This Article Is About Can I Be Mortgage Loan Officer And Real Estate Agent At Same Time
These days finding a way to keep a competitive edge never hurts. And for people working in the real estate industry, becoming both a licensed mortgage broker and a licensed real estate agent can be very appealing. So, can you be a mortgage broker and a real estate agent? The short answer is a big yes, you can. However, there are some rules that you should be aware of if this is your cup of tea.
First, let’s learn the difference between the two roles.
Real estate agents guide clients through the buying and selling of properties. As a seller, they assist clients to place their property on the market and provide assistance on how to best prepare the property for a successful and fast sale. As a buyer, they search and screen for properties that match the client’s specifications like price and square footage.
Real estate agents must take pre-licensing courses as determined by their state of residence. After this, they must obtain a license by passing a state and national exam. They need excellent communication and interpersonal skills.
On the other side, a mortgage broker refers to a middleman who manages the mortgage loan process for businesses or people. Basically, a mortgage broker helps borrowers connect with lenders and seeks out the best fit in terms of the borrower’s financial status. The mortgage broker ideally collects all relevant documentation from the borrower and passes it to the potential lender for processing and/or approval.
Looking to start your real estate school? At Illinois Brokers Academy, we are always working on adding new real estate courses and updating existing ones to provide real estate agents, brokers, and REALTORS® the education they need to remain compliant with state laws and maximize their opportunities.
Now, Here Are The Regulations You Need To Know.
In most parts of the United States, individuals who are both realtors and mortgage loan officers are in demand. When striving to get new customers, most of the sellers are inclined to choose a real estate agent who is also a licensed mortgage broker, due to their professional credentials.
The below list provides some insight as to the most common legal issues that someone with a dual license would want to avoid. If this is something that you choose to proceed with, please let us know how it goes.
- Real estate agents can assist you with their loan, but only if it is not an FHA loan
- To be very clear, a real estate agent cannot originate FHA loans if it’s for one of their own real estate clients
- Real estate agents can, however, originate conventional loans, jumbo loans, portfolio loans, or commercial loans for their own real estate clients, just as long as it’s not an FHA loan
- When the real estate client is not one of their own, then the individual with a dual license can originate FHA loans, VA loans, or USDA loans.
At Illinois Real Estate School, we all are set to equip you with all the key tips you need to get your real estate license. So get yourself enroll in our leading real estate courses right now.
If you are interested in becoming a dual-licensed professional, check with your state to find out more about their specific thought and requirements before moving forward.
Benefits of To Be Both:
With full disclosure to the client, real estate agents who work as loan officers sometimes roll up to be a better overall package for consumers who want to purchase property with financing. A real estate agent who works as a loan officer understands both the real estate market and available financing programs. Better overall knowledge can lead to better overall service for the consumer who benefits from the expertise and experience of someone who can negotiate a fair sale price and provide low-interest, low-cost financing.
If all of this sounds exciting to you, you’re probably ready to pursue a career as a real estate agent! Our team at Illinois Brokers Academy is here to help you with our real estate courses for any real estate career you want.
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