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JoeyT
3 Posts |
 Posted - 03/25/2008 : 1:36:44 PM
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| Does anyone know for certain if there is a rule regarding Licensed Loan Originator also being Licensed Real Estate Broker in the state of IL not being able to originate FHA loans? I have heard something of this nature, but can't find any reference to it any where. Your help is appreciated. |
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Tsnyder
8258 Posts |
Posted - 03/25/2008 : 5:13:20 PM
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In order to originate FHA loans the LO must be a
W2 employee of the company and must not be engaged
in any other activity involving real estate.
That's federal law... all states.
Tsnyder
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JoeyT
3 Posts |
Posted - 03/25/2008 : 5:39:41 PM
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| Does it matter if it is a refi or If it is a purchase that I am not involved in the real estate part of the transaction? |
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Chris Clark
5966 Posts |
Posted - 03/25/2008 : 7:09:03 PM
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If you are originating fha loans, you cannot work as a real estate agent / broker in any capacity.
You can either originate fha loans or you can sell real estate, but you can't do both. |
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Tsnyder
8258 Posts |
Posted - 03/25/2008 : 8:18:29 PM
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quote:
Originally posted by JoeyT
Does it matter if it is a refi or If it is a purchase that I am not involved in the real estate part of the transaction?
Makes no difference.
Tsnyder |
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JoeyT
3 Posts |
Posted - 03/26/2008 : 03:37:00 AM
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| Thank you - I appreciate the info. |
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bankwalker
156 Posts |
Posted - 03/26/2008 : 10:26:34 AM
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I am licensed to sell RE in 2 states but I perform no activity other than an occasional referral. If I discontinue referrals but keep my licenses can I legally originate FHA loans? Is the mere status of holding a RE license enough to disqualify me?
Thanks in advance. |
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crankyusi
660 Posts |
Posted - 03/26/2008 : 12:05:37 PM
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quote:
Originally posted by Tsnyder
In order to originate FHA loans the LO must be a
W2 employee of the company and must not be engaged
in any other activity involving real estate.
That's federal law... all states.
Tsnyder
Can the company do both, originate loans and engage in real estate sales? |
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aspiring1
1321 Posts |
Posted - 03/26/2008 : 1:39:02 PM
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quote:
Originally posted by crankyusi
quote:
Originally posted by Tsnyder
In order to originate FHA loans the LO must be a
W2 employee of the company and must not be engaged
in any other activity involving real estate.
That's federal law... all states.
Tsnyder
Can the company do both, originate loans and engage in real estate sales?
A company/person that sells real estate cannot originate FHA loans. |
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crankyusi
660 Posts |
Posted - 03/26/2008 : 1:54:06 PM
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Thank you both for the response. Hmmmm, I'm thinking of joining a company (I see they're an
approved FHA lender per the hud.gov website) and then when I check approved brokers to transact HUD-owned homes (also on the hud.gov website), I see the company owner's personal name on the list. Does that sound ok? |
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johnhoefer
429 Posts |
Posted - 04/02/2008 : 01:55:34 AM
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| Can I be a real estate appraiser for commercial properties and do FHA loans? Can I sell commercial real estate and do FHA loans? Does the residential/commercial line make a difference? |
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