I’m a Loan Officer and am thinking of getting my Real Estate license, can I originate FHA loans if I do?
I’m a licensed L.O. in Washington and Oregon. I’d like to get my Realtor’s license. Can I originate FHA loans if I hold a Real Estate license? Can I originate an FHA loan if I’m also the Realtor on the transaction?
Tags: Estate, Getting, license, Loan, Loans, Officer, originate, Real, Thinking
2011/12/10 at 23:04:27
No, with FHA loans, you can’t be both. You can only do one or the other.
2011/12/10 at 22:19:35
Even if you can, you don’t want to. Way too many things that could go wrong, and you are so much more likely to get sued if the buyer thinks you have made too much money on their deal. I was a Realtor married to a lender, and we very seldom did deals together for that reason. People who knew us well had no issue with it and knew we would take good care of them, but strangers are not quite so understanding.
2011/12/10 at 21:45:33
I think there are restrictions that don’t allow someone with a real estate license to write FHA loans. If you are a loan officer then it should be an easy thing to pick up the phone and call your contact person at FHA or to call a real estate broker in your area.