Getting dual-licensed as a mortgage loan officer: what realtors should know
Last year, the FHA amended Conflict of Interest rules, allowing realtors to also get licensed as mortgage loan officers for most transactions. Acting as both the real estate agent and the loan officer on a transaction is currently permitted in 33 states. This dual capability opens up new income and client service opportunities, particularly in today’s market.
If you’re a realtor thinking about becoming licensed as a loan officer, here are some of the benefits to being dual licensed and some information on what the process looks like. If you’re interested in learning more, contact us about getting licensed.
How to Get Licensed
Getting licensed as a mortgage loan officer is a fairly straightforward process and shouldn’t be too challenging for most realtors. Specific requirements vary by state, but getting licensed typically requires completing 20 hours of pre-license education, passing a national exam, and fulfilling other state-specific requirements (for example, California requires an additional state-specific education course). This process can be completed in as little as a few weeks.
- Provide a holistic experience for your clients
Acting as a loan officer allows you to provide an end-to-end service to your clients that you own the entire way through. You’re now a one-stop shop from helping them structure and execute their home search, to getting the home financing that is right for them. It helps build trust, reduces the amount of people involved in a transaction and streamlines the mortgage process. You’re in control!
- Increase commission per transaction
By becoming a licensed mortgage loan officer, you can now also earn commission from processing and closing mortgage loans for your clients. This dual revenue stream allows you to increase your earnings from each client transaction with limited extra effort necessary on your end.
- Leverage existing technology and teams
By partnering with an existing mortgage provider, you can leverage their platform, lender relationships, tech and team to make processing and closings loans easy. That way, it never feels like you’re doing multiple jobs at once and you have everything you need to successfully provide your clients with home financing. Click here to learn about using Morty’s platform.
Overall, getting licensed as a mortgage loan officer opens up numerous opportunities for realtors and allows you to provide a seamless, end-to-end experience for your clients.
Contact us to learn more about getting licensed and unlocking the benefits of dual licensing as a realtor and loan officer.