Can You Hold A Loan Officer & Real Estate Agent License?

[Matt Roghair]

I've had this question on my mind for quite awhile and need to put it out there. 

I'm currently a full-time mortgage loan officer at a local bank here in Ames, Iowa. I gained my degree through the University of Northern Iowa where, upon graduation you only have to take the ethics part of the agents requirements and the final test to become a registered real estate salesperson agent.  So why not, right?

My question: may I be a mortgage loan officer and hold my real estate license at the same time? I will never put those license to work in the same deal but need to know if this is legal?

I would imagine selling a couple houses a year (there's a great opportunity I can discuss later with guaranteed listings), and having the borrower get financing through another bank in town, while still maintaining my normal day job.  Again, never providing financing on the same transaction that I would be representing as an agent. 

Please let me know what you think!

[Russell Brazil]

Originally posted by @Matt Roghair:

So, after many hours of research and making contacts, I finally have the answer.  In Iowa, you can hold dual license. That means you can hold your Real Estate Salesperson License, AND your Lenders License at the same time. You are unable to be apart of the same transaction representing the financing and real estate side of things, but you can still participate accordingly.  I hope this helps anyone else out there.

 Yes it is legal. One thing though to keep in mind is your employment contract.  If you are a lender....your bank probably does not want you doing business with another bank.  I work with a lot of new construction sales reps....and they can not represent clients as an agent buying from a different builder per their employment contract. So a lot of them have to refer that business out, and often to me which I like.