I need advice about whether its legal or not to work for two mortgage companies?

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I am a Loan Officer with A Mortgage Co and offered a position to work with B Mortgage Co.

Company A is slow going when it comes to processing loans but they broker loans to all 50 states. Company A provides leads and has telemarketers for the Loan Officer. I know that I have to process those leads through Company A since they have paid for them. ( I know that it is unethical to process those with someone else)

On the other hand, I have been offered another job with another mortage company in my state but they only do in state loans and allow there Loan Officers to work from home. Is this against the law to be employed by both companies?

What I really want to do is the out of state loans and the Company A generated leads process through Company A and my personal self generated leads in my state process through B since Company A is slow going.

I am 100% commission and do not get a salary with either company.

Thanks đŸ™‚ Serious ANSWERS only.
I am seeking advice not money – thank you for the lender advice but I dont need to borrow any money – if you have advice – please leave a comment

  1. Reply
    January 30, 2011 at 3:15 pm

    I doubt that it is illegal. The issue would be much more ethical. If both companies knew what you were doing and why, and signed off on it – I doubt there would be a problem. But I doubt that I would.

    It sounds to me like Company A is a waste of your time. Telemarketed leads are generally garbage and if you have been in the business any time at all I would think you would have your own marketing in place and not need them.

  2. Reply
    January 30, 2011 at 3:28 pm

    Different states regulate this issue differently. Contact your state’s finance divison for an answer.

  3. Reply
    January 30, 2011 at 4:26 pm

    Read your employment agreement with both companies carefully. Non-compete clauses are often standard. These state that you can’t work for somebody else in the same or similar capacity. If there is a non-compete clause, you will probably be fired if they find out. IANAL, but I think legal proceedings against you are unlikely, unless you are embezzling or defrauding the company.

    There’s no licensing required to be a loan officer, so moonlighting for another company does not fall under any special statutes.

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