I am a mortgage broker and a real estate agent wants to come and work for me as a loan officer. Can they be a loan officer and a real estate agent on the same transaction?
The law does not preclude a person from serving as a mortgage broker or loan officer and a real estate agent on the same transaction. However, the Mortgage Broker License Act requires that the mortgage broker or loan officer provide a written disclosure to the client, in advance and obtain the client’s written consent. A form for making this disclosure can be found and downloaded from this web site.
Related Questions
- If a real estate agent wanted to complain about practices of a particular loan officer/mortgage broker, how would she or he go about doing that? Is there a formal procedure or a form to fill out?
- I am a mortgage broker and a real estate agent wants to come and work for me as a loan officer. Can they be a loan officer and a real estate agent on the same transaction?
- Can I act as the Real Estate Agent and the Loan Officer in the same transaction?
