Is it legal to work at your own mortgage brokerage and also work as a loan officer for another lender?

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I run a small branch of a HUD approved lender and have a lot of brokers who want to work for me to close their fha loans, but close everything else under their own license. I trust most of these people since I used to close loans with them as a wholesale AE. I am thinking of charging a flat fee per loan and then letting them retain 90% of the total commission on the loan.

  1. Reply
    February 9, 2011 at 12:15 am

    Just consult an attorney and get them to sign a contract stating what you will and won’t do on each deal. Sounds like they are just subcontracting work to you. As long as you or they haven’t signed any non-compete agreements, you should be okay.

  2. Reply
    February 9, 2011 at 1:14 am

    It sounds to me like “moon lighting”. When you were hired, did you sign anything telling you that you were not allowed to pick up a second job in a similar field?
    I would not outright ask your employer for advice, but there is nothing they can do to prevent you from doing this in CT. I don’t know where you live.

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