Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Michigan or anyone looking to become a mortgage broker in Michigan.
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.
Applicants who desire to
become a Mortgage Broker in Michigan for first mortgages pay a $450 license application fee along with a non-refundable investigation fee. If solely applying as a Mortgage Broker for 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.
Applicants who desire to become a Mortgage Broker in Michigan for second mortgages also pay a $450 license application fee along with a non-refundable investigation fee. If solely applying as a Mortgage Broker for 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.
Although Mortgage Brokers are not required to have a physical office in the state, a registered agent needs to be approved by the Office of Financial and Insurance Services.
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.
We also offer information and resources for Michigan Commercial Mortgage