Is a loan officer an accountant?

Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.

Is a loan officer a real estate professional?

Court rules mortgage broker is not real estate professional, passive activity rules apply. In Hickam, T.C. Summ. 2017-66, the Tax Court held that a mortgage broker was not a real estate professional and was subject to the passive activity loss rules of Sec.

Can an accountant be a mortgage broker?

I often get asked by Accountants “Can I become a mortgage broker and write the loans myself”. The simple answer is yes, of course.

What is CPA mortgage?

A CPA receives a request from a client to provide a letter to the client’s mortgage broker, lender, adoption agency, or other third party. The request seems simple enough and harmless.

How much money does a loan originator make?

Compensation for mortgage officers can be based on commission, salary, or a combination of the two. BLS statistics show that, as of May 2017, the median average salary for mortgage loan originators was $64,660. This means that 50 percent of loan officers made more than this amount and the other half made less.

Can accountants be brokers?

The change in the ethical rules, which still has to be adopted by state licensing authorities, would allow accountants to double as brokers selling securities, insurance and other financial services.

Which is better a mortgage broker or a loan officer?

If a loan is approved, the mortgage broker collects an origination fee from the lender as compensation. The advantage of using a broker for you, the borrower, is brokers can shop around at the different banks for the lowest rates, whereas a loan officer can only deal in the rate offered by his institution.

Where does the money from the loan officer come from?

Although the bank is paying the loan officer this money now, it is really coming from you the borrower in the form of a higher interest rate. Lenders that are not charging fees on the front can be charging a higher rate to make up for lost fees.

Who is Diane Hamilton, a mortgage loan officer?

Diane Hamilton is a nationally syndicated radio show host, speaker, author, and consultant. She has spent 30+ years researching success in business. What Is a Mortgage Loan Officer?

What makes a mortgage broker not a real estate professional?

The court held that Hickam’s mortgage brokerage services and his loan origination services did not constitute real property trades or businesses under Sec. 469 (c) (7) (C). While the brokered loans were secured by real property, Hickam’s services did not involve operating the real properties.