In this article, we will cover and explain the dually licensed realtor and MLO career opportunities at Gustan Cho Associates. Gustan Cho Associates is associated with the dually licensed realtor and MLO partners throughout the United States who provide a valued service to the public. Many contributing associate writers and expert consultants at Gustan Cho Associates are top-producing real estate agents.
Real Estate Agents Can Become Loan Officers and Get Paid on Both Sides of Transaction
Many articles that our realtors have been working side by side with a veteran loan officer partner at Gustan Cho Associates Now, Gustan Cho Associates, empowered by NEXA Mortgage, LLC has a newly launched dually licensed realtor and MLO partner career opportunity for select licensed real estate agents.
We now have career opportunities for experienced top-producing real estate agents to become dually licensed realtor and MLO partners at Gustan Cho Associates.
Dually Licensed Realtor and MLO Partner Career Opportunities
We now have a dually licensed realtor and MLO partner career opportunity for producing real estate agents. NEXA Dually Realtor and MLO Partners Program Opportunity allows real estate agents to make compensation both as real estate agents and loan officers on the same side of the transaction. In this guide on our dually licensed realtor and MLO partners, we are going to focus on different opportunities NEXA Mortgage, LLC provides to industry colleagues to help them enhance their income.
NEXA Mortgage LLC is dedicated to helping all our colleagues grow their businesses and help them become more successful. Due to the stringent guidelines of RESPA (Real Estate Settlement Procedure Act) which was established as a result of the housing market crash of 2008, mortgage loan officers and other real estate professionals have to be very careful about how to incentivize their partners in exchange for business. If you are not careful, a RESPA violation can cause you to be fined and possibly result in the revoking of your license.
According to RESPA Section 8 known as Regulation X, giving or accepting a fee, kickback, or thing of value pursuant to an agreement or understanding (oral or otherwise), for referrals of business incident to or part of a settlement service involving a federally related mortgage loan is prohibited.
How Can I Incentivise My Realtor Partners Without Violating RESPA?
A perk for working as an MLO with NEXA Mortgage LLC is the company is always finding ways to ensure that their people are compensated for their efforts. That commitment has since carried over to the realtor partners who are willing to work exclusively with a NEXA loan officer. NEXA has established the Realtor Loan Officer Partner Program that is compliant with RESPA and allows real estate agents to get paid on all deals they provide to their mortgage loan officer.
In order for that program to be compliant, any realtor who is interested in the extra source of income is required to get licensed in the state they work in. Upon becoming licensed and presenting their lender with a completed and signed 1003 form, they will be paid .50bps on the transaction. Once the application is turned over, the acting loan officer will complete the file through closing.
What Is The Cost of Getting Licensed As A Mortgage Loan Originator For A Realtor?
First and foremost, in my personal opinion, you cannot put a cost on compliance. However, everyone has a different budget so it becomes a personal decision on a case-by-case basis. I am a firm believer that to be successful in business, no matter what field you choose, you have to reinvest in yourself and your business. Let’s talk about the cost of becoming licensed.
Getting Started To Become Dually Licensed Realtor and MLO at Gustan Cho Associates
The first step in the process is establishing yourself with the NMLS and establishing a unique identifier (NMLS number). There is no charge for this part of the process. Upon completion of this step, you have to register for your Pre Education courses. Most people choose to take the course online at their convenience.
The pre-education requirements will include the national 20hr SAFE course and a state course which can be anywhere from 2-8 hours. When I went through the process, I completed my requirements through www.oncourselearning.com. They often run specials for the package, but generally speaking, you can expect to pay $300.00.
How Long Does The NMLS MLO Pre-Education Course Take
The course should take you a couple of weeks to complete while balancing your current work schedule and personal time. It’s now time to register for your licensing exam. The fee for the proctored exam is $75. Most new loan officers, and anyone who considers getting into the industry for that matter, will tell you this is the biggest fear of the whole process. Luckily, as an existing licensed realtor who just completed the licensing education requirements, you are far ahead of most.
How To Get Licensed For a New Career As a Dually Licensed Realtor and MLO
The final step is to apply for your license within the state you are working. The fees are different for every state, but we can say the average should be around $400.
- NMLS Number FREE
- Pre-education course $300
- NMLS exam $75
- State Licensing Application $400
- Total $775.00
Now that we know the estimated cost of becoming a licensed loan officer, it’s time to discuss the potential profit of being a Realtor Loan Officer Partner. Research shows that the average home price in the United States is $348k and the average real estate agent averages 12 sales per year or 1 loan per month. Using those statistics as a guide, here is a guide as to what the return on investment is for a real estate agent wanting to join the program.
One loan per month at $348k = $1,740 commission
$1,740 x 12 months = $20,880 per year
Again, everyone has a different budget, but generally speaking, this is a great way to add additional income for a minimal investment.
How To Market Yourself As a Dually Licensed Realtor and MLO at Gustan Cho Associates
Many of our preferred realtors are expert consultants and help our professional contributing associate editors with data and advice on the following topics:
- first time home buyers
- home buyers downsizing
- buyers buying a larger home
- buyers purchasing a vacation home
- advice on investment properties
- other real estate-related topics
Teamwork at Gustan Cho Associates Dually Licensed Realtor and MLO Partner Network
Gustan Cho Associates, Inc. is not a lead generation website. We do not sell names or inquiries from our viewers. Gustan Cho Associates is a true licensed lender powered by NEXA Mortgage NMLS 1660690 based in Oakbrook Terrace, Illinois NMLS 2315275. Articles written by expert realtors are the sole opinion of the real estate professional and their content is not in any way or form influenced by any members or staff of Gustan Cho Associates The services of an experienced veteran realtor are a must for home buyers, home sellers, and investors. Real estate agents will guide first-time home buyers in finding the home of their dreams.
Dually Licensed Realtor and MLO Partner Network
Real estate agents know the neighborhoods and markets they represent and know the market value of the properties. They can guide buyers in putting together a good purchase offer on the home they intend to purchase. Real estate agents can help homeowners who need to sell their homes by pricing the homes.
Listing a home at the right price is extremely important. By pricing the home at the right price, the home seller can sell their home in a short period of time and not underprice it and not overprice it where a home buyer will have issues with the appraisal. Where the property does not appraise out and the deal is dead. Below is the directory of our preferred realtor partners who are experts in their field and are our guest writers
The Importance of Real Estate Agents Being Available 7 Days A Week
Our realtors along with loan officer partners continuously educate our fans and new viewers by publishing and covering important mortgage and real estate topics related to helping home buyers, home sellers, real estate investors, and consumers. We try to update our fans with updated news on the current real estate market, and updated guidelines on government, conventional, non-QM, and alternative loan programs.
This guide on getting dually licensed realtor MLO partners career opportunity was written by Wendy at Gustan Cho Associates For more information about becoming a dually licensed realtor and MLO at Gustan Cho Associates,
Wendy is available 7 days a week and is one of our top guest writers for Gustan Cho Associates.
