and
o are exempt from taxation as real property.
• A bona fide not for profit entity and any individuals directly employed by that entity, so long as the entity maintains its tax-exempt status.
LICENSEE QUALIFICATIONS AND APPLICATION PROCESS UNDERSTANDING THE NATIONWIDE MORTGAGE LICENSING SYSTEM
As mentioned, all mortgage licensees in New Jersey are required to register through the
Nationwide Mortgage Licensing System and Registry; referred to in this course as the (NMLS). The NMLS system is a secure, internet-based system, designed to manage mortgage licenses online. It gives state licensed mortgage lenders, brokers, and loan officers the ability to apply for, amend, update, and renew licenses. The registry is intended to bring greater efficiency and effectiveness to the supervision of mortgage licensees. The NMLS brings transparency and uniformity to the mortgage industry, without hindering the ability of states to approve, deny, suspend or revoke licenses. For example, if a loan officer is censured by a state that participates in the NMLS, agencies and regulators in other participating states would have access to that information and act thereupon accordingly to their particular state’s laws and guidelines.
The NMLS does not issue approvals or denials of mortgage licenses. The system is only designed to process the applications. It was created by the Conference of State Banking Supervisors (CSBS), which is the organization that represents State Banking Supervisors and the American Association of Residential Mortgage Regulators (AARMR), which is the organization that represents the state residential mortgage regulators. The Nationwide Mortgage Licensing System is owned and operated by State Regulatory Registry LLC. http://www.stateregulatoryregistry.org
The NMLS provides benefits for everyone involved in the licensing process, from the regulators to the licensees. The main benefit is that access to information is available, virtually all the time. With access to the secure site, a licensee is able to:
✓ View, update, and amend license records
✓ Check the status of the application
✓ Pay fees online
✓ View historical filing and license information
✓ Communicate online with regulators.
This enhanced access allows a licensee to update and amend license data for multiple states at one time, as well as apply to additional states easily. With regard to multiple state licenses, it is important to remember that the NMLS only processes the information, and each state using the
system can have their own unique requirements for licensure. In other words, being approved in one state via the NMLS does NOT mean an applicant would be automatically approved in all member states. The database issues unique identifiers for each company, its branches, owners and loan officials. These identifiers are similar to Social Security numbers and will follow that firm or person throughout the industry. By doing this, the NMLS prevents fraudulent loan originators from escaping punishment by moving to another company, businesses from changing their
names, or owners from setting up new companies to avoid disclosing past violations. One feature of the NMLS that makes it efficient is the creation of 4 standardized and uniform application forms.
These forms are to be used by:
✓ New licensees wishing to apply for a state license
✓ Existing licensees wishing to transition their current state license onto the NMLS
✓ Existing licensees wishing to surrender or withdraw their license
The four (4) standardized forms used by the NMLS and approved for use in New Jersey are as follows:
(1) MU1 Form, Uniform Mortgage Lender or Broker Application—This form is completed by companies and sole proprietorships that are currently licensed by, or applying for a new license with, a participating state.
(2) MU2 Form, Uniform Mortgage Biographical Statement & Consent—Each individual identified as a control person or a qualifying individual on a mortgage company’s MU1 form must complete this form, as well as branch managers that submit an MU3 form.
(3) MU3 Form, Uniform Mortgage Branch Office Form—Companies licensed in a state that requires registration or licensure of branch locations must complete a separate MU3 for each location. Each MU3 must identify a branch manager, and have an accompanying MU2 on that manager.
(4) MU4 Form, Uniform Individual Mortgage License/Registration & Consent—This form is used to obtain or amend a license as an individual (mortgage loan officer), permitting the licensee to accept, or offer to accept mortgage loan applications. The NMLS uses a single record type system, which means that an applicant can create a company record (MU1), and then attach each associated control person’s record (MU2), each
branch record (MU3), and each loan officer (MU4) record. Each record can be accessed and managed under the umbrella of the MU1, or company entry.
Alex Carlucci
Associate Contributing Editor Capital Lending Network, Inc.
Hi Gustan,
I’m real estate agent in GA and I just passed my MLO exam last week. I wonder can I do both at the same time but not on the same client . And do you know which lender in GA is hiring new MLO? Much appreciated
Congratulations. Yes, you can be a licensed loan officer and licensed real estate agent at the same time. We are hiring ONLY loan officers with at least one year full time experience. We just do not have anyone to train new loan officers at this time.
I am in Florida. I would like to become a real estate agent and loan officer. I am seeking some guidance with the overall process. Would you be able to help?
I recommend you contact David Reinholtz at http://www.loanofficerschool.com. He will tell you and guide you on what to do in getting your NMLS license and passing the national NMLS exam.
Hi Gustan. I am in NC. Do you have any idea if there are restrictions on advertising myself as an MLO and as a Realtor? Even though I wouldn’t be able to be the MLO and Realtor for the same client, can I promote myself as a one-stop shop/solution? My wife is also a Realtor so I would put all of the real estate transactions in her name. Thanks for your thoughts on this.
Yes, you can promote yourself as a loan officer and realtor. The clients who need a buyer’s real estate agent, you can be the loan officer and your wife can be the real estate agent. That is perfectly legal and is no problem.
Good Afternoon,
I recently found an interest in loans, and I would like to pursue that route. These last few months I have been working on my RE License. I am currently studying for the state exam in February. I am curious to know if I could work on my LO license now and could I realistically gain a license within 30 days? Or sooner if possible? I have been unemployed for quite some time. I would like to get back into action sooner than later. Also, would I be treating this as two separate licenses? or is there something additional or unique I would need to complete to hold both licenses? Lastly, if you have any advice for me under these circumstance, please let me know. Thank you
P.s. I am in Northern California and plan to operate in here.
Best regards,
Anthony Nguyen
My recommendation is for you to contact David Reinholtz at http://www.loanofficerschool.com. He has the best study materials for you to pass the NMLS exam on the first try.
Hello Mr. Cho,
Thank you for this chat, It is very interesting and helpful.
I have a question:
I am currently a bilingual licensed R. E. agent in Maryland working full time; I recently passed the NMLS test but I need
to be sponsored by a mortgage company for the MLO license to become “active”.
For now, I would most likely refer the clients I get, to another in-house loan officer (while I learn enough to “fly solo”) if that makes sense, lol : )
Is your company licensed in Maryland? and if yes, would you be interested in sponsoring me?
or can you advise of someone who would be able to do this for me?
Thank you in advance for your time, sir : )
Sonia, our Maryland license is pending and should get approved and finalized within the next couple of weeks. Congratulations in your passing the NMLS exam. Let’s talk over the phone maybe over the weekend or anytime next week. I would love to hire you in my team. However, with no experience, it is hard to train brand new loan officers without any experience remotely. My recommendation is for you to get hired at a local brick and mortar mortgage broker shop so you can report physically to the office and work with other loan officers, mortgage processors, and support staff. Once you have closed six to ten loans, I can take you on in my team. We provide exclusive leads and have no lender overlays on government and conventional loans. We also broker non-QM loans and other alternative mortgage programs.
Thank You for the advice Mr. Cho.
I emailed you as well.
Have a great day : )
Sonia, I got your email. Let’s talk early next week and go over your options. I am open-minded and am always looking for good people. It is the people that build the team and company. Have a great weekend.
It is interesting that this post mentioned that it is beneficial if we enroll in on-demand real estate licensing school. It makes sense as once we are licensed, we will be able to earn more money and clients will be able to trust us more. Assuming that I need a career in real estate, I will definitely proceed.
Hello,
I read your article about becoming a MLO with bad credit.
My wife and I have just finished taking our per-requites so we can take the test here in Georgia.
We were both licensed real estate agents in California for many years. I also did mortgages there for 7 years. We moved to Georgia 2 years ago and we would like to work for a national mortgage company.
I would like to talk to you about your company when you have time.
Thank you for your post and in advance for your time.
Mike and Michelle Carter
Hello Gustan,
I am a real estate broker and also have a CA NMLS license. From what I have read your reply to others, I, as a RE broker cannot originate a loan for the same real estate client (representing a Buyer) at the same time. However, my wife as a licensed realtor can be the Buyer’s agent and I can be the Buyer’s LO. Do I need to disclose the affiliate business to the Buyer ? Please clarify.
Working as a LO, I am sponsored by another mortgage broker in SoCal.
Thanks / Phong
Hello! I am a referral agent with Realty Connect. I am also a loan officer and working virtually. My question is can I refer my MLO clients to Realty Connect via my link. I would not be their realtor but would receive a referral fee. I cannot find any info that directly addresses this scenario. Thank you.
Yes. Please reach out to us at gcho@gustancho.com.
Can I be both a Real Estate Broker and MLO in the State of Ohio? I had been hired by a large lender and started the process but they contacted me and said it was no longer allowable. I have a request into the state, but have not heard back yet.
It is up to the lender whether or not they will have you hold both licenses. It is legal for you to have both real estate and MLO license at the same time and be employed as a real estate agent and loan officer at the same time. You cannot do loans for your real estate clients. However, you can refer your real estate clients to a fellow loan officer and get a referral fee. You can originate loans for other clients of your fellow realtor associates or the public. Hope this answers your question.
Enjoyed reading in your comments section.. Is your company legal for the state of Arkansas. I am planning to re-enter the Real Estate and Mortgage business after a lengthy retirement. I have many years experience in both markets and am planning a comeback to help a granddaughter that has decided to enter the Real Estate Business.
We should be licensed in most of the 50 states soon.
Good morning Gustan
How competitive are your rates and do you use blend? I am a realtor with a loan originator license, looking for a new home to originate my loans.
We are very competitive. Feel free to reach out to us at gcho@gustancho.com.
Hi Gustan – I’m a fan of your posts.
I’m thinking about offering my real estate clients reduced fee mortgages, in order to win more business with home buyers. Is this allowed, with the appropriate disclosures?
Yes, but you cannot be the loan officer and client on the same transaction.
Hi Gustan,
I have recently filed an application for RE licensing exam with DRE. I have not taken my exam yet but I want to also get my MLO. I was advised by the DRE that if I want to become an MLO I have to go through DRE if I get my RE license with them. However, I found the process of DBO MLO faster and easier. I want to know if I start working on my MLO and get the license through DBO (DFPI), is it legal to get a RE license through DRE? And if so what are the companies that I can work for as an MLO if I get it through DFPI and not DRE. I was thinking if getting the MLO through nmls(DFPI) is illegal once you have your RE from DRE, then I should probably don’t take the RE test and just apply for MLO through DFPI.
Thank you
You need to get the DBO.
Thanks Gusten. So it does not cause any legal issues if you hold RE license from DRE and an MLO from DFPI?
Correct. You can be employed as a DRE real estate agent and have a DBO NMLS license. Wish you the best in your new career.
I have cleared my SAFE exam and looking for sponsorship to obtain a license. How do I go about it?
Do you have any loan orignation experience? We are currently hiring loan officers who have loan origination experience.
Hi Shannon,
I will not be able to send you a pre-qual for the 203k only for regular FHA as that would be the only possible loan you qualify for.
When I spoke to your fiancé I told him once you upload everything I need 48-72 hours to review
You sent me your documents yesterday.
Please advise if you want me to move forward.
Thank you,
Wife has 611 mind score I have 640 mid score. Trying to refinance. At 5.5 percent. Home is worth around 175-180k. Have some things I can pay off to get wife’s score over 620 quickly.
Hello, My husband and I are looking to buy a home in NC. We currently live in PA. We are thinking that we will not be able to buy a home because of our DTI ratio. We have a lot of student loan debt and are in our mid 50’s. After looking at your website, I thought that I would reach out to you and see if there is anything you can do to help us. Thank you in advance. Kind regards, Laura Hamilton
Retired Military member who was unemployed due to Covid and got behind in credit card payments but never late on my current mortgage or car note. My current credit score is in the low 500s (depending on the reporting agency). I recently got a new job that will require me to relocate, my current home just went under contract to sell and I will use the proceeds to pay off my mortgage as well as all of my outstanding credit card and personal loan debt. I am looking for a new home in Saint George Utah where I will be for my new job.
My husband and I are looking to purchase a home but are a little over a year into our Chapter 13 repayment plan. We are looking to hopefully purchase a home in July/Aug because our current lease ends in Aug and we have been having difficulties finding someone to rent to us since we have an open chapter 13 despite having perfect rental history. We would like to discuss our options and to see what we need to do to apply as well as to petition the trustee. I’m not sure how much we would qualify for and what our options would be so we would like additional information.
Been in a chapter 13 for 13 months. At 4.25 interest rate and looking to refinance. Never missed a payment. Would love to get out of the chapter 13 all together.
My son and I are wanting to prequalify for a 2+ bedroom/2 + bath w/a basement and garage in the West Denver, Englewood, Littleton, Boulder, Westminster, Thornton, or Broomfield area. My son’s FICO score is around 600 and he recently got a new job making approximately $35,000. I have very challenged credit (bankruptcies), but I plan to pay off my credit cards and a few collections. My income is $79,200. Because my son is in a better credit situation, could we use my income as a non-borrower?
Another thing we are interested in is rolling the closing costs & down payment into mortgage/silent second. Please contact either myself at (303) 587-2329, or my son, Kristopher at (720) 723-1829.
Sincerely,
Carry McNamara
Hello, I am a first-time homebuyer who is seeking help to get an FHA mortgage loan for the amount of $325,000 to $350,000. I like to use the W2 to show income. Please kindly text or email me if you have any questions or need more information as I preferred to text or email only.
In the beginning process of purchasing a home from my landlord, been living there 6 years. I would like to go VA, but is it possible to do FHA if need be as fall back? scores are low 600’s now, we are paying down 6k our credit cards hoping to get to the mid 600’s. Have credit issues owing some junk debt buyers, no lates in the last 18 months, and combined income is around 105k…
My husband has his MLO license in all 50 states. I am getting my real estate license very soon. I would like him as my partner but not sure if I would mess him up? if I asked him to get his real estate license with me, Can I sell homes and he take care of the lending side? Does he have to take all those classes to get his real estate license? is it still considered both sides of the transaction if i am the real estate agent and he is the loan officer?
Why would you mess him up? You can refer him the homebuyers and you be the realtor and he can orginate the loans you refer him.
Hello there! I could have sworn I’ve been to this site before but after browsing through some of the posts I realized it’s new to me. Anyways, I’m definitely delighted I found it and I’ll be book-marking and checking back frequently!
My credit is fair, I believe but have a timeshare default/foreclosure – the last payment made to Marriot was 10/18. Paid and lost 5k to “timeshare exit” firm with no results or replies. I have been told I can’t apply for FHA until at least 10/18 due to a timeshare issue. looking for a home in the 400-410k range with 10% down. Can you help?
I am a Licensed RE Broker in Michigan. Am I required to take the MLO 20 hour course if I want to become a license MLO?
I was told that since I am a RE Broker I would only need the 2 hours vs 20 hours, is this correct?
Also, I am a Certified NSA, how can I work with you to service your loan signing needs?
Yes, you need to take the 20-hour NMLS prelicensing course. Whoever told you that gave you the wrong information. We hire remote loan officers who are both licensed real estate agents and loan officers. However, we require that you need to be licensed for at least two years as full time loan officers.
I left a message on your forum about being licensed in Utah. I would be interested in a referral to someone.
Looking to refinance my home mortgage to dismiss my chp 13.
My husband’s credit score is 610-620, my credit score is 520-545 and we are interested in FHA loans and I saw your video about FHA qualifications with low scores and would like to learn more.
Thank you
Racquel
Dear Gustan Cho Associate,
I wonder if you kindly give me more info about new MLOs training.
Regards.
Abbas.
You’re so awesome! I do not believe I’ve truly read through anything like that before. So good to find someone with a few original thoughts on this topic. Really.. many thanks for starting this up. This site is something that is needed on the internet, someone with a little originality! Hello. We are in contract on a house and are having challenges with the responsiveness, guidance and process with our lender so are inquiring whether you may be able to help us with a bank statement loan quickly on this purchase.
I had filed for bankruptcy (Chapter 7) and was discharged on March 2019. Due to COVID, I used the forbearance for 6 months and missed two payments. I made up the two payments and now my mortgage is current. Is it possible for me to get a refinance or a home equity loan? Please advise on this. I had applied for several companies and were dismissed without a loan due to the two months of missing a payment during the forbearance. Thanks for your help!
Hello I am working towards getting my RE license in NJ and eventually gettting my MLO as well do you cover NJ? And how can I get information about where to start applying to get my MLO. Thanks!
Contact David Reinholtz at http://www.loanofficerschool.com and he will guide you on how to get your NMLS license and the courses you need to take.
When someone writes an article he/she maintains the thought of a
user in his/her brain that how a user can understand it. Therefore that’s
why this article is outstdanding. Thanks!
Hello-
It was nice speaking with you today. Thank you for taking the time to go over my situation and I am glad we will be able to make this work.
I am familiar with Wholesale Lending as well as Correspondence and retail lending
I currently have my license with a correspondence lender and would like to join you as an employee.
I currently have a full-time processor- Pam Mender who told me about you and will be coming with me.
I have an assistant who is getting her license, taking class now for Virginia and South Carolina.
I have two license loan officers
I am license in Virginia now, and working on getting my Maryland and Florida license
I currently do approx $2,000,000 a month in volume
I have been in the mortgage and real estate industry for more than 20 years.
I look forward to coming aboard with you!
Thank you!
Good afternoon, Nina,
A pleasure to meet you and talk to you today,
I am including the following people on this email chain:
1. Massimo Ressa, CEO
2. Alexis Cooper, HR Director at Loan Cabin, Inc. NMLS 1657322
3. Peter Bieda, my partner at Gustan Cho Associates (Gustan Cho Associates)
4. Alex Carlucci, National Sales Manager at Gustan Cho Associates
5. Mendy Burg, Director of Processing at Secured Mortgage Processing (Contract Processing Company at SECURED MORTGAGE PROCESSING licensed in 45 states)
6. Pam Mender (Licensed processor who are in talks with working with Mendy Burg as an associate at SMP)
7. Martyna Szettel, marketing manager
As per our conversation, I will be talking to Mendy Burg in a few hours to get Pam Mender introduced and see if Pam can be under SMP’s umbrella for contract processing where Pam can work on all of your files and see if we can coordinate everything smoothly with your transition to Loan Cabin, Inc. Massimo just texted me that we can have a conference call together tomorrow anytime after 12 pm CDT so it will be 1 pm your time to finalize any questions you have and discuss the onboarding process. Let’s set it for 1230 CDT or 130 PM EST. Looking forward to working with you. Once everything is finalized tomorrow, we will expedite your Florida files for submission. From what you told me, those files should easily be banked and underwritten in house. Alexis will expedite your employment application and transfer of license. You can do business right away through our transition process so you do not delay your closing for your client. I will keep you posted on our discussion with Mendy tonight and see how Mendy wants to work this. Looking forward to talking to you tomorrow and working with you. Peter, Alex, and I are available 7 days a week, including late evenings. Hopefully we can get your credentials and logins asap. Have a great evening and talk to you soon.
Gustan Cho NMLS 873293
National Managing Director
Gustan Cho Associates | Loan Cabin Inc.
Toll-Free (800) 900-8569
Direct (262) 716-8151 Text For A Faster Response
Website: http://www.gustancho.com
1910 South Highland Avenue Suite 300
Lombard, Illinois 60148
Equal Housing Lender NMLS 1657322
APPLY NOW: http://gcho.mymortgage-online.com/
Hi Gustan,
Question. I am a licensed real estate agent in Florida with a realty company. I am planningto get my MLO soon. May I work as a loan agent on a different company and a real estate agent in another company in Florida? Let me know please.
by the way, I am a licensed Real Estate Agent and a licensed MLO on the same company in California.
That is great.
Congratulations
You can do that.
Hi Gustan,
I am in the early stages of getting my RE license and I’m thinking of getting the MLO right after. Which MLO license do you suggest I get? DRE or DFPI? I’m not quite sure what the difference is.
Thanks for the help!
Janie
I strongly recommend DFI
Hi Gustan,
I just passed my MLO test. Do I need to be hired before I fill out the MUR4 application? Or do I have an employer do so?
Thanks!
You should get licensed first before you apply for a mortgage company. What state are you in?
Hello,
I’m a licensed RE Agent in AZ and previously (8 years ago) licensed MLO for over 12 years. I am considering getting my MLO license again. Would it be possible to work remotely under your company? Are you licensed in Arizona?
YES, WE ARE LICENSED IN 48 STATES. Please contact me at gcho@gustancho.com