Posted by Pamela on 3/19/06 6:07pm
Msg #106849

Charles Ca Please Clarify!

Charles Ca,

Please help!

I have been in real estate sales since August 2005. I would like to also be trained in loans. Because I only have a sales license, I was told by a Mortgage company manager, that I could either do sales or loans. That only a real estate broker can do both jobs at the same time!

However, I have met other loan officers and lenders who have told me that I can do both!
For instance, one person is a real estate broker. She also does loans. She stated that I can "hang" my real estate sales license with her and do real estate sales, and also be trained in loans because she is licensed under the California Department of Corporations.

Yet, another lender told me, that I could work with whatever real estate company I wanted to, as a sales agent. And that I could still come to work for him as a loan officer. He explained that I could work under his corporate license!

Another lender/investor told me ,that, not only would he train me as a loan officer, but teach me to do income taxes as well. That I did not need any license. And Yes, I could still work for any real estate company of my choice.

PLEASE clarify this!

And, I will be taking classes this year, to obtain my broker's license.

Thank You,

Pam

Reply by Charles_Ca on 3/19/06 7:05pm
Msg #106854

Hi Pamela, I'll see if I can

As an agent there are restrictions on what you can do. Your current broker may not feel comfortable with loans which doesn't mean that you can't do them on a referral basis. You can't work for two different brokers but you cetainly can move your license to a much more user friendly brokerage. Getting your brokers license will certainly help your independance. Many agents are not aware that they do not own their listings: the broker does. So if you leave, your listings still belong the to the broker. So if you consider leaving make sure your current busines is closed out and you don't have anything hanging. Most sellers pefer to deal with their agent and while the broker owns the listing most sellers will cancel the listing and re-sign with you when you place your license in the now brokerage. Make sure that you communicate with your sellers but you should be doing that anyway.

When looking for a brokerage you need to find one that gives you the most lattitude in sales. There are several ways of doing loans. The easiest is to work with a financial services company. Then you can always go and get your own lenders but that will be harder because lenders don't like to work with agents who have no track record.

There are several agencies and lenders I could refer you to if you will contact me off this forum

Reply by Pamela on 3/19/06 7:22pm
Msg #106859

Thank You!

Charles,

Thank You Very Much!

Have a Blessed Evening!

Pam

Reply by John_NorCal on 3/20/06 10:20am
Msg #106984

>>>Another lender/investor told me ,that, not only would he train me as a loan officer, but teach me to do income taxes as well. That I did not need any license.<<<<

This is not true Pamela. In order to do taxes in California, assuming you are from CA, you need to be licensed as a Calif Registered Tax Prepareer (CRTP), be an Enrolled Agent (EA) or be a CPA. Good luck in your quest.

Reply by Pamela on 3/20/06 3:40pm
Msg #107121

John NorCal

Hello John!

Thank You for your reply, however, my intent is not to prepare taxes professionally.
I was just listing examples of what some of the real estate brokers, investors and/or lenders have told me.

Foremost, I am trying to establish my loan signing business. In addition to that, I would like to be trained as a loan officer, as I am already a new sales agent (but will be returning to school to complete the broker's courses).

Thanks Again!

Pam