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Dually Licensed Realtor and MLO Career Opportunities
Dually Licensed Realtor and MLO Career Opportunities also known as Business Development Manager where a licensed realtor partners up with a NMLS licensed loan officer and gets paid his or her real estate commission as well as commission on the same homebuyer’s mortgage loan origination commission. The partnering loan officer normally does all the work and the real estate agent gets to choose which loan officer will be their partner. In order to get paid, the real estate agent needs to get NMLS licensed in one state. Can you please explain more about the Dually Licensed real estate agent and mortgage loan originator BDM career program?
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16 Replies
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My friend Bill Burg and my executive, Marga Jurilla, are the experts on the Dually Licensed Realtor and MLO BDM partnership program. From my understanding, here is the BDM dually licensed realtor and loan officer program.
The Dually Licensed Realtor and Mortgage Loan Originator (MLO) Business Development Manager (BDM) career program is a groundbreaking strategy that integrates the positions of real estate agents and mortgage loan originators. This program allows specialists to capitalize on both professions’ possibilities and fully service a homebuyer to maximize revenue. Here’s what the program entails in-depth:
BDM Dually Licensed Real Estate Agent and MLO Program Overview
Dual Licensing:
- Real Estate License: The candidate must already be a real estate agent and hold an active license.
- NMLS License: To participate in the program, the real estate agent must obtain an NMLS (Nationwide Multistate Licensing System) license from at least one state, which enables them to originate mortgage loans.
Partnering with an MLO:
- The real estate agent forms a partnership with an NMLS-licensed loan officer.
- This partnership is crucial as the loan officer will perform the mortgage origination activities, including underwriting, approving, and closing.
- The real estate agent decides which loan officer to partner with and chooses the best fit for them.
Compensation Structure:
- Real Estate Commission: The real estate agent receives his commission as normal from the property sale.
- Mortgage Loan Origination Commission: In addition to the real estate commission, the estate agent receives a commission for mortgage loan origination, greatly increasing the agent’s revenue.
Role of the Real Estate Agent:
- The owner of the agency is the one who can do what the agent does.
- I do the property searching, negotiating, and closing.
- He is in charge of sending customers to his partner loan officer so that the customer can smoothly move from purchasing the property to acquiring the mortgage.
Role of the Loan Officer:
- The loan officer oversees all mortgage activities, from pre-qualification to closing.
- The loan officer coordinates with the real estate agent to determine how the financing would complement the purchase, creating a better experience for the homebuyer.
Benefits of the Program
Increased Earning Potential:
- Those considering engaging in real estate would find earning commissions from the real estate transaction and the mortgage loan origination attractive.
Comprehensive Service:
- It can streamline processes for homebuyers, as they have their real estate and financing needs handled by a single team.
Career Development:
- The program supports advancement as real estate agents acquire new mortgage origination skills and certifications.
Business Networking:
- Collaboration with loan officers can enhance a real estate agent’s professional network, resulting in additional referrals and new business ventures.
Requirements and Considerations
NMLS Licensing:
- Applicants for an NMLS license must complete pre-licensing education, pass the national and state examinations, and submit to a background check.
Continuing Education:
- Practical Real Estate and Mortgage Licenses require continuous knowledge updating to remain relevant to industry standards.
Regulatory Compliance:
- The program must adhere to state and federal real estate and mortgage lending regulations.
The Dually Licensed Realtor and MLO BDM career program enables real estate agents to diversify their offerings and enhance their earning potential. Partnering with a licensed loan originator and NMLS certification allows real estate agents to deliver an integrated, hassle-free service to home buyers while expanding professional opportunities and maximizing financial benefits.
https://gustancho.com/dually-licensed-realtor-and-mlo/
gustancho.com
Dually Licensed Realtor and MLO Career Opportunity
Dually Licensed Realtor and MLO are licensed real estate agents co-partnerning with experienced licensed loan officers representing same client
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As of April 9, 2025, the information in this summary has been crafted as promised. It aims to reflect the latest advancements in the field. It focuses on the career opportunities for a Dually Licensed Realtor and Mortgage Loan Originator (MLO), often set up as a Business Development Manager (BDM) program. Under this model, a real estate agent gets into business with an NMLS-licensed loan officer, allowing them to earn real estate and mortgage loan origination commissions on a single transaction.
Definition of a Dually Licensed Realtor and MLO BDM Program
With the added authority of an NMLS license, the realtor can now work with a seasoned mortgage loan originator and maximize earnings through the Dually Licensed Realtor and MLO Business Development Manager Program. This enables the licensed real estate agent to expand their career opportunities. Under this model, real estate agents still receive their standard commission when representing homebuyers. Still, they also earn a share of the mortgage loan origination commission when assisting the buyer in financing the property. Usually, the accompanying MLO does most of the mortgage work, allowing the real estate agent to concentrate on real estate to earn a commission on the loan side of the deal, too.
This approach perfectly fits the housing market, in which professionals want to maximize earnings. Such programs create a simple, one-stop-shop experience for clients. Gustan Cho Associates, NEXA Mortgage, and others use these programs, which brand their services as “Preferred Realtor Partner Networks” or some form of it.
How Does It Work?
Licensing Requirement:
- To participate, the real estate agent must obtain an NMLS license in one state, at least where they intend to work.
- It requires completing 20 hours of NMLS pre-licensed education classes, passing the SAFE Mortgage Loan Originator Test with at least 75%, undergoing a background check, and obtaining sponsorship from an NMLS-licensed mortgage company.
- The process is expected to cost between $300 and $500, covering exam fees, background checks, and state licensing fees.
- This, however, varies from state to state.
- Upon acquiring the license, the real estate agent is now a dually licensed professional with a real estate and an MLO license.
Partnership Structure:
The realtor partners with a seasoned NMLS-licensed loan officer. This loan officer is typically provided by the sponsoring mortgage company (which could be a lender or broker like NEXA Mortgage). Often, the agent selects the partner based on how the agent’s reputation and experience align with theirs.
The loan officer partner assumed the lead responsibility for originating and processing the mortgage loan, including activities like accepting the loan application, locking the interest, coordinating with the underwriters, and servicing the loan from application to closing.
Role of the Realtor:
- The realtor’s main focus becomes representing the homebuyer when locating and buying a home.
- The agent receives their real estate commission, usually at 2.5-3% of the home’s sale price, based on market conditions or the agreement reached.
- The agent’s contribution to mortgages is usually the least amount of work required, yet it is essential.
- They may bring the loan officer to the client, give the client basic details of the loan programs, such as fixed-rate loans, FHA loans, and VA loans, and estimate rates and lock terms.
- The rest is handled by the MLO in terms of contractual and operational elements.
Compensation:
- The real estate agent earns all the real estate commissions as the buyer’s agent.
- Furthermore, they also receive a part of the mortgage loan origination commission.
- This is usually a percentage of the loan amount, usually 0.5%—1% or more, depending on the company’s payout structure.
- For instance, the total commission on a $300,000 loan with a 1% origination fee would be $3,000, and the agent would half this with the partnering MLO (i.e., $1,500 each).
- The exact split may vary by program. Still, it incentivizes the real estate agent without requiring full loan origination work.
Support and Resources:
The sponsoring mortgage company typically provides training, guarantees some leads, and provides in-house operational support, such as loan processors and underwriting teams, to keep the partnership efficient. This lets the real estate agent use the lender’s infrastructure without the need for extensive mortgage knowledge.
Advantages of the Program
Higher Income:
- Agents who earn from both the real estate and mortgage sides stand to gain more revenue per commission transaction.
- For example, an agent receives $13,200 as a total commission from a $400,000 home sale and a $320,000 loan with a 0.75% origination fee.
- Homebuyer Benefit:
- Coordinating home purchases and financing makes it easier for professionals to streamline the processes.
- A trusted mortgage loan officer (MLO) can help executive the client’s home-buying dream.
Willingness:
- The agent can take a break and depend on their MLO partner to handle the heavy lifting.
Client Attraction:
Clients who appreciate full service would gravitate towards agents who are dually licensed, therefore allowing the agent to stand out in a saturated market.
Challenges and Considerations
Time for Licensing:
- Acquiring the NMLS license is time-consuming and expensive for independent contractors, even though one state does not pose an extra challenge for additional licenses.
Regulatory Compliance:
- Professionals with dual licenses are bound by the specific guidelines of the Real Estate Settlement Procedures Act (RESPA) and the SAFE Act.
- As an illustration, some such dual-role realtors and MLOs may not serve the same client on FHA loans, although this restriction was relaxed in 2023 for select transactions.
- All participants in the transaction must be informed of dual roles simultaneously to mitigate ethical dilemmas.
State Variations:
- The criteria for licensing and partnerships differ from one state to another.
- Full dual representation is permitted in some states.
- In contrast, others have more stringent policies (as in the case of secondary mortgage market purchasers who may refuse to accept an agent and MLO loan originator in the same person).
Dependence on Partner:
- The agent’s mortgage earnings are directly proportional to the efficiency of the partnered MLO in successfully closing loans.
Example in Practice
- Consider a real estate agent from California who registers into a BDM program with Gustan Cho Associates.
- They are already licensed with the California DRE.
- For $400, they get NMLS-licensed through the DFPI.
- They then partnered with one veteran MLO from the company’s network.
Scenario:
- An agent assists in purchasing a home for a client at $500,000.
- The agent closes the deal and earns a 3% commission ($15,000).
- The client finances $400,000, and the MLO locks a loan with a 1% origination fee ($4,000).
- Sharing the proceeds equally between the agent and the MLO results in the agent earning an additional $2,000.
Total Earnings:
- $17,000 from one transaction, for which the MLO only has to do the loan paperwork.
- The agent concentrates their efforts on bringing in more real estate clients.
- At the same time, the MLO looks after the financing, which synergizes the two and helps both parties.
Getting Started
Research Programs:
- Check for the availability of BDMs with dual licenses offered by mortgage companies like Gustan Cho Associates’ Preferred Realtor Partner Network, NEXA Mortgage, or Mortgage Lenders for Bad Credit.
Get NMLS License:
- Take the 20-hour pre-licensing course ($100-300). Pay for the SAFE exam ($110, BGC $36.25).
- MA State Filing Fee ($79 with Individual (MU4).
- NY Fee is $379, and Garage register fee296 =$675.
Find a sponsor:
- Work with a mortgage lender/broker that supports dual licensing and has MLO sponsors.
- They will sponsor your NMLS.
Choose a partner:
- Pick MLO for the company’s team based on your choice and market requirements.
Get started earning:
- Advertise your combined skills and seal deals alongside your partner.
- This Dually Licensed Realtor and MLO BDM Program is a beneficial career advancement path for agents seeking to increase revenue streams and serve a wider range of clients.
Real estate agents who acquire an NMLS license and team up with a seasoned loan officer can easily penetrate the mortgage origination market without learning the intricacies of full-blown loan processing. It is a very appealing opportunity in today’s fast-paced real estate market. It requires minimal effort but delivers great results because it capitalizes on pre-existing skills and networks.
Feel free to reach out if you have any questions about certain programs or state prerequisites!
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This reply was modified 3 days, 8 hours ago by Bruce.
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Below are some commonly asked questions (FAQs) regarding the seamless transition of real estate agents into dually licensed realtors and mortgage loan originators (MLO) business development managers (BDM).
What is the primary benefit of a dually licensed realtor and MLO?
- The primary benefit is earning commission from the real estate transaction and originating the mortgage loan, which greatly increases profit.
Must I be an active real estate agent to participate in this program?
- Yes.
- To participate in the dually licensed program, you must be an active, licensed real estate agent in good standing.
What does it take to get NMLS licensed?
- To obtain NMLS licensing, you must complete pre-licensing education, pass the national and state-specific examinations, have a background check, and pay the respective fees.
- These requirements differ by state.
Am I free to choose my partner loan officer?
- Normally, yes. As a dually licensed real estate agent, you can select the NMLS-licensed loan officer you wish to partner with.
How does the structure of compensation work?
- The standard real estate commission is earned from the sale of property, and another commission is earned from the origination of a mortgage loan.
- Specific terms and rates depend on the agreements with the partner loan officer and mortgage lender.
What are the requirements after getting the NMLS license?
- To maintain an NMLS license, continuing education courses must be completed.
- The specifics and how often these are needed varies with each state.
Is there a specific time commitment required for mortgage origination?
- Various time commitments can be available, but the loan officer takes on most mortgage origination work in most situations.
- Personal involvement will largely be limited to client referrals and communications with the loan officer.
Can I still work with other loan officers if I have a preferred partner?
- Generally, working with other loan officers is flexible, but that is subject to your agreements and the policies of the mortgage lenders you work with.
What support is provided by the mortgage lender?
- To assist you in successfully originating mortgage loans, mortgage lenders typically offer training, marketing, and ongoing support.
- The lender’s support does vary from lender to lender.
Are there any regulatory issues I need to be concerned about?
- You must follow state and federal regulations concerning your business’s real estate and mortgage operations.
- You must also follow the conduct, disclosure, and anti-fraud policies.
In what ways the program is favorable for homebuyers?
- One integrated team handles their mortgage and real estate needs. It offers better service, so homebuyers get more comprehensive service and an easy-to-access process.
I am licensed in multiple states. Can I still participate in this program?
- You must hold an NMLS license from at least one state to be eligible.
- They can expand your services if you are licensed in multiple states, but you must meet each state’s selection criteria.
What if I continue not attending meetings or changing my partner loan officer?
- The details might change based on your understanding with your partner loan officer and the mortgage lender.
- In most cases, you can opt out of the program or change partners.
- However, in doing so, certain steps may need to be followed and legal agreements met.
Are any further supplementary expenses to be incurred from becoming a dually licensed real estate agent and MLO?
- Obtaining the NMLS license requires expenses such as pre-licensing education, the relevant exam, obtaining a background check, and continuing education.
- Additional expenses include forming a partnership with a mortgage lender and those incurred from advertising and operational functions.
What general information do I need for the dually licensed program?
- You may familiarize yourself with other states’ NMLS licensing requirements to properly strategize your approach, identify a reputable mortgage lender participating in the BDM program, and complete all the design and licensure prerequisites.
- Consulting with contacts already present in the industry might also prove useful, as they can provide valuable tips.
- https://gcamortgage.com/realtor-mlo-career-opportunities/
gcamortgage.com
REALTOR-MLO Career Opportunities
Dually licensed REALTOR-MLO Career Opportunities at GCA Mortgage Group for full time real estate agent to get compensated on both sides
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The following are the most common queries regarding a real estate agent getting a dual designation as a realtor and mortgage loan originator (MLO) business development manager (BDM):
1. **What is the foremost advantage of being a dually licensed real estate agent and MLO?**
– The ability to receive commissions on both the real estate transaction and the mortgage loan origination is the primary advantage; this greatly increases your earning potential.
2. **Do I need to be an actively practicing real estate agent to engage in this program?**
– Yes, to participate in the dually licensed program, you must be a real estate agent in active status.
3. **What are the steps I need to take in obtaining an NMLS license?**
– To attain NMLS licensure, one must fulfill the prerequisites for education, complete the national exam alongside a state-specific one, undergo a background check, and submit their payment. These are general guidelines, as specific criteria differ amongst states.
4. **Am I able to select my partnering loan officer?**
– Generally, yes. As a dually licensed real estate agent, you are given the discretion to select the NMLS-licensed loan officer that you wish to partner with.
5. **How does the payment plan work?**
– You will receive your standard commission from selling the property, alongside a commission for originating a mortgage loan. The specifics are open to negotiation with your partner loan officer and the mortgage lender.
6. **What are the additional responsibilities for license renewals under the NMLS?**
– To retain the NMLS license, you will have to complete continuing education instruction. Their determination and renewal deadlines differ by state.
7. **Is there a defined time allocation needed for the mortgage origination process?**
– Time allocation varies, but in most cases, the loan officer will complete the majority of the work needed for mortgage origination. Your responsibilities will include client referrals and dealing with the loan officer.
8. **If I prefer a certain partner, can I still use other loan officers?**
– Generally, yes. However, it differs based on the agreements and stipulations of the mortgage lenders you partner with.
9. **What assistance can I receive from my mortgage lender?**
– With respect to your marketing accounts, your mortgage lenders may offer assistance in the form of training, marketing materials, and help you initiate the origination of mortgage loans. Different lenders offer varying degrees of assistance.
10. **Could there be some regulatory matters that I may have to consider?**
– Yes, you need to observe all applicable state and federal rules concerning real estate and mortgage activities. This includes compliance with the code of ethics, obligations of disclosure, and measures to prevent fraud.
11. **Who else benefits from the program besides the participants?**
– A homebuyer enjoys a client-centered approach to servicing because his real estate and financing needs are handled simultaneously by a team, thus providing value and efficient service.
12. **If I am licensed in several states, can I still participate in this program?**
– You only need to hold an NMLS license from one state to be part of the program. For those who are licensed in several states, you have the option of broadening your services; however, you will have to meet the licensing regulations of every state.
13. **What happens if I decide to leave the program or change my partner loan officer?**
– The answer is dependent upon the agreements made with the partner loan officer and the mortgage lender. Typically, you have the option to withdraw and even change partners, but there are certain steps, terms, and agreements that must be adhered to.
14. **Are there any additional costs associated with becoming a dually licensed real estate agent and MLO?**
– Yes, there are some costs associated with acquiring the NMLS license, which include the pre-licensing education, exam fee, background check fee, and continuing education. There may also be costs associated with partnering with a mortgage lender and some of his marketing operational works.
15. **How can I get started with the dually licensed program?**
– For these steps, one must look for the requirements of acquiring an NMLS license in the specified state, procure a reputable mortgage lender that offers the BDM program, and then complete the required steps as prescribed. It is also prudent to seek guidance from professionals already in practice.
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Great opportunity for real estate agents to double or increase their incomes substantially. How does Nexa Mortgage dually licensed realtor and mlo BDM program work?
https://non-qmmortgagelenders.com/mlo-career-opportunity-for-realtors/
non-qmmortgagelenders.com
MLO Career Opportunity For Realtors
Non-QM Mortgage Brokers, Inc. offers MLO Career Opportunity For Realtors where full time real estate agents can make dual commissions
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Nexa Mortgage’s unique program sets it apart. It allows state agents to become dually licensed as agents and mortgage loan originators (MLOs), increasing the value of their businesses by offering additional services to clients.
Here’s how it usually goes:
Nexa Mortgage works with real estate agents by paying them commissions for providing leads using the Dually Licensed Realtor and MLO Program. This program has its advantages for both parties.
Agents will be glad to know they can now obtain a mortgage loan originator license, which means they can assist clients with buying/selling properties and securing the necessary financing.
Agents, load yourself with mortgage services and earn commissions from real estate transactions and loan origination. They have the opportunity to earn double their income!
With this program, Nexa Mortgage is willing to train and support real estate agents to understand compliance, mortgage processes, and products within the company.
Real estate agents can gain access to a wide range of tools, products, and resources, including mortgages, to serve clients better.
Within the program, rest assured agents are provided with marketing tools that they can use to advertise their services exercised in tandem.
By offering real estate and mortgage services, Nexa Mortgage can deal with smoother transactions because agents only have to deal with one company.
Perks for Agents
Keeping Clients: Agents retain clients who maintain a business relationship with them because they offer more services.
Submission of Unlicensed Competition: Dually licensed agents can service real estate and financing clients, making them stand out.
Flexibility: Agents can operate independently and still receive help from a bigger mortgage company.
Nexa Mortgage’s dual-licensed realtor and MLO program allows real estate agents to enhance their service offerings and greatly increase revenue opportunities. Agents wishing to enroll in this program should use the available training and resources to prepare for the two fields.
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Does the BDM need to be a licensed MLO in the same state as the partnering Realtor/MLO? Or are they able to partner with Realtors in any state, even where they are not licensed?
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That is a GREAT QUESTION, Chad. Let me have The King, Bill Burger-King respond to this question. I need to get familiar and an expert on the Dually Licensed Realtor and MLO BDM career opportunity.
Mr. Whopper, can you please answer this important question. Thank you Bill Burg.
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From my understanding, the Realtor that is the buyers agent will represent the home buyer and will refer the home buyer to their referral partner mortgage loan officer. However, the referring Realtor- MLO will be the loan officer of record and the MLO partner who is doing all the work will be the LOAN OFFICER ASSISTANT (LOA).
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This dually licensed Realtor and MLO partner program works and almost everyone will sign up. Remember that a lot of real estate agents may not produce because they are part time real estate agents. Make sure before you partner up with them that you check their production through MMI.
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Here’s a comprehensive blog page about Career Opportunities with NEXA Mortgage and Gustan Cho Associates
https://gcaforums.com/career-opportunities/
gcaforums.com
GCA FORUMS Career Opportunities
GCA FORUMS Mortgage Group has career opportunities for loan officers, independent P&L branch managers, and REALTOR/MLO partners