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 kenl314
Ranked Lender
Joined: 12 Apr 2006
Posts: 52
Location: Brentwood, NH
21.38 Dollars($)
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 Posted: Mon Apr 02, 2007 9:18 am Post subject: RESPA question/ can 1 person be RE agent AND mortgage broker |
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Hello all- This is a question I cannot find the answer to.
Can I, or anyone else, legally be both a real estate sales agent/broker AND a mortgage broker/banker at the same time?
If so, is it illegal to be working for the same client/buyer on the same transaction in both a real estate agent manner and also a mortgage broker manner? In effect, I would be getting 2 incomes/ revenues from this one buyer transaction. I'm not sure if that is all kosher with the fed regs.
Any input or help would be appreciated. I know this is not official "legal" advice, just looking for a practical summary. Thanks,
Ken
_________________
For some interesting insight, please check out my Blog @ http://homequitybuilder.mortgagefit.com
Or visit my website at www.homequitybuilder.info |
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kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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| Posted: Mon Apr 02, 2007 12:56 pm Post subject: |
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| Yes. You are required to fully disclose both roles. HUD will not allow you to work for a HUD approved FHA lender however. The mortgage brokerage you work for won't be in compliance with HUD guidelines by employing you because HUD requires all loan officers be in their primary profession as mortgage professionals. |
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MD
Guest
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| Posted: Mon Apr 02, 2007 11:00 pm Post subject: |
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| Wow! 2 Ken s in one community! |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.07 Dollars($)
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| Posted: Tue Apr 03, 2007 2:52 am Post subject: RE: Real estate sales/broker and mortgage broker |
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Hi,
As far as I have heard, real estate brokers/sales persons can also become mortgage brokers of first mortgages. They need to apply for and establish that they meet all the requirements of getting a mortgage broker license.
In order to become a licensed mortgage broker, a real estate broker needs to fulfill the criteria of a certain period of experience. But a real estate sales person does not have to meet the experience requirement for a mortgage broker.
Thanks,
Sara |
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kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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| Posted: Tue Apr 03, 2007 10:48 am Post subject: |
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| MD - don't think it didn't pose a problem for the administrator of this site. my user id is now kenstampe instead of ken which is what I started with. A little too close for comfort. |
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Ken Taylor
Guest
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| Posted: Wed Apr 04, 2007 2:02 am Post subject: |
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| And here's Ken Taylor. I agree with you Ken Stampe, HUD will not be allowing a person to work both as broker in the fields of real estate and mortgage. |
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Joe Moore
Guest
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| Posted: Wed Jan 28, 2009 11:57 am Post subject: |
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| According to the U.S. Department of Housing and Urban Development, the federal agency charged with enforcing RESPA, a practitioner must do a lot more than merely take a loan application to be paid an origination fee. To receive fair and reasonable compensation, a loan originator must not only take the loan application but also perform an additional five services from a list of 13 origination functions. |
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