Yes. Since 2022 Virginia’s mortgage loan originator statute affirmatively permits a real-estate licensee to originate the loan on the same transaction, with a prescribed written disclosure, a signed compensation agreement and a duty to act in the buyer’s best interests.
What Virginia requires
- Give the written disclosure Va. Code 6.2-1616 prescribes at the first offer of mortgage services.
- Obtain a signed compensation agreement and act in the buyer’s best interests on the mortgage.
- Hold an active Virginia MLO license sponsored by a licensed mortgage company.
What the rule says
If a mortgage broker negotiates, places, or finds a mortgage loan and acts as a real estate broker or real estate salesperson in connection with the sale of the real estate that secures such loan, the mortgage broker shall conspicuously provide to the borrower the following written disclosure at the time the mortgage broker services are first offered
YOU ARE HEREBY NOTIFIED THAT [NAME OF MORTGAGE BROKER] WILL BE RECEIVING COMPENSATION FOR PROVIDING BOTH MORTGAGE BROKER SERVICES AND REAL ESTATE BROKER OR REAL ESTATE SALESPERSON SERVICES IN CONNECTION WITH THE SALE OF THE REAL ESTATE THAT SECURES THIS MORTGAGE LOAN.
4. Receive compensation from a borrower other than that specified in a written agreement signed by the borrower
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.