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Can a mortgage broker close loans in its name?
No. To close loans in its name, a mortgage entity must have lender authority under its license/registration. However, section 25 of the Mortgage Brokers, Lenders, and Servicers Licensing Act, MCL 445.1675, exempts a mortgage lender that in the aggregate with any affiliates makes 10 or fewer mortgage loans in a calendar year. The section 2(1)(c) of the Secondary Mortgage Loan Act, MCL 493.52, exempts a person that makes or negotiates 2 or fewer secondary mortgage loans in a calendar year.