Earn real estate & mortgage commissions, on every deal.

“RELO” is an acronym for a real estate professional who also becomes a part-time mortgage loan originator.

You can earn up to 0.75% on every funded loan you originate (i.e. $3,000 on a $400,000 loan), providing a significant boost to your income potential.

You can originate a range of loan types, including FHA, VA, conventional, jumbo, non-QM, DSCR, ITINs, HELOC, and home equity loans.

As a federally-registered MLO for Quontic Bank, you can originate in all 50 states without a license.

Becoming a RELO (agents who are also MLOs) can help you deliver a seamless “one-stop-shop” experience for your clients. Origination of mortgages by RELOs (agents who are also MLOs) can be faster, cheaper, more efficient, and better for consumers.

Yes, RELO’s receive training hosted by both Quontic Bank and Rocket Mortgage.

Yes, as an employee, you will be compensated an hourly wage for time spent onboarding and training.

The process usually takes between 2- 4 weeks.

No, you can stay with your current brokerage or change as you see fit. Quontic is a bank and not a real estate brokerage.

Yes, real estate agents are permitted to be mortgage loan officers on the same transactions, per the Federal Housing Administration.  In December 2022, FHA clarified existing conflict of interest and dual employment policies to conclude that “participants that do not have a direct impact on the mortgage approval decision may have multiple roles and/or sources of compensation for services actually performed and permitted by HUD, provided that the FHA-insured transaction complies with all applicable federal, state, and local laws, rules, and requirements.”

We have crafted our program with the assistance of a former CFPB attorney in order to comply with the myriad of federal and state regulations which govern this MLO role.

Compliance includes disclosure of dual compensation to borrowers. Thus, on every transaction in which the agent is also the MLO, our process requires that a Dual Capacity & Affiliated Services Disclosure Notice is acknowledged by the borrower.

A real estate agent cannot steer a consumer to work with any financing source, including themselves. You can simply offer clients your MLO services as an option.

Quontic’s program requires MLOs to do the work of a Mortgage Loan Officer. This is not a referral program. We will provide you with paid training, world-class technology, and 7-day per week live support from the extraordinary teams at Quontic Bank and Rocket Mortgage to optimize your success as an MLO.

Yes, as an employee of a depository bank, you become a federally-registered MLO and receive a NMLS #.

No, Quontic charges no upfront or monthly costs to our MLOs. To the contrary, MLOs receive paychecks biweekly during their employment. New MLOs typically pay approximately $72 to National Mortgage Licensing System (NMLS) for background check and fingerprinting costs. Quontic will pay MLOs $100 on their first closing to offset the NMLS costs.

Generally, employees do not need their own Errors and Omissions insurance policy because the employer’s E&O policy covers them. Thus, as employees of Quontic Bank, MLOs are generally covered for actions taken in the scope of the employment.

The target time commitment is 5 hours per week. If you need more time, you can request approval to work additional hours.

Quontic does not test for cannabis.

The target production for each MLO is 12 loans per year, although you are welcome to originate as many as you can.

Yes, you can originate purchases and refinances, as well as second mortgages and “buy-before-you-sell” bridge loans.

Being a RELO is not a conflict of interest, per FHA’s guidance. The mortgage loan officer’s role is to connect borrowers with suitable mortgage loans and guide them through the entire loan process. The mortgage loan officer cannot approve a borrower who is not qualified. Thus, there is not a conflict of interest for the lender, consistent with FHA’s conclusion.

Is this a conflict for consumers, who could somehow be taken advantage of by a real estate agent who is also a mortgage loan officer? The RELO is unlikely to get paid their real estate and mortgage commissions unless the transaction closes. Thus, the RELO may work extra hard to get the deal to closing and, in an era of ever-declining real estate commissions, a RELO may be able to be more competitive for their clients.

A real estate agent cannot steer a consumer to work with any financing source, including themselves. However, a RELO can offer to introduce the buyer to the bank across the street, the broker next door, and share “I am also a MLO for a bank and I could help you.” Buyers can choose anyone, and some have already arranged financing through their own bank or other source.

Becoming a RELO empowers agents to help homebuyers at all price points. Rather than being a conflict, being the agent and the MLO on the same transaction may be perceived as an alignment of homebuyers’ interests.

Yes, you should inform your broker that you are also an MLO. While being both is permissible, your broker needs to be aware. Your brokerage may have specific policies or procedures regarding acting in a dual capacity.

No, if the real estate agent is an independent contractor, there is typically not a legal basis for a broker to prevent an agent from having another job, as it would violate the independent contractor status and potentially raise employment law issues. 89% of National Association of Realtors members are classified as independent contractors.

Quontic began as a community bank in 2009.