Is it legal to originate a FHA or VA loan if you have a real estate license as well as a mortgage broker license. I have read that it is ok if you do not broker the same deal meaning real estate and loan. It is either on or the other. Can someone find the statue if it is not allowed.

Thanks..

I think it's more a matter of disclosure, isn't it.

And it's probably a piece of "State" specific legislation, if there is a prohibition.

Your own licensing authority in the State of _______ would probably be the best source of guidance on this issue.

Meanwhile, like always:

If you knows; then
You must disclose !

What State or Commonwealth is the BPO Couple in ?

I called FREC and also Florida Division of Financial Regulation that do not have a conflict, it is an FHA rule. Guideline 4060.1
You cannot be employed as a licensed mortgage orignator and also as a RE agent. It's either one position or the other.

I personally do not see the problem as long as you are only handling one side of the transaction but that is the rule.

You kinda' have to look at it from the lender's standpoint on this one. Although I understand your frustration, to them, it's a matter of motivation and "serving two masters". Even though FHA only allows minimal fees, it's still double dipping.

you know, I've seen a lot of statues in my day, mostly in parks and in front of buildings, but I've never seen one that addresses this issue. :O)

It can be legal, but it's still a bad idea. Our industry already lacks the respect of many of our fellow citizens who feel like "anyone can get a RE license".

Why compound it? Trying to do both jobs tells the public that neither one must be very hard. Don't know too many physicians who practice gynecology and proctology - unless they just want it coming and going.....

Just my opinion, but...Pick a profession. Be really good at it. You'll make more money in the long run. :cool: