Current mortgage loan officer

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Dec 22, 2009 1:22 am

As a current loan officer I refer almost every customer to an insurance agent or financial adviser.  I am able to take a first hand look at a client's financial situation and I feel it is my responsibility to address the issue of protection(insurance) with them.  I am at a point where I am comfortable with the mortgage industry, but I would like to add financial services to my business. At least life insurance, which is the way most people can prevent losing a home should a spouse/partner die.  Is this feasible? Could there be a possibility to transition to a financial services practice and still keep my loan officer license to do the occasional re-fi/debt consolidation?

Disclaimer: I am fortunate that my business has not suffered too much because of this economy.  I am simply exploring if there are opportunities for my business.

Dec 22, 2009 8:44 am

My doctor also doubles as my plumber. Hopefully he'll do mortgages next!

Dec 22, 2009 8:54 am
houtx:

As a current loan officer I refer almost every customer to an insurance agent or financial adviser. I am able to take a first hand look at a client's financial situation and I feel it is my responsibility to address the issue of protection(insurance) with them. I am at a point where I am comfortable with the mortgage industry, but I would like to add financial services to my business. At least life insurance, which is the way most people can prevent losing a home should a spouse/partner die. Is this feasible? Could there be a possibility to transition to a financial services practice and still keep my loan officer license to do the occasional re-fi/debt consolidation?

Disclaimer: I am fortunate that my business has not suffered too much because of this economy. I am simply exploring if there are opportunities for my business.

dont take this the wrong way, but you are not going to get a good response here. It is like any one of us asking you, on a mortgage broker forum to see if financial advisors should add mortgages as well. Lets be honest... we do form relationships with clients. why not make a little bit more.

Aside from that... yes, you can do it, but do you want to half ass it? Why not partner with a select advisor or two, and establish a network where you can measure and be exclusive with referrals. Lets put it this way, i have farmed out alot more people out to mortgage brokers in the past year, than the 3 mortgage brokers have referred to me.

Dec 22, 2009 12:05 pm

Aeromaks, thanks for the reply. I guess I'll thank War for his jab, although your anology is incorrect. It is more like a pharmacist going to Doctor.  I  meant no disrespect to the financial planning field.

No,  I do not want to do anything half-ass. I noticed a trend where insurance agents became Registered Reps, registered reps became insurance agents. Where in the past there was an insurance guy and an investment guy. Even the people opening checking accoutns are licensed. P&C agents also got into the mix.  I see more services offered by people who traditionally only offerred one service.  I am only wondering if mortgage brokers are next line to follow the trend. If some have not already.
Areo, I am fortunate enought to have had a good relationship with great agents.(RE, P&C/Fin. adv) However I feel much the same as you do, I send more cleints to them than them to me.  I guess it was wishful thinking I could be their life agent as well. But for now, I'll wait and see how this "crazy" world of mortgage and financial services evolves. 
Dec 22, 2009 3:28 pm
houtx:

As a current loan officer I refer almost every customer to an insurance agent or financial adviser.  I am able to take a first hand look at a client's financial situation and I feel it is my responsibility to address the issue of protection(insurance) with them.  I am at a point where I am comfortable with the mortgage industry, but I would like to add financial services to my business. At least life insurance, which is the way most people can prevent losing a home should a spouse/partner die.  Is this feasible? Could there be a possibility to transition to a financial services practice and still keep my loan officer license to do the occasional re-fi/debt consolidation?

Disclaimer: I am fortunate that my business has not suffered too much because of this economy.  I am simply exploring if there are opportunities for my business.

 
How about another idea? It would beneficial for you to concentrate on your core competency and refer to a good financial advisor who could refer back to you. I have several professionals that we have this kind of relationship.