Re: Mortgage Licensing - can someone tell me… - Posted by Chireen
Posted by Chireen on August 22, 2003 at 03:09:51:
HUD does not allow you to be employed by 2 Lenders. It has nothing to do with your license. You can find this information at www.hudclips.org - click on “Library”, Click on “Select All Handbooks” and “Search” then type in “4700.2” under “Document Number”. The information is located in Chapter 2 - Section 2-9 Item C - states that if you are employed by a Lender, you cannot work for another Lender, home improvement company, manufactured housing company, or in the real estate industry. (So you can’t be a loan officer and a Realtor - and not just on the same closing - you can’t be a Realtor AT ALL while you are employed at a Mortgage Company that originates FHA loans.) Keep reading, section 2-10 talks about compensating a loan officer. I’m sure your other question is answered in this HUD manual as well.
Here’s my suggestion, one of you stay where you are at, the other one open the mortgage company. When the new mtg. co. gets going and can support you both, the other one comes to work for the new mtg. co.
Also, in regards to your question about your husband being able to be a branch manager since he doesn’t originate - the license has nothing to do with HUD/FHA. However, the lender you will set up a net branch for will determine whether or not they want to hire him if he hasn’t been originating. If your State requires the loan originator/branch manager have a license, then he will need to get one.
Hope this helps.
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