Lease option and land contract sales are not mortgages

Michigan Office of Financial and Insurance Regulation (OFIR) recently issued a statement advising that land contracts and leases with options to buy are not considered “Residential Mortgage Loans” according to MCL 565.351, et seq. and the MLOLA.

Why does this matter ? We landlords and L/C sellers thought we’d need to be licensed as a loan originator – but not.

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