Mortgage bankers covering open houses in NYC

[hassan]

Hey guys, I have seen mortgage bankers covering open houses a few times in NYC. Sometimes the listing agent is there too, but sometimes it is just the mortgage banker himself. Are there any prohibitions against mortgage bankers from covering open houses in NYC? Mortgage bankers are obviously licensed too, but at the same time they are not real estate brokers. Just wondering if this is all 100% on the level. I am sure sometimes the listing agent is just running late, so there is not too much folks can do about it sometimes.

[ivan]

Dear Hauseit team, I have a self service listing and I have an open house coming up that is managed by your partner brokers. However I see that John who will be covering is actually at Wells Fargo.

John works for you and is also a mortgage banker?

Is there an arrangement I should be aware off?

Thanks,
Ivan

[HauseitAdmin]

Hi Ivan, there is no arrangement between the bank and our partner brokers, nor Hauseit. Our teams have been extremely busy and we presume our partner brokers didn't have enough agents to cover your open house at that time. As a result, it's just an industry professional doing a favor and covering an open house for another industry professional. This sort of thing happens all of the time!

[ivan]

Ok. Just wanted to make sure since I am trusting my property to him. Is he a registered broker or just a banker?

Thanks,
Ivan

[HauseitAdmin]

Hi Ivan, if John is at Wells Fargo then he is certainly a mortgage banker and properly licensed as so. Big banks such as Wells Fargo are quite reputable, and they take their hiring decisions quite seriously. Furthermore, John will also be bringing complimentary refreshments and bottled waters as is customary. Hope you have a great turnout!

P.S. Almost always it will be our partner brokers and agents who will be staffing your open houses. We will ask our partner broker to make every effort to send an agent as well so you have double coverage. Thank you!

[mortgagegeek]

I’m not really sure how it works from the perspective of a real estate broker. I do know it’s fine on our end. Mortgage brokers/bankers are definitely allowed to participate in open houses provided it’s clear that there is no obligation to use that particular mortgage broker/banker.

P.S. I'm a mortgage banker at a major bank, and have worked at multiple big banks in NYC over the past few decades