I have a real estate license which I currently use for personal use. I had no interest in devoting time to make it a part-time job. However, lately, I been thinking about making a few business cards and passing them out to friends and relatives with the hope of making a few bucks to use a down payment for investment properties.
Lately, I been thinking about getting the loan origination license. I think it would be better if I could assist the client throughout the transaction and use both commissions investment purposes. However, I am not sure whether state law allows me to wear both "hats" at the same time.
I have read online it is possible, but I wouldn't be able to do FHA loans. However, according to the student assistant at the online school, I wouldn't be able to do both things at the same time with the same client.
Which one is it? It is hard to find a mortgage broker to take part-time officers?
Thank you in advance.
Call the state licensing board and ask them. That's your best bet.
@Raul Ruvalcaba Welcome to BP! You've come to the right place to talk all things real estate. Actually I think it is possible to do both things at the same time, with the same clients, but double check with the DRE. California DRE.
However; just because you can do something doesn't mean you should. There could be a perceived conflict of interest.
Please consider uploading a photo of yourself to your profile. It gives the site a more professional appearance. If for some reason you don't want your pic online, use another pic of a local landmark, landscape, hobby or ? Thanks!
Besides the ethical issues, legal limitations on loan origination compensation in related transactions, you'd have liability issues presented for your RE broker and your sponsoring lender. You can do RE and loans, but not both in the same deal.
Another issue, being an active Realtor as a loan officer means other Realtors will be very shy about you doing their deals, you'd know more about their client than they would usually and you'd be in a great position to steal their clients for another deal.
Pick one side of the fence or the other, then do your best to do one thing well. You'd have a heck of a time staying current in both areas. :)
@Bill Gulley is right again!
Thanks for the help. I'll look into it. One more question, what should I do then, to limit what I am being charge for the loan origination cost for myself?
Thanks to all for the help.
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