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Dually-Licensed Realtor and Mortgage Loan Officer
I have an NMLS license and am sponsored by a state-licensed mortgage company. Everyone knows and has experience that the real estate and mortgage industry has been dead for the past two years. Many real estate agents and brokers have not renewed their real estate sales license, and many of them either sold, merged with another real estate company, or went out of business. Working as a licensed NMLS mortgage loan originator has been no picnic. Home prices have skyrocketed in many areas where homebuyers are priced out of the market. Not only have home values shot through the roof, but inflation has escalated to ridiculous numbers where many goods and services have gone up exponentially. With the marketplace being what it is, I cannot survive and support my family.
I spoke with a few mortgage loan originators at NEXA Mortgage, LLC, and was told NEXA has created and launched a national real estate company. The real estate company of NEXA Mortgage, LLC is named AXEN REALTY. I am taking the opportunity to join AXEN REALTY and become a dual-licensed realtor and loan officer. Does anyone know what it takes to become a real estate sales agent in Illinois and Wisconsin? What are the educational requirements for becoming a real estate sales agent and broker in each state? I would appreciate it if you could answer this very important question. I appreciate any help you can provide.
https://mortgagelendersforbadcredit.com/dually-licensed-realtor-mlo/
mortgagelendersforbadcredit.com
Dually Licensed Realtor-MLO Career Opportunities
Mortgage Lenders For Bad Credit has dually licensed realtor-MLO career opportunities nationwide. We can approve mortgages other lenders cannot
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8 Replies
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Career Opportunities for Dual-Licensed Real Estate Agents and Loan Officers
Suppose you hold licenses for real estate and mortgage loan origination (NMLS). In that case, you open doors to more career paths and income sources, especially during tougher market swings. Below is a closer look at what you can achieve and the step-by-step process to become a real estate agent or broker in Illinois and Wisconsin.
Why Go Dual-Licensed?
- Dual-licensed pros step in at every stage—finding a house, negotiating the deal, and securing the mortgage—making you the client’s one-stop person.
- This full-service model appeals to buyers and sellers who want a simple process and helps you stand out from agents who can only do one part.
Why It Pays Off
- Wider Service Range: You hold the keys to guide clients from the first house tour to the closing loan documents.
- More Income Avenues: You can earn commissions on the real estate side and on every loan you close.
- Larger Client Circle: Buyers and sellers who want hassle-free advice and fewer handoffs will be drawn to your complete skill set.
- Flexible Income: If real estate sales slow, you still have loan origination to keep your earnings steady.
Industry Challenges
The housing market is moving slowly right now. The entire real estate and mortgage landscape is getting tighter with inflation and rising rates. More professionals are stepping away, some are combining businesses, and others are racing to earn extra licenses. This is why a dual license in real estate and mortgages can open more doors and keep your career steady.
Education & Licensing Requirements : Illinois Real Estate Broker (Entry-Level Agent)
Minimum Age: 18
- Education: High school diploma or GED.
- Pre-Licensing Education: Educational classroom hours (60 hours in core classes, plus 15 in applied principles, live or via live webinar).
- Exam: Complete both the final school exam plus the state and national broker exam (offered by IDFPR).
- Sponsorship: Must operate under the umbrella of a managing broker until the first license renews.
- Application: File with the Illinois Department of Financial and Professional Regulation (IDFPR).
Managing Broker
- Minimum Age: 20
- Experience: Active broker license for at least two of the last three years.
- Education: Complete 45 hours in managing broker pre-licensing.
- Exam: Pass the managing broker exam.
- Authority: Can open or run a brokerage independently.
Wisconsin
Real Estate Salesperson (Agent)
- Minimum Age: 18
- Education: High school diploma or GED
- Pre-Licensing Education: 72-hour state-approved pre-licensing course, or
- 10 semester real estate or law credits from an accredited college or university.
- Exam: Pass the 140-question state and national real estate exam (via Pearson VUE).
- Application: File with the Wisconsin Department of Safety and Professional Services (DSPS).
Real Estate Broker
- Experience: Two years working as a licensed salesperson within the past four years.
- Transaction Points: Must have specific written documents showing experience in commercial and residential sales.
- Education: Complete a 72-hour broker pre-licensing course or earn 20 semester hours in real estate or law.
- Exam: Brokers must pass the state exam.
- Authority: Can manage sales agents or run a full brokerage
Key Career Tips
- Watch for Conflicts: Many states allow dual licensure, yet double-check for conflicts of interest.
- Always disclose your dual role to clients.
Keep Up with Compliance
- Continuing education: State and federal rules apply in both industries—stay current to avoid issues.
- Find Supportive Brokerages: Some firms, like AXEN Realty, actively seek dual-licensed pros and create roles for them.
- Network Everywhere: Market in the mortgage and real estate databases to boost referrals and create a steady flow of repeat clients.
Summary:
Becoming a dual-licensed real estate agent/broker and mortgage loan officer can set you up for success in any market. By offering both services, you can streamline transactions for clients, keep more of each deal, and build multiple streams of income. To get started, you’ll need to follow state requirements: Illinois mandates 75 hours of classwork for a real estate license, while Wisconsin requires 72 hours. Both states also require extra hours in the field for the broker credential. At a time when the market is shifting, this extra credential can help you stand out and weather any storm.
Illinois Agent License
75 hours of classwork, plus a qualifying exam. Start with a state-approved school offering the 75-hour course, register for the exam through Pearson Vue, and pass with a 75% or better. Complete a background check and 45-hour post-license class within the first year. Once you get your license, you may pursue the broker license by showing 2,000 hours of experience or completing a 1,000-hour apprenticeship with a sponsoring broker.
Wisconsin Agent License
72 hours of classwork, plus a qualifying exam. Take the 72-hour course, pass the exam with 75% or better, and submit a background check. Complete a 36-hour post-license course within the first year, and you’re ready to work. To upgrade to broker, you need at least 1 year of experience or 400 hours with a sponsoring broker, plus an extra 72 hours of broker training.
Market Trends
Mortgage rates and inventory may adjust, pushing clients to look for trusted, one-stop shops for real estate and financing. When you’re dual-licensed, you can answer every question on the spot and close deals faster, attracting a loyal customer base.
The extra work to get both licenses pays off by giving clients a seamless experience and you a stronger business. Good prep and networking with a mentor for Illinois and Wisconsin can speed up the dual-licensing journey.
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Tom, I’m sold on your company. I want to join your team. I am in the middle of relocating back to my hometown, so I would like to postpone my onboarding until April, if that is okay with you. I do have a few questions, but they can wait until later. I’m preparing for this crazy ice storm headed my way here in Oklahoma. We may be without power for several days. I’ll speak with you soon. Thank you for being so informative and responsive. I really appreciate you.
Marcos
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Good morning Marcos,
Great news. Looking forward in adding another talented professional to our close knit group. Extremely excited and I am confident you have chosen the perfect home to start your prosperous mortgage career. Little different here. There is no bosses. You learn from us and me and our associates learn from you. You have the keys 🔑 to the path of your career. You can choose being a branch sponsored loan officer, team leader, sales, manager, branch manager, area or regional manager, independent loan officer, run your own independent P and L brick and mortar branch operations, and operate under your brand under your own DBA. Our business model is not for everyone but after our long conversation with you I am more than confident you will AND ARE a brilliant talented professional who is no doubt an asset for our team. Anytime you want to onboard is fine and there is no expiration date. Don’t hesitate to ask any questions you have. Always available for you. My wife Lisa Marie and I run a husband and wife team at Gustan Cho Associates and we are fortunate we run a Nationwide business platform. Please don’t hesitate to contact me or anyone in my team.
Tom Chino Miller
Preferred Mortgage Rates
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This reply was modified 1 month, 2 weeks ago by
Sapna Sharma.
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This reply was modified 1 month, 2 weeks ago by
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Marcos
I will send you important guides or pages you will run into that all loan officers need to know. Disregarding them can delay or even be the reason of a loan denial
Here’s one important blog on credit disputes
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My pleasure Marcos, if I am sending you too much info and you know the topics, tell me to stop. Talk to you soon. As of your current compensation, for mortgage loan originators under our branch GCA, Loan Officers make 125 basis points of the loan amount which is 1.25% of the loan amount on self generated loans and 75 basis points on company provided referred loans or 0.75%. There are no fees or charges out of your pocket. I cover everything from credit reports, lock extensions, rapid rescores, desk fees, monthly tech fees, and Branch Licensing and Bond Fees. You are responsible for your individual NMLS state Licensing fees and any optional CRM, LOS (Independent Loan Origination System). Many loan officers get ARIVE on their own which is a super duper easy streamlined LOS that shoots out pre-approval letters, runs credit, runs Automated Underwriting System Approvals, etc.
$50 bucks a month. I cover main LOS System which is called Lending Pad (Sucks Big Time and I still don’t know how to use it. My assistants do it for me). Anyways, all this will be on your employment agreement (contract). Let me know if you have any questions.
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This reply was modified 1 month, 2 weeks ago by Sapna Sharma.
gcamortgage.com
Mortgages & Home Loan Lenders | GCA Mortgage Group
Conventional Loans with No Overlays | W2 Income Only Mortgages | Manufactured Homes | Manual Underwriting | Mortgages Down To 500 FICO | FHA 203k Loans | Down
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This reply was modified 1 month, 2 weeks ago by
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Highly recommend ARIVE
NEXA Mortgage uses LENDING PAD which is absolutely worthless and then some. I HIGHLY recommend to take some time and eatch the demo
Attached is ARIVE
arive.com
ARIVE: Complete Loan Origination Platform
ARIVE is a complete digital origination platform for Mortgage Brokers. Consolidate your Loan Origination System, Consumer POS, Pricing Engine, Digital Docs, Contacts all in one place. Access industry first Lender Marketplace to digitally submit loans to Lenders and get status … Continue reading
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Do you have a company handbook that outlines the rules, requirements, compensation scale, and any fees I would be required to pay?
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I’m digging deep into all this information. Previously, I had explored other options, and I’m most impressed by the Nexa model. There seems to be so much room for growth, both vertical and horizontal, and an excellent reward system for productivity. I love that we can be flexible so that we can close more deals. I’ve watched many testimonials of other MLOs who work with Nexa and they seem happy!
I’m preparing for a big ice storm coming through Arkansas, which will give me time to make an informed decision, but I’m feeling more and more attracted to the idea of joining you. I will have an answer for you by Monday, or maybe before. I will await Mr. Bill Burg to answer a few questions about NEXA MORTGAGE COMPENSATION for loan officers, residual revenue share, AXEN REALTY, and Commercial Lending. Can you please explain about Preferred Mortgage Rates and how the discount subsidiary PMR works as a discount Mortgage Broker. Thank you
http://www.preferredmortgagerates.com
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This reply was modified 1 month, 2 weeks ago by Sapna Sharma.
preferredmortgagerates.com
Home - Preferred Mortgage Rates
We have every available mortgage program in today’s marketplace including no overlay government and conventional loans, no-doc loans, and thousands of
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This reply was modified 1 month, 2 weeks ago by
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