This mortgage guide will cover the dually licensed realtor-MLO careers program for licensed real estate agents. We will focus on the dually licensed realtor-MLO careers program that NEXA Mortgage has set up to strengthen our partnership with our realtor partners and allow them to create a fully compliant second stream of revenue.
In the ever-changing real estate industry, it is often found that most people have the “what have you done lately for me” attitude. No matter how hard you work to build a relationship with realtors, someone else always tries to buy their way into that relationship.
It is slippery, and any fully compliant loan officer will leave those situations. Paying realtors for leads is a blatant violation of RESPA, which can result in the loan officer and real estate agent losing their license if ever caught. From my perspective, no lead is worth losing the license contingent upon my career and the ability to provide for my family.
About The Dually Licensed Realtor-MLO Careers Program
NEXA CEO Mike Kortas and business partner Matt Grella are constantly focusing on bringing NEXA to the next level and staying ahead of trends within the industry. They have highly experienced and knowledgeable teams of attorneys they depend on to make sure any new program or policy is foolproof and compliant before being available to the loan officers within the company. The NEXA RELO Partnership is no different. Think about it, RELO (real estate loan officer partnership)- pretty tricky, wouldn’t you say? Michael Kortas, the CEO and President of NEXA Mortgage, LLC, said the following:
This program is available to any realtor in the industry and to realtor groups. Do not be fooled. Other companies are catching on to this and offering similar programs.
National real estate companies have partnered with lenders to create the same type of relationship. Examples include REMAX Realty with Motto Mortgage, Keller Williams with Keller Mortgage, and Compass Realty with Origin Point. However, none of these real estate companies can say they have partnered with “The Largest WHOLESALE Brokerage” in the Country, with licenses in 48 of 50 states. By partnering with NEXA, your clients will have access to over 200 different lenders, allowing you always to offer them the best deal possible!
What Is The Dually Licensed Realtor-MLO Careers Program?
Okay, I’m sure you’re thinking, “enough already” what is this program? The NEXA RELO at Gustan Cho Associates program is very simple and can be an extremely lucrative source of a second stream of revenue. Once a realtor has made a connection to a NEXA mortgage loan originator, the process is quite simple. The real estate agent will have to take the pre-licensing education required by the NMLS and pass the National Test. The pre-licensing course is offered completely online by places such as www.oncourselearning.com and can be done at the realtors’ convenience. Felix Nicholas, III of Gustan Cho Associates issued the following statement:
Once the education is completed, and the test is passed, the RELO partnership is in full swing! From this point, the realtor will take the initial credit application from the client that they have already spent time building a relationship based on trust and comfort. After completing the application, you will apply to your partner at NEXA, and they will take it from there.
The NEXA loan officer you are partnered with will act as your loan officer assistant and work the file to closing. This will allow the realtor not to lose focus on their primary business of listing and selling houses! The realtor will still be included in the loan process by receiving updates throughout the process and disclosing the interest rate to your client. Remember, the key here is the realtors are not tasked with losing sight of their primary business.
Benefits of Dually Licensed Realtor-MLO Careers
By now, you are all asking yourselves, “what is in it for the realtor”? For every loan that is closed, the realtor will earn .5% of the loan amount for that transaction. So let’s look at that on a slightly larger scale. If the realtor closes a mere ten deals a year with the average loan amount being $200,000, that realtor will make an extra $10,000 in additional revenue! Now, let’s be real. These numbers are very modest but show the significance of what the NEXA RELO program can provide. Michelle McCue, the top mortgage loan originator at NEXA Mortgage, LLC, said the following:
The dually licensed realtor-MLO careers program is changing how real estate agents do business. We are getting more realtors who are licensed and more knowledgeable in both real estate and mortgage lending. Knowledge is KING. Knowledge makes a better real estate agent. Most real estate agents work closely with mortgage loan officers. Why should they not get paid.
Let’s look at another example: the broker or team leader of a realtor group with 80 agents goes through the education process, passes the test, and participates in the RELO Program. Suppose each agent does 1 deal a month with the same average loan amount of $200k and passes the client to the team leader to take the application. In that case, the group will receive an additional 80 Thousand Dollars per MONTH in additional revenue. That equals $960,000k a year! This program allows realtors and realtor teams to start a second business without the associated headaches and costs. Using NEXA and your lending partner, the NEXA RELO team, along with NEXA LLC, handles compliance, payroll, state licensing, insurance, loan originating, and other business costs! So NOW, I have to ask- “WHAT ARE YOU WAITING FOR”? Reach out to your local NEXA loan officer and start your “second” business TODAY!