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Does the State of Michigan allow a licensed mortgage loan originator to be a licensed real estate agent on the same transaction and receive dual compensation?
Yes. Currently there are no Michigan mortgage laws that prohibit a person from working in a dual capacity (representing the buyer of a property as the real estate agent and then assisting the buyer to obtain a mortgage loan as a mortgage loan originator). In addition, please review Section 1024.15 of Regulation X regarding affiliated business arrangement disclosures and Section 6 of the Mortgage Brokers, Lenders, and Servicers Licensing Act, MCL 445.1656, regarding registration.