Dual Licensing Explained
Yes, it is possible to have both a real estate and mortgage license, this is known as having a dual real estate license. Not only can you have a dual license, but you can act as the REA and the MLO on the same real estate transaction. Acting in both roles provides a number of advantages to both you and your client — including offering full transparency of the transaction and increasing your overall commission on the home purchase. Let’s jump into the advantages and licensing requirements in more detail.
The Benefits of Dual Licensing
The relationship between loan officers and realtors is a cornerstone of success in the real estate industry. This partnership helps streamlining the homebuying process, providing clients with comprehensive solutions, and fostering a network of shared expertise. However, beyond the conventional collaboration, there’s a growing recognition of the benefits when a realtor also wears the hat of a loan officer. This dual role allows realtors to offer a more integrated service, possessing a deep understanding of both the financing intricacies and property dynamics. By combining these roles, realtors-turned-loan officers not only enhance their value proposition but also establish themselves as versatile professionals capable of guiding clients through every aspect of their real estate journey. Getting licensed as a loan officer not only strengthens the realtor’s relationship with clients but also positions them as holistic advisors in the competitive real estate landscape.
Acting as both the REA and MLO, let’s you be a one-stop shop for for your clients
Clients often feel overwhelmed by the intricate steps involved in buying a home— from searching for a property to getting a mortgage. As a real estate agent who is licensed as a mortgage broker, you would have the power to offer a streamlined, one-stop solution, reducing stress and making the process more manageable for your clients.
A comprehensive expertise helps you and your clients.
A real estate agent who is licensed as a mortgage broker has a more rounded skill set and can guide clients through the labyrinth of mortgage options, interest rates, and loan types, leveraging their deep knowledge to secure competitive deals and avoid errors. This holistic expertise can be invaluable for clients navigating the complexities of the housing market.
Seamless communication throughout the real estate transaction.
When a real estate agent is licensed as a mortgage broker, it eliminates the common frustrations of miscommunication that can occur between real estate agents and mortgage brokers. This leads to a smoother transaction process, reduces lag times or delays, and allows clients to feel more in control.
Great way for real estate agents to diversify income streams
For yourself as a real estate agent, getting licensed as a mortgage broker opens the door to diversified revenue streams. Especially in a turbulent market, having two revenue streams can stabilize your income and ensure resiliency.
While getting licensed as a mortgage broker may not work for all real estate agents, it brings a number of benefits, both to clients and to you as an agent. A Morty, we’re actively onboarding real estate agents who are getting licensed as mlos. We offer licensing support, competitive compensation and support from our processing and fulfillment teams.
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Who’s Eligible To Get Their Dual License
The ability for real estate agents to get licensed as a mortgage broker varies by state. View our list of eligible states here and check with your state’s regulatory bodies to understand the specific requirements and limitations.
How To Get Your MLO License as a Real Estate Agent
If you’re a real estate agent looking to get your MLO license, getting dual licensed is pretty straightforward. First confirm that the state you work in allows dual licensing. Second, kick off your state specific mortgage licensing process. At Morty we help real estate agents get licensed every day, fill out the form below to get more information.
