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Is a “lease with option to buy/lease to own” a residential mortgage loan as defined in the Michigan Mortgage Loan Originator Licensing Act?

April 26, 2017buy defined lease Michigan mortgage loan option Originator own" Residential

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Is a “lease with option to buy/lease to own” a residential mortgage loan as defined in the Michigan Mortgage Loan Originator Licensing Act?

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Subject to a final rule, regulation, interpretation, or formal guidance of the Federal S.A.F.E. Act from the Department of Housing and Urban Development indicating otherwise, the Michigan Office of Financial and Insurance Regulation does not currently consider a “lease with option to buy/lease to own” to be included in the definition of “Residential Mortgage Loan” as it is used in the Michigan Mortgage Loan Originator Licensing Act.