Asked by: Geraldin Kaushal
real estate real estate buying and selling

Can you be a mortgage broker and real estate agent?

Last Updated: 3rd June, 2020

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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 appealing. So, can you be a mortgage broker and a real estate agent? The short answer is yes, you can.

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Beside this, should I be a Realtor or mortgage broker?

Real estate agents work on the buying and selling part of a property while mortgage brokers focus on the financing side of the purchase. The difference is that loan officers work with a specific lender while a mortgage broker works similar to an “independent contractor,” working with several lenders.

can a real estate broker own a mortgage company? A: Yes, a real estate broker or salesperson can provide a list of mortgage companies to a consumer. However, a real estate broker or salesperson cannot negotiate, place or find a mortgage loan for a consumer and may not make any decisions in regards to a mortgage on behalf of a consumer.

Regarding this, can you be a loan officer and real estate agent?

Licensed realtors can be loan officers, however, there are strict rules and regulations. If the real estate client is not their own and do not represent the home buyer or property buyer as a real estate agent, then they can originate any mortgage loan program including FHA Loans, VA Loans, USDA Loans.

Can you be a real estate agent and mortgage broker in BC?

No. If you have completed the Real Estate Trading Services Licensing Course, please contact the BC Financial Services Authority (BCFSA) for more information about how to become registered as a mortgage broker. You can be licensed under the Real Estate Services Act and the Mortgage Brokers Act at the same time.

Related Question Answers

Ferney

Professional

Is it better to use a bank or a mortgage broker?

While using a mortgage broker seems like it would save you money because they have access to many lenders and programs. Brokers are paid commissions by the mortgage company, some lenders pay more than others. When working with a Bank, that loan officer only have access to their own mortgage programs and mortgage rates.

Niculae Volchert

Professional

Is a mortgage broker worth it?

Even a small difference in mortgage rates can save you thousands in interest over the life of a mortgage, so it's certainly worth it to shop around. Conversely, there are some mortgage lenders that only work with brokers. So, your mortgage broker could have access to loan products that you don't.

Marna Aliseda

Professional

What are the duties of a mortgage broker?

Primary responsibilities
Work with various lenders to find the best deal for a homebuyer. Originate loans to sell to lending institutions. Act as an intermediary between a lender and a borrower who needs a mortgage loan. Evaluate pay stubs, credit history, tax information and bank statements for financial status.

Filipp Nahutin

Explainer

When should you start talking to a realtor?

Once you are about 4-6 months from your target closing date it is time to meet with your agent, more clearly define what you are looking for and start actively looking… also get your financing pre-approval. Average time to find a home is about 3 months, plus another 1-2 months from purchase agreement to closing.

Xiaoshuang Winkler

Explainer

When should you talk to a mortgage broker?

Here are five reasons you should talk to a mortgage lender before you begin the house-hunting process.
  1. It sets realistic expectations.
  2. You can still shop around.
  3. It helps catch sellers' eyes.
  4. You'll finish the paperwork earlier.
  5. It helps you know what you'll pay at closing.

Frederic Ambrosetti

Explainer

Do I have to use the Realtor that showed me the house?

Agents do not work for free. You might ask, "Isn't that the job—to show their listings?" Yes, an agent is obligated to show client's homes, but if you are working with another agent, typically your agent will show you the home. To compound the problem, let's say there are two offers on a home.

Pier Dzhunkovsky

Pundit

What makes a good mortgage broker?

*Ask if the broker guarantees that third party fees won't be higher at closing.
  • A Good Broker Operates Transparently.
  • A Good Broker Will Not Quote Low-Ball Prices.
  • A Good Broker Tries to Find the Best Price Available For Your Deal.
  • Good Brokers Are Masters of Detail.
  • Good Brokers Keep Their Clients Informed.

Jincheng Salomon

Pundit

How do you pick a realtor?

How to Choose the Right Real Estate Agent
  1. Check out the local housing market in person.
  2. Mingle with listing agents at open houses.
  3. Compare agent reviews.
  4. Ask for referrals.
  5. Interview at least three agents.
  6. Ask the right questions.
  7. Share your communication preferences.
  8. Clarify your motivation for selling.

Toucha Adaroy

Pundit

Who makes more money loan officer or realtor?

Loan officers work in the financial industry while real estate agents, also known as real estate sales agents, work in sales. Loan officers require more formal postsecondary training, earn a notably higher salary than real estate agents and currently have better job prospects due to a faster job growth rate.

Mehmood Dirks

Pundit

Do brokers make more than real estate agents?

The gross median salary for licensed real estate brokers in the U.S. was $69,640 in 2016, according to NAR data published in 2017. A big part of the reason that salaries for real estate brokers were significantly higher than sales agents' salaries is that it's common for agents to work part-time while in other jobs.

Jared Sagasti

Pundit

Can a Realtor work at a bank?

Of course you can have a real estate license and still work at a bank. The bank may not want you to perform real estate services while you are working for them, but there is generally no prohibition against having any sort of license.

Bouba Sangita

Teacher

What is the difference between a mortgage broker and a mortgage loan originator?

The difference in that case is that the mortgage originator or loan officer for a bank, is an employee paid by that bank to originate mortgage loans. A mortgage broker, or a loan officer that works for a mortgage broker is employed by that broker, not a bank.

Anghara Raurich

Teacher

Do loan officers get paid commission?

Mortgage loan officers typically get paid 1% of the total loan amount. We explore the reasons why loan officer commission is bad for consumers. In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that's a commission of $5,000.

Joita Leiras

Teacher

Is being a loan officer stressful?

Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.

Naoki Dervish

Teacher

Do Realtors have an Nmls number?

To put it simply, an NMLS number is a unique identifying number assigned to mortgage officers and other financial institutions. In order to offer any kind of loan like a residential mortgage loan, they have to go through a process to get one and, once they do, it follows them throughout their whole career.

Emerencia Mosbrucker

Reviewer

How do I get my mortgage license?

Here are the basic steps you need to take to become a licensed broker:
  1. Step 1: Take the pre-licensure class. All mortgage loan brokers must be licensed.
  2. Step 2: Pass the NMLS test. You must pass something called the SAFE Mortgage Loan Originator Test.
  3. Step 3: Get to work.
  4. Step 4: Continue your education on mortgage lending.

Yeny Thiam

Reviewer

How do I get an Nmls?

All 50 states use the NMLS system to process licensing requests.

Associate your NMLS account with an employer.
  1. 1 Create an NMLS Account. This part is easy and you can do this right now.
  2. 2 Complete Your California Pre-License Education.
  3. 3 Pass a Licensing Exam.
  4. 4 Apply for a License.
  5. 5 Background Checks.
  6. 6 Get Hired.

Stivan Bornheim

Reviewer

Can a realtor give a kickback to a buyer?

Yes. Realtors through their qualified real estate brokers may give a portion or all of their commissions to any buyer or seller of a real estate transaction. Called a real estate commission rebate this practice is also referred to as a kickback.

Oksana Hermanni

Reviewer

Do Realtors get kickbacks from lenders?

Do Agents Receive Kickbacks? It's against RESPA rules for agents to receive kickbacks for referrals to mortgage lenders. A lender can't reward a real estate agent for sending business its way. The remainder are either federal FHA loans or VA, so RESPA applies to just about every mortgage loan.