I'm already a real estate agent. Can I also become an MLO in New York State?
You can hold both a mortgage and real estate license simultaneously, but the FHA does not allow a Mortgage Loan Originator (MLO) to also receive a real estate agent commission. Typically one person does not act as the real estate agent and MLO on single transactions. Although if they do, that fact must be disclosed per the regulations of each state.
Most mortgage professionals will use only a single license at a time because many secondary mortgage market buyers won’t purchase closed loans of borrowers who were represented by a person acting as the MLO and real estate agent on the same transaction.
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