No how, no way! This scenario screams litigation and very expensive E&O insurance.

Choose one profession and be the best in your field...in that ONE field.

I would not do both.  I wear one hat as a real estate broker. I have an AMAZING lender that I work with.  

too many hats...

 My background is in finance, I worked in the mortgage field before becoming involved in real estate. Long story short, I would not consider working both at the same time. With great narrow focus, I had some prosperous times, that would not have happened if I was too spread out in two different fields.

You have to have the time to be great at both of them. You also have to disclose, disclose, disclose and before you sign any client to a contract that you are being paid for both services.  

    I took the course and the exam to get a mortgage broker's license in the early 1990's.  My lawyer advised me that I would need additional staff, liability insurance, etc. so I never went forward with it.

Like Barbara Todaro said, too many hats....

In years past, I was a liceensed mortgage lender and also a licensed real estate agent.

The positive for me was that as a lender (which was my primary career) if I had a borrower who decided they wanted a new home and the new home financing gave them substantial benefits, I could still get a referal fee. One time I got a $12,500 referral fee from a builder and did far less work than if I was their lender.

I would never attempt to do both in a transaction and currently I am only licensed as a real estate agent.

I was a mortgage broker before going into real estate and kept my license active for a couple years thinking that dual licensure would be helpful to me in real estate. As it turned out, I never did one loan since my career path led me to listings, cash buyers, and other areas that did not involve financing.

In retrospect, the risk far outweighs the benefits and I would never recommend it to anyone. Far too much liability and if you have an active real estate practice, you will not have time to do both properly.

Are you attempting to sell something with your question?  Reported.  

Do you want to be known as the "jack of all trades" and "master of none?"

I had a mtg broker license for many years, because I owned a mtg company and needed to be smart...I however never did a loan for anyone...ever. 

I believe that you have to be knee deep in your ONE profession in order to be an expert.

What if someone wants you to sell insurance also....? or home warranties? or handyman services?

Eve

 Why would I do such a thing? It only complicates things. That's one too many hats.

Not a great idea in my opinion. Bordering on conflict of interest.

sounds like conflict of interest and Huge Liability

I would not do both, like many others have stated.  I focus on being the best I can be in real estate and that keeps me very busy and laser focused. 

I think I'd rather be a master of one.

That is a difficult challenge in our large market. Agents will avoid dealing with competitors.

Didnt even know that was legal.

It is not how much you can do but how well...richfuscious

I agree with Debe Maxwell, CRS 

I believe with all the complexity in real estate and in the mortgage business I can be really excellent at only one of those professions.... there is not time enough to do both and provide world class service to one's clients. Secondly, if you are representing a buyer and then "push" them to using you as a lender there could be some potential liability there.... and that's before getting into the subject of E&O insurance.

I'm not detailed enough to take on both !

No offense but I would find the lending part boaring.

I don't make loans. When I was in retail banking, that is what I did. Now...residential real sales is a full time job.

I don't have both but would think it could be a conflict of interest. I would not send my buyers to a lender with a real estate license. There would be too much of a chance for interference in my transaction.

I did both at the beginning of my career, for about 11 years.  My stress level has been reduced since foregoing my mortgage license and my real estate volume has increased.  Doing both, and doing both well and efficiently can be tough.  I charged less for my mortgage services, but maintained a level of control I thought was important.  

What I do now is refer my clients to excellent lenders and stay in close touch throughout the process. Knowing the way things work and having a general understanding of Underwriting guidelines is helpful to make the best recommendations.  

I'm glad I did it while I did, but I don't plan to renew my lending license anytime soon. 

No.  I focus on one only to provide the best possible service.

In our office 1/3 do both to stay active. It was lucrative when people need to refi.   I would say we have 20 loan agents including our broker.

10 broker associates. One is a GC. Three lawyers. One is a licensed inspector. I am the photographer.

I see no benefits to it. -Kasey

It could border on some ethics issues.

A guy I used to work with at the bank that could do both. I think it helped him in his RE business because he was a bit more proficient with qualifying clients. I did not see him doing too many RE transactions though. 

I would not want to have to put up with both sides of things, although, I would know straight from underwriting what was going on with my client's lending scenario and not have to learn from the loan officer.

Yes, but don't use both of them at the same transaction.

I have seen a few people do this but never lasted long

I would not want to do both at the same time. I have never had an interested in mortgage services. We have 60% of the people who buy here pay all cash too. 

I too would say pick a profession, too much liability with both.

It does open up another income stream.  I do both, but never on the same transaction.  I will refi a neighbor's loan or a friends and that is all I use it for.  Left lending in 2001 for the most part.

uh no.  can you say conflict.

Seems like there might be conflicts of interest.

I am sure there are lots of benefits but are you taking on to much doing both.

Great answers are here.