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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118688
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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As a licensed mortgage broker can I also own a lead

Customer Question

As a licensed mortgage broker can I also own a lead generation company that sales leads to the mortgage industry?? If not can I invest in such a business but not be an owner??
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
The issue with being a mortgage broker is conflict of interest. Sale of leads to mortgage companies as a mortgage broker can indeed be deemed a conflict of interest, since you are using your position to gather information to sell to the mortgage companies. If you have any relationship with such a company, owner or investor, then this conflict of interest can lead to you losing your broker license.
Customer: replied 1 year ago.
I wouldn't be using my position in any way to gather information. It is a telemarketing company that will dial the public for leads the campaigns will generate leads for multiple industries but mortgage companies would be one of them. Are you 100% that I could lose my license for my involvement in a telemarketing company?
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
You could potentially be found in conflict of interest if you are involved in sending information to these companies, so yes, it a potential. In law, there is nothing 100% guaranteed though and they review each case on a case by case basis.