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Discussions tagged with 'How Can Dually Licensed MLO-Realtor Get Referral Commission'
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How Can Dually Licensed MLO-Realtor Get Referral Commission and how does it work? The best way to ask my question in order to get the right answer is go over a case scenario. Let’s say I am a dually licensed mortgage loan originator and licensed real estate agent in Illinois. As a NMLS licensed mortgage loan originator, I am licensed in 40 states. As a licensed MLO, I can originate mortgage loans in states I am licensed in. However, as a real estate agent, I cannot represent homebuyers or home sellers in geographic areas where it is out of driving distance. I have heard as a dually licensed MLO-Real Estate Agent, I can originate a loan in a state I am licensed in such as Kentucky but since I cannot represent a homebuyer in Kentucky due to living in the Chicagoland area, I can refer my MLO client in Kentucky to another real estate agent licensed in Kentucky and get a referral fee. As a MLO, I cannot refer a borrower to another MLO in a state I am not licensed in due to RESPA violation classifies it as a kickback which is a form of mortgage fraud. However, real estate agents are allowed to refer homebuyers to another real estate agent licensed in a different jurisdiction and get paid a referral fee of 25% or more. Can you please help me understand how this works and can you please continue explaining using the above case scenario. Thank you.
Dually Licensed Realtor and MLO Career Opportunity
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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