We found no Mississippi rule against a real-estate agent acting as the mortgage loan originator on the same purchase. The mortgage licensing law contains no prohibition, and the real-estate license law requires that all parties know of the dual interest.
What Mississippi requires
- Make sure all parties know of the mortgage role before acting, as Miss. Code 73-35-21(e) contemplates.
- Hold an active Mississippi MLO license sponsored by a licensed mortgage company.
What the rule says
(e) Acting for more than one (1) party in a transaction or receiving compensation from more than one (1) party in a transaction, or both, without the knowledge of all parties for whom he or she acts
No person required to be licensed under this chapter shall: (a) Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud any person.
What applies in every state
- Both licenses must be active. The mortgage side is an individual MLO license, sponsored by a licensed mortgage company, with the SAFE test, 20 hours of education and a background check behind it.
- Federal law sits above the state rule. RESPA Section 8 bars pay for a referral, and Regulation Z sets what a loan originator may be paid for. Compensation on the mortgage side is for origination work performed. The RESPA and referral-fee explainer walks through it.
- The lender on the loan has its own rule. FHA permits the dual role since 2022. Conventional lenders decide file by file in writing.
- The buyer keeps the right to choose any lender, and the disclosure says so.