quick question: i signed up with a company in new mexico to originate loans within a few states. i did this for a friend of mine and i wanted to get a better understanding on the mortgage industry. now im interviewing with a local real estate broker and she says that any monies from loan origination should go to her upon joining. i told her i dont have my licensed hanged in the new mexico office. im planning to hang my license with her for realty not mortgages.

so why is she claiming this?
ive seen alot of ads for non licensees getting paid to originate loans.

WTF? you dont need to pay her squat. Just like you said if you are not using her office or her clients to generate loans why should she care. It sounds like you will be doing out of state refinances from a home office or net brach is that correct? Only issue I can imagine would be if you were doing loans with other realtors in her offices and thier clients and soliciting for that business or doing both sides of your buyers transactions.

The ads for non-licensees refers to correspondent lending or netbranching. In a nutshell, these operations do not require an RE license because it's similar to working under a banking institution. However, the DRE does limit you to hang your license with only one brokerage.

Technically, your broker is rightful to receive commissions for your loan originations because your licensed under her. I would check with any paperwork that you had signed upon being hired.

It's your perogative if you want to disclose to your broker about any future closed deals with the correspondent lender. Personally, it comes down to how strong and lasting you want your relation to develop with this broker.

You Make the Call,

i dont plan on using her office. yes if i were to get a lead to do a refinance or new home, i will write it up at my home office. the new mexico company told us that we can do open houses for realtors and just wear a 'mortgage hat' while the realtor doing the open house does his/her stuff. this is just strictly taking loan applications and passing it on to the loan officer in NM to process the loan.

she said that if i were to hang my license with her, that i can originate loans for their in house mortgage. im going to their company meeting tomorrow but i have a feeling that i wont be joining them.

thanks sean,
if i do join, my CA license will be held with her.
and what do i do about the loan origination gig in NM? drop it? she said that i can only do real estate or mortgage loans. not both. but she says i can get paid 25% to originate loans while doing real estate. huh? whats the difference between originating with her in house loans and NM? i think shes eating her own words.

i might drop it if this broker can adapt to me. i just hope this broker has a creative imagination in regards to investments.

ive been real picky with choosing a broker. hehe

Alvin,

I would like to set the record straight. Are you wanting to be a Realtor? Loan Officer? Investor? All of the above?

The reason I ask this is because I'm not sure what your primary focus is. The other day I read somewhere on AgentsOnline that you were interviewing for some top-notch, gold-balls, high-soaring investment firm and today... you're wanting to dive into mortgage with a company in New Mexico. Please allow me to advise you to do your research carefully, use a microscope if you have to on netbranching. There are very few that will pay you on time and they dock on hefty fees -- not good for you or your client.

When you first posted on this board... I believe your aspirations is becoming a Realtor. Now, if you truly are a Realtor and wearing a 'mortgage hat' at open houses... that may not sit too well with other pure Realtors out there because they may think that you're capable of sandbagging their clients. Basically, it's hard to justify to a Realtor that you'll take care of the loan side when you're licensed under ReMax.

Maybe you can interview for a small, community, hybrid office that does both? Maybe you can carry two business cards around? Maybe you should just stick to a game plan?

Just My 2cents,

hey sean,
i understand what youre saying. im mainly focusing on being a realtor/investor - not a loan officer.

im doing loan origination just to make some extra cash and to help complete my knowledge base with the mortgage industry. i want to be able to identify investment properties and analyze its potential cash flow with appropriate financing. also i feel like i got screwed with my personal home loan so i want to understand the programs and loan process more thoroughly.

I have the following framed at my desk with the title "Portrait of an Achiever":

1832 FAILED IN BUSINESS—BANKRUPTCY

1832 DEFEATED FOR LEGISLATURE

1834 FAILED IN BUSINESS—BANKRUPTCY

1835 FIANCÉE DIED

1836 NERVOUS BREAKDOWN

1843 DEFEATED FOR U.S. CONGRESS

1848 DEFEATED FOR U.S. CONGRESS

1855 DEFEATED FOR U.S. SENATE

1856 DEFEATED FOR VICE PRESIDENT

1858 DEFEATED FOR U.S. CONGRESS

1860 PRESIDENT OF UNITED STATES OF AMERICA

“That some should be rich shows that others may become rich, and hence is just encouragement to industry and enterprise.” -- Abraham Lincoln

While it's important to execute and give each endeavor enough effort and time to have a chance at success, it also seems common of the success stories in history that many people had a lot of failures on the road to success.

I don't know if Alvin is giving each endeavor adequate time and effort, but he sure ain't giving up and that has to be at least half the battle and is a lot more than I can say for most people in the world who seem content to be a just a notch above mediocre.

1865-GOT SHOT

haha! yeah, that kinda sums it up!

Rather macabre sense of humor you have there...

Thanks for the history lesson. Reminds me of my childhood. I bet whoever shot him did it barefoot and in the snow.

Don't forget uphill both ways.......1980 ended the string of presidents getting shot and/or killed with their term beginning at the start of a decade. Regan was the last. Kinda weird.

There are those who try to originate loans and be Realtor at the same time but you cant do both and be GOOD at both.

To Alvin

Alvin, try Windsor Capital. They are a a big broker who is licensed in California and about 40 other states. I am a broker, but I use them as a "resource" only for loans. But I know for a fact that they allow real estate agents/loan officers to do real estate transactions through them.

So you can hang your license with them to do your California real estate and do out of state loans with them, through their licenses. It would be perfect for you.

Do not believe you can't do loans and real estate. You can do both and be good at both. T

Here is the website: www.windsorcap.com

Hope it helps!