There are some upset mortgage officers in Nevada tonight.

As of October 1, real estate licensees in Nevada can no longer hold a mortgage license. I don't know why everyone hasn't known for months, but many are just getting the word from the mortgage banks today. And no one is very happy that the State of Nevada forced every mortgage agent to spend $200 and sit for a 30-hour course earlier this year, only to force them to choose between state licenses.  

All Nevada mortgage officers must now be W2 employees of a mortgage company. Real estate licensees can no longer be an employee of a mortgage company.

Personally, I don't think this is bad for the public. I've served my clients as a dual agent many times, and it can be very helpful to my client when I am on top of the mortgage as well as the real estate transaction. But as much as I hate to say this, not every agent is ethical.

I prefer not to do mortgages; I don't think it's easy to be the best you can be if you are torn between two industries. I think when real estate agents and mortgage agents are forced to pick between the two, you will find part-timers leaving the industry. And as complicated as real estate transactions have become, that's not a bad thing for the public.

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