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I would like to hear from real estate agents that also have a loan officer licenses

By
Real Estate Agent with Baxter Brooks Real Estate LLC

   I got my Texas Loan Officer license in 2/2008 and got sponsored by a local Corpus Christi Tx Mortgage Broker... I did this to be able to help my buyers, as a buyers agent be more familiar with the loan process. I have never perform as a loan officer and as a real estae agent in the same transaction , even though there are disclosure available to  allow that.

   I recently was "let go" and became inactive because the Mortgage Broker was FHA certified and it is against FHA guidelines to be a Loan Officer and work as a Real Estate Agent if the Mortgage Broker generates FHA loans. My question is what about Texas Real Estate Brokers who are also Texas Mortgage Brokers, do they have to give up FHA certification?

   I also would like to know if I could go work for a Mortgage broker that does not do FHA loans with out any interference from any other government institution saying OH NO YOU CANT DO THAT!!! I would not have spent the time and effort getting licensed as a Loan Officer in the first place.

   Please let me know what experiences you have had in matters such as these

thanks

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

I have never heard of FHA saying you couldn't do both that is a new one to me.

Dec 27, 2008 02:10 PM
Jeremy De La Garza
Corpus Christi Realty Group - Corpus Christi, TX
Corpus Christi, TX

You have to fully disclose on all levels and it is very frowned upon. I know several Realtors who have both a real estate license and mortgage brokers license but do not practice both. It's a good idea to stick to one side of the side and not both. Good luck Armando, I think I know why you got your license and are probably better than 90% of the loan officers out in CC. Jeremy

Oct 13, 2009 05:15 PM