and Consumer Finance Division of the Michigan Department of Labor & Economic Growth
(DLEG), officially began business on December 8, 2003, in a move to centralize and
streamline various economic departments under one department. Within the DLEG, the Office
of Financial and Insurance Services handles all aspects of licensing and supervising
Mortgage Brokers. Michigan issues separate licenses for Mortgage Brokers handling first
mortgages and Mortgage Brokers handling second mortgages. An applicant may apply for
either or both of these licenses.
All Michigan mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Michigan-required content. A
minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act.
The licensing fee for NMLS for Loan
is $319. The licensing fee for a 1st
is $1050. The fee for a 2nd
licenses is $600. Click on the links in the preceding sentences
for more details about each license.
If applying as a Mortgage Broker for either first or second mortgages, then applicants
provide either a $25,000 Surety Bond or a $25,000 Irrevocable Letter of Credit. A complete
ten-year personal history and ten-year employment history needs to accompany the
application. In addition, a Personal Disclosure Statement and also a Confidential
Background Information Consent Form must be included. The financial statements
accompanying the application need to reflect a minimum net worth of $25,000.
The Michigan Mortgage
Brokers Association (MMBA)
, is an affiliate of the National Association of Mortgage
Brokers (NAMB), www.namb.org. Working together, both of these organizations provide
excellent real estate educational courses for those who want to obtain a Mortgage
Broker License in Michigan
and those already licensed.
Michigan Mortgage Forms
Michigan Reciprocity States
(as of 2/23/2010)
Michigan Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Mortgage and
Consumer Finance Division website for the latest list of approved schools.