Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-22-2009, 09:42 AM
 
410 posts, read 1,491,157 times
Reputation: 184

Advertisements

Is it a good idea to use a loan officer as your realtor as well?
Reply With Quote Quick reply to this message

 
Old 08-22-2009, 10:43 AM
 
Location: Austin & Houston, TX
1,461 posts, read 5,581,720 times
Reputation: 425
Not really.
Reply With Quote Quick reply to this message
 
Old 08-22-2009, 11:49 AM
 
Location: Richmond, TX.
125 posts, read 613,669 times
Reputation: 42
That is against HUD now. You can not be a Loan Officer and a Realestate agent anymore at the same time. In order to be a realestate agent you can not have an active Loan Officer License, and Vise Versa.
Reply With Quote Quick reply to this message
 
Old 08-22-2009, 12:07 PM
 
410 posts, read 1,491,157 times
Reputation: 184
Ok. I didn't think you could actually do that. It seems it would be a conflict of interest.

I was forwarded an email and the person's signature listed both of them so I was wondering how all that worked.

Wondering, Would that person really work for your best interest and not how much money they could get off the whole deal.
Reply With Quote Quick reply to this message
 
Old 08-22-2009, 12:57 PM
 
Location: Richmond, TX.
125 posts, read 613,669 times
Reputation: 42
Default Hud

Quote:
Originally Posted by Be Happy 2 View Post
Ok. I didn't think you could actually do that. It seems it would be a conflict of interest.

I was forwarded an email and the person's signature listed both of them so I was wondering how all that worked.

Wondering, Would that person really work for your best interest and not how much money they could get off the whole deal.
As of now a person can not be Both! That is the reason for the change is because the person's intrest would lie in how much they are making on both deals instead of just one deal. You are right on the conflict of interest. This became Law because of a lot of Mortgage Fraud.
Reply With Quote Quick reply to this message
 
Old 08-22-2009, 10:54 PM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,344,684 times
Reputation: 5175
I didn't know it had become law yet in Texas, but I have to admit, I'm glad it did. It sounded like it could be rather unscrupulous back when I was in RE school.
Reply With Quote Quick reply to this message
 
Old 08-23-2009, 09:32 AM
 
Location: Houston, Texas
1,668 posts, read 4,692,054 times
Reputation: 3037
Can a loan officer write the contract on a FISBO?
Reply With Quote Quick reply to this message
 
Old 08-23-2009, 12:46 PM
 
Location: Houston, Texas
469 posts, read 1,481,838 times
Reputation: 295
Quote:
Originally Posted by Dougishere2 View Post
That is against HUD now. You can not be a Loan Officer and a Realestate agent anymore at the same time. In order to be a realestate agent you can not have an active Loan Officer License, and Vise Versa.
It is not that it is not allowed all together. A real estate agent can no longer originate FHA loans and hold a real estate license. A real estate agent can still originate conventional loans.
Reply With Quote Quick reply to this message
 
Old 08-23-2009, 12:48 PM
 
Location: Houston, Texas
469 posts, read 1,481,838 times
Reputation: 295
Quote:
Originally Posted by Be Happy 2 View Post
Ok. I didn't think you could actually do that. It seems it would be a conflict of interest.

I was forwarded an email and the person's signature listed both of them so I was wondering how all that worked.

Wondering, Would that person really work for your best interest and not how much money they could get off the whole deal.

I wouldn't say that it is a conflict of interest so much as it leaves far to much room for coruption. Not only that someone who spends a extended amount of time working as a real estate agent is likely not to be the best loan officer simply because of the amount of time they have left to learn the market place for loans.
Reply With Quote Quick reply to this message
 
Old 08-24-2009, 08:55 AM
 
Location: Richmond, TX.
125 posts, read 613,669 times
Reputation: 42
Default Fsbo

Quote:
Originally Posted by lizzysww View Post
can a loan officer write the contract on a fisbo?

no!!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top