Refinancing your own property as a loan officer

[Erik Bremer]

Hello forum!  A buddy of mine who is a loan officer said that he refinances his own mortgage every 6 months (because it is somehow a requirement of the loan that it stays in place for 6 months).  at 2% commission on a 500k loan, he is making 10 grand on his own home every 6 months.  Is that actually legal?  It doesn't seem possible that this would be allowed, but maybe it is and I am definitely in the wrong line of work.  If that actually works, is it possible to also do that with your own rental properties as well?  I was already considering getting an NMLS in the future and if this is possible, I better get studying.  

If anyone has any insight I would appreciate it, thank you.