Can I be a mortgage broker and and insurance agent?

[Travis Tannahill]

Here's my situation: 

I'm 9 months in to owning an independent insurance agency. Things are going good, we're growing and profitable, but this business model is not a get rich quick scheme. I am fully willing (and prepared financially) to suck up the 3 year starvation period. A good friends dad approached me to see if I would be interested in opening a mortgage brokerage in my town. He is from out of state and his brokerage is looking to expand. He would be my mentor, train me, and allow me to use his service staff remotely until I could justify my own. He's doing over $30M of production, granted he lives in a market that is about double pricing what mine is, with 20 years expirience. 

First off is it legal? Could I be a licensed mortgage lender along with owning an independent insurance agency? 

Second off is it feasible? Right now from an insurance standpoint I get 80% of me leads from realtors anyways... So I'd lose 20% of my referral partners because now I'm competition for the banks(can't blame them)... I'd just double down on my real estate agent partners and focus 100% on those relationships. 

Right now I make about $300/yr per house/auto combo package.... every year forever until the client leaves. His brokerage pays 1%-1.4% of loan depending on production. Average home is about $200,000 in my market. So instead of making $300/year I would be making $2,000 year one along with $300 insurance commission as long as I hold the client. I like that math a lot better. 

Seems like a too good to be true opportunity which is why I'm asking.

Thanks in advanced.