What is the name of your state (only U.S. law)?Michigan
I need clarification regarding the licensing requirements to originate commercial mortgages in Michigan. I read the statutes and spoke to the Division of Real Estate and am getting conflicting information. The Mortgage Loan Originator Licensing Act only refers to residential mortgages affecting 4 units or less. The Consumer Mortgage Protection Act states the same thing EXCEPT for the origination of a commercial mortgage that includes a residential property of 4 units or less (whether attached, cross collateralized) then a licence is required otherwize it is not. Speaking with the DOR I was told that in order to originate commercial loans, a Real Estate Broker license is required. I am a licenced RE Broker in another state but Michigan does not have license resiprosoity. I have several potential transactions pending but can't proceed untill I get a clear answer. Any information would be apreciated.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?