Can Realtors Be Loan Officers at The Same Time?
One of the most frequently asked questions from real estate agents is can realtors be loan officers at the same time? Many high-producing real estate agents are told NO by many lenders they speak with.
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
It seems like common sense for being a real estate agent and a mortgage loan originator goes 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.
Simply give us a call 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. Gustanb Cho Associates, Inc. are mortgage brokers licensed in 48 states with over 190 wholesale mortgage lenders.
Why Can Realtors Be Loans Officers at Some Lenders and Not Other Lenders?
At some mortgage companies, you are not allowed to hold a realtor’s license and be a loan officer. 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 can realtors be loan officers at the same time. We will cover and discuss why Gustan Cho Associates is different than 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?
In general, most homebuyers prefer hiring one professional to handle their home purchase and loan origination for the same transaction. Homebuyers give 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? By being the realtor and loan officer, the dually licensed realtor/loan officer can make money from both sides of the transaction.
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. However, most mortgage companies will not hire a dually licensed mortgage loan originator. It just does not make sense why most mortgage lenders will require the loan officer who has 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 professional in the real estate and housing industry.
The answer is YES. Licensed real estate agents can be licensed loan officers at the same time. Real Estate Agents are professionals who are licensed to represent home buyers and home 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. If the dually licensed loan officer/real estate agent wants to originate their own loans without a loan officer partner, then the realtor will need to have at least one year of full-time loan origination experience.
The loan officer needs to be knowledgeable about a loan officer origination system such as Lending Pad, Encompass, and/or Calyx Point. The best real estate agent is one who 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 are what 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 available 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 proper 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 who have law degrees, appraisal licenses, and insurance licenses. Many realtors who have licenses in other areas may not be active in those fields.
However, holding licenses because having areas of expertise in other areas of real estate makes them more marketable real estate agents. In this article, we will discuss and cover how real estate agents be loan officers at the same time 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 and/or Calyx Point.
How Can Realtors Be Loan Officers at Gustan Cho Associates?
Realtors who have no loan origination experience may be considered on a case-by-case basis if they are close to our Oakbrook Terrance, Illinois branch and/or 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 just hold their 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. There are many successful full-time realtors who are also full-time mortgage loan officers. These hard-working professionals are in demand. Many home sellers will definitely choose a realtor who is also a licensed mortgage loan originator due to their professional’s 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 own real estate client 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 own real estate clients.
In theory, they can originate any type of conventional loan, jumbo loan, portfolio loan, or commercial loan for their own 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 closed loans of borrowers who were represented by a real estate agent and loan officer on the same transaction after the loans have closed and funded.
What is more, if you are a realtor you might use your realtor’s commission for a down payment for a property. If the real estate client is not their own and does not represent the home buyer or property buyer as a real estate agent, 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 who have an interest in becoming licensed mortgage loan originators, please contact us at +1-262-627-1965 or text us for a faster response. Or email at gcho@gustancho.com. We are is 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.
Can Realtors Be Loan Officers at Gustan Cho Associates?
Gustan Cho Associates is always looking for hard-working real estate professionals who also 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 and/or Calyx Point. Gustan Cho Associates provides exclusive leads 7 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 November 4th, 2022
Want To Get Started? Gustan Cho Associates Is Hiring Real Estate Agents To Become Loan Officers
November 4, 2022 - 8 min read