Can a realtor be the loan officer in the same transaction?
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then it would be against HUD federal laws
Can a realtor be the loan officer in the same transaction?If you are SMART, you will run away from this person who is a HIGHLY unethical "professional".
No reputable bank would permit such a transaction.
Can a realtor be the loan officer in the same transaction?It is legal and in Arizona a number of real estate agents - mostly from independant offices - will act as both real estate agents as well as lending officers as well as mortgage brokers.
However, while it is legal, I have always considered it to be a questionable practice on a conflict of interest basis. A real estate agent by law is required to act in the best interests of the person they represent (the seller - unless it is a buyer's agent).
With a mortgage broker, they are interested in getting a loan approved - not necessarily the best loan and terms for you. if they are a loan officer - in other words working directly for the lender - they have a responsibility to get the best loan terms FOR THE LENDER.
Again, these are some inherently confusing conflicts of interest. Many real estate agents/mortgage brokers seem to handle the conflicts professionally, but I've also seen many less ethical people milk their buyers for all they can.
Can a realtor be the loan officer in the same transaction?It is legal...but why would you want that? When I purchased my first home my realtor was also my loan officer and I think that was the biggest mistake I ever made.
You want a realtor who is going to negotiate the best price for you, and my Realtor didn't negotiate at all. It could have been that she was just a bad realtor, but in hind sight, I would have preferred having a separate loan officer.
Unless your realtor is someone you can absolutely trust I think it's bad business. And you know what that old saying: Jack of all trades, but a master of none! (Something like that.)
Can a realtor be the loan officer in the same transaction?Yes they can. As long as you trust them and know they are working towards your best interests....
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