Can a loan officer be an accountant? Or vice versa?

Question

I would like to know if a loan officer can be an a accountant at the same time or can a accountant be a loan officer?

Answer 1

An accountant could work as a loan officer, however a loan officer could only potentially work as a bookkeeper, not an accountant. Accountants have degrees in business with emphasis in accounting or a BS in accounting.

Answer 2

In the US, an accountant is usually specifically trained and must pass rigourous training and a rather tough exam to be considered a Certified Public Accountant. Once someone is a CPA, they have to take continuing education to keep their license current.

A loan officer, on the other hand, has no formal training other than that provided by their company. However, a CPA can certainly decide to chuck accounting and become a loan officer, in which case he could be a CPA *and* a loan officer. There are many, many CPAs who choose to use their skills in areas other than public accounting. However, *practicing* as a CPA and a loan officer at the same time with the same client *would* be a conflict of interest, as a loan officer's job is to sell you a loan for his employer, and a CPA is, ethically, supposed to be looking out for your interests. Enron aside, most accountants are pretty careful about the ethics of conflicts. If a person was keeping their accounting practice separate from their loan officer job, then most ethical accountants would not manage both for the same client.

Another person posted about real estate brokers and lawyers. Again, it depends on who you represent in the transaction. If you asked a lawyer to represent you, and they were the broker for the other side, that is a CLEAR conflict of interest. However, if your broker was also your lawyer, then there is a fiduciary responsibility built into the relationship on both aspects. With loan officers, though, they are selling a product -- loans ARE products -- and it's much harder to make a clear-cut distinction between what is good for the loan officer (commission paid by a third party, his employer) and what is good for the client (accountant).

Answer 3

Actually, I am an accountant and a Mortgage Broker. I don't see anything wrong with doing both but it can be challenging if you work full time on your accounting job and your loan officer job is part time. You will constantly be getting contacted by your customers while you're at your day job.

Answer 4

I don't see any reason why one person can not be both unless there is a state law that is in place that prohibit such a practice.

There are many attorneys in California that are both attorneys as well as real estate brokers and mortgage brokers.

As a matter of fact an attorney in California is not required to have a salesman license for 2 years before becoming a broker, they can just take the test to become a broker.

I am sure they give advice to their clients about selling property as well as refinancing their property while representing them in legal matters. They don't seem to think this is a conflict of interest.

There are many people in professions that have skills and education in other fields that do this on a daily basis.

I don't think you can be prohibited from doing a professional career and also excelling in another professional career.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 5

Valuable answers, just what I was searching for.