Posted by Bill K. - FL on June 19, 2000 at 07:22:08:
I can’t speak for VA. But I would wager you don’t need a license to be a “loan officer”. In FL to be a loan officer all you need to be able to do is fog up a mirror and that’s about it. They will hire just about anyone off the street. They are basically looking for salespeople to sell their product (money/loans) to Realtors, and the general public. I don’t see a conflict of interest or need for a license if you are buying/creating a note in “your name or your company’s name” and then reselling it; either simultaneously or down the road to a third party. When you are doing this on “behalf of another party” you are brokering and then you would need a license. In most cases, anytime you are representing/working for another party (the public)in a transaction you will need a license. (The public has to be protected?) If it is for your “own” account no. I don’t see any conflict of interest between being a loan officer and a note investor. However, I advise you check with your state government and hopefully they can help. It might take some explaining on your part so they understand exactly what you do. Make them understand, you are not lending money or working on behalf of someone else; just for your own interest as a note investor. BTW, the worst that could happen would be they would make you get a mortgage broker’s license (I have one) which, at least in FL, is no biggie. Good Luck,