What about the loan originator licensing? What about the HUD restriction on allowing loan originators to do HUD loans if they are employed in other conflict of interest fields?
I have been a dual licensee, both real estate broker and mortgage broker, in CO since 1994. My full service real estate company and mortgage company are two separate corporations. I use an Affiliated Business Arrangement disclosure. My clients love the convenience and expertise of being able to obtain both services under one roof. I highly recommend becoming a more knowledgeable professional by diversifying yourself and obtaining both licenses.
Here in Denver, American Financing spends millions of dollars a year advertising on radio and TV with John Elway as one of their spokesmen, and every ad always highlights that their LO’s are salary based and don’t earn commissions. When a client tells me they are talking with a LO at American Financing too, I always tell them this–the American Financing LO who earns a salary has absolutely NO incentive for your loan to close or close on time. I have as much incentive as you do. Who do you want on your team? This always blows a consumers’ mind.
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