I want to be a mortgage loan officer. Do I need my real estate license right now or can I do loans without it?
I always mention: Please start by mentioning your state. I am from California, so I'll answer thinking that you are from California. You may check for rules in your state. You don't need to be a licensed Real Estate Agent. You can do mortgage even without the license. In California you can obtain a brokers license. I think it always helps to be licensed as a Real estate agent and do mortgage as you can switch to the business that works good. We know we are always faced with cycles and real estate is also cyclical. When interest rates are down mortgage works well as well as real estate, when the rates are dropping people stop busying and keep refinancing. You get the best of both the worlds if you are licensed as a Real estate agent.
It’s not likely and I would not recommend that you hold both licenses at the same time. It just opens the doors to conflicts of interest. I could personally never work with just one person to both act as my buyer’s agent and lender. The thought scares the crap out of me!
There are licensing requirements to be a mortgage loan officer. But you don't need a real estate license. Check with your state's regulatory agency that oversees licenses.
