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Mortgage Net Branch Montana
Can I be a Loan Officer and a Real Estate Agent?
Not if you want to work with Federal Housing (FHA) Authority mortgages and loans. And, since the FHA is a federal agency, this applies to all states, including Montana.
This means if you live in Montana, you must choose between being a loan officer or a real estate agent, and this also applies if you want to operate a mortgage net branch in Montana.
In fact, it goes even further. If you are employed at a mortgage lending agency, you cannot work as a real estate agent even on a part-time basis, nor can you work for another lending company. If you want to operate a net branch, you will have to do so for the same mortgage company that you are currently employed with.
If the mortgage company with whom you will be affiliated as a net branch operator does not deal with FHA mortgages (some don’t), then this shouldn’t be an issue. You can’t, however, open your mortgage net branch then start trying to handle FHA mortgages, either on your own or with the consent of your “home office”. This is illegal for everyone involved.
If you are considering mortgage net branch opportunities in Montana, you will have to keep this in mind. And, again, you will have to choose between which area in the mortgage field you wish to work. If you don’t want to give up selling real estate, then you cannot hope to be a loan officer.
When you think about it, though, this can actually be a good thing, especially if you are opening a net branch. You want to concentrate solely on your loan origination duties.