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Real Estate & Lending...can you really do both?

I'm more than a FULL TIME Loan Officer, I say more than full time because with all the changes, file issues, bank owned issues and the continued excellent service that I provide...it keeps me very busy.

I came across an Agent who is also a Loan Officer, he called me on a pre-qual letter that I wrote. He asked questions he shouldn't (credit score and other info about the buyers loan). He also demanded me tell him how I was doing 100% Mortgage for the buyers, which I didn't. He pressed me more and said well since i can't tell him how I'm doing it then he cannot trust that I can get the deal done. I assured him that I can get it done, I have closed two this week and if he wishes he can call my manager or may call the buyers agent to verify that I'm able to do this. He was very upset and got extremely rude, after ending the conversation it got me to thinking......which lead to BLOGGING!

I'm not a fan of a Realtor/Loan Officer role, I feel that you should pick one or the other. Just like in this case, the Realtor/Loan Officer had no clue of the program I was doing and darn it, I was not going to tell him. This business is crazy, I would never jeopardize the best interest of my client by not fulling knowing my job inside and out. I spend so much time reading guidelines, rules, classes and working on strategies for my clients. I would never have the time to do that and find a home for my buyers including managing the contract process. Something has to go by the waste side....this is not the business to be a Jack of All Trades because it will truly create a Master of Nothing.

Other than the money why do both? What is your experience with those that do both? I would love your opinion, because right now I just don't understand the purpose...to me it just made him look greedy.

Happy Labor Day! Catherine

Posted by Catherine Eusea-National City Mortgage on 09/01/2008 04:02 PM

Comments (9)

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9 Comments on Real Estate & Lending...can you really do both?

Good for you Catherine, the guy sounds like a real a**-hole. I would never give that info to anyone. I hope to never have the same situation as you had. Have a great Labor Day!

09/01/2008 04:14 PM

by Jake Planton (www.JakePlanton.com)

If you are the Realtor and the loan officer in the same transaction, then that is a problem.

09/01/2008 04:50 PM

by Stephen Graham | Buyer's Agent | Associate Broker (Realty Professionals, Inc. - Atlanta, GA Georgia)

I tried doing both, let's say for about a whole 3 weeks! It brought me to this, I AM A REALTOR! That is what I love doing, so I will leave the mortgage industry, to you. I am not a shame to say you do it much better than I do.

Have a wonderful day!

09/01/2008 04:58 PM

by Lorinda Ward (Acworth Georgia Realtor)

There are too many conflict of interest issues with doing both, especially on the same transaction. I believe that in California, loan officers need to have real estate licenses, but that usually doesn't mean they are real estate agents. I feel it is definately better to be one or the other.

I came from being a loan officer, and now am strictly a real estate agent. I do not want to do both, and I like being a realtor much better. I do feel like being a loan officer for over 3 years has helped me as a realtor, but would never go back.

09/01/2008 06:20 PM

by Troy Erickson (Terra Solis Realty, LLC)

I got into lending just to know what is going on and the process. I then helped a few friends get loans mostly for investment purposes. I run a team of 6 Realtors and 2 lenders. As a rule we don't do deals as both but we have when the other lender couldn't get the deal through or where we could beat the other lenders deal by at leaset 2 points. We always gave them the chance to do better but if not. I or staff always looks at the deal and see which is better for the client and it is not always about the best rate or no down loan. The argument will always go on but this works for me I have lender friends and I send them deals as well . Although I can do government backed deals I don't, for me they are just too time consuming. That is my opinion and that and a nickel probably still will not get you a donut.

09/26/2008 02:04 PM

by Charles Stallions Real Estate Services

I think if you are selling a property and trying to be the lender on the same deal, it is definitely a conflict of interest.

Here, if you're acting for the seller, you can't be questioning a lender about anything to do with the Buyer. We have Privacy Laws that protect each party. The Lender cannot release any information at all about the client (re: credit scores, how much they are borrowing, etc.) - not even to the agent representing that client.

09/26/2008 11:37 PM

by Sylvie Conde - Broker - Toronto Real Estate (Sutton Group-Associates Realty Inc., Brokerage)

Unfortunately the laws are different here in Colorado but Sylvie, I agree with you.

10/07/2008 02:05 PM

by Catherine Eusea-National City Mortgage (National City Mortgage)

Catherine, I agree it is very dubious doing both. I think if the lines had not been so blurred coming into the current market then some of the bad could have been avoided. You were right to hold firm, and keep your cool.

10/07/2008 03:15 PM

by Jane Page Thompson (The Carolina Real Estate Company)

If you only wear one hat at a time I have no problem with it.

10/08/2008 08:18 AM

by Richard Weeks, REALTOR®, Broker Associate, GRI, ePRO, eAgent (Keller Williams Dallas City Center)