Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Welcome to BP, Richard.
If you are a Broker, yes, you may have multiple wholesale or lender origination agreements.
The issue will be as being a broker under your name (business) and posting your own bond requirements and meeting net worth requirements and compliance issues as a broker. You are then an independant broker.
An MLO under one lender that is sponsored by a lender under thier bond, insurance, net worth and compliance is in an agency relationship. You are an agent of that lender. In an agency relationship you serve that master and doing business with other lenders is not serving the best interest of your employor or principal. So, no, not unless they allow other lenders to receive applications through them.
I doubt a lender would accept an application from a MLO under another lender as you would not be bonded or insured for that origination. :)
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Welcome to BP, Richard.
If you are a Broker, yes, you may have multiple wholesale or lender origination agreements.
The issue will be as being a broker under your name (business) and posting your own bond requirements and meeting net worth requirements and compliance issues as a broker. You are then an independant broker.
An MLO under one lender that is sponsored by a lender under thier bond, insurance, net worth and compliance is in an agency relationship. You are an agent of that lender. In an agency relationship you serve that master and doing business with other lenders is not serving the best interest of your employor or principal. So, no, not unless they allow other lenders to receive applications through them.
I doubt a lender would accept an application from a MLO under another lender as you would not be bonded or insured for that origination. :)
Lender · Charlottesville, VA · Member since 2013 · 126 posts · 28 votes
13y
Thanks, that makes sense. Except, my state's licensing board told me that I could be sponsored by more than one licensed in-state broker. ( Ie., two masters.)
I am not going to mess with it.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
From thier side you can, the problem is from the one that covers and sponsors you. I suggest you not if you value your primary relationship as you can't serve two masters, unless they agree...good call! :)