Loan Officer AND? Realtor?

Does the State of Michigan allow a licensed mortgage loan originator to be a licensed real estate agent on the same transaction?

Yes. Currently there are no Michigan mortgage laws that prohibit a person from working in a dual capacity (representing the buyer of a property as the real estate agent and then assisting the buyer to obtain a mortgage loan as a mortgage loan originator). In addition, please review Section 1024.15 of Regulation X regarding affiliated business arrangement disclosures and Section 6 of the Mortgage Brokers, Lenders, and Servicers Licensing Act, MCL 445.1656, regarding registration.

Do Homebuyers Prefer A Dually Licensed Realtor and Loan Officer?

In general, most homebuyers prefer hiring one professional to handle both, their home purchase and loan origination, for the same transaction. Homebuyers give a lot of faith and trust in their realtor. Buying/Selling a home is a very emotional and private thing. Most homebuyers take the advice of their realtor on which loan officer to use. Why not use a realtor who is a dually licensed loan officer? Many licensed real estate agents know a lot about mortgage lending but have little control over the Loan itself while it is being originated. An Agent that can do both will be able to update you each step of the way.

Should I Use A Dually Licensed Realtor and Loan Officer?

There are many successful full-time realtors who are also full-time mortgage loan officers. These hard-working professionals are in HIGH demand. Many home sellers will definitely choose a realtor who is also a licensed mortgage loan originator due to their professional credentials.

Homebuyers and sellers want a thoroughly Qualified, Knowledgeable, real estate agent who knows how to handle comparable sales, title issues, zoning, legal issues, and last but not least have general knowledge of mortgage lending.

What About FHA Loans? YES WE CAN!

FHA Revises Dual Employment and Conflict of Interest Requirements

FHA loan previously could not be originated by an individual with a conflict of interest. The new guidance is effective immediately for FHA loans with case numbers assigned on or after December 15, 2022. We are in a brand new era!

Receiving Leads From Other Agents.

Marketing to Realtors Is About Building Relationships. Some say that this can make it difficult to obtain leads from other Real Estate Agents as an Agent yourself. Let me just say this, if you are closing your loans quickly, communicating with the agents, showing them that YOU will go above and beyond,,, They will call you! We all want the best thing for our client and the best thing for our client is for their loan to go through! Without the Loan there is no sale! A seamless transaction with little difficulty that gets us to the closing table quickly is a sure way to keep the phone ringing. Have some confidence in yourself! BE the best agent for the job and you will get the job!

What is Next?

Reach Out! Of Course!

Feel free to find me on Facebook, Message me, Call Me, Text Me, or Email Me Anytime! Whether you are thinking about adding to your Career or are Buying/Selling I have a wealth of knowledge that is just waiting to lend to an open ear!