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Michigan Mortgage License |
Michigan mortgage license is regulated and processed by the Office of Financial and Insurance Services (OFIS). OFIS is a sub division of the Department of Labor & Economic Growth, Michigan. It is essential for home loan brokers and bankers in the state to have the mortgage license in order to run their loan lending and selling business. Home loan borrowers are also required to get their loan products only from license lenders and brokers who are recognized by the state. There has been a rapid development in the real estate industry and many talented peoples are entering the home loan business. The applicants are required to have a clear understanding of the difference between the real estate license and the Michigan mortgage licensing process if they are thinking to become a licensed home loan broker or a banker.
Michigan Mortgage Broker License Requirements
Home loan brokers are licensed and regulated by OFIS and according to them the applicants are not required to run any physical office inside Michigan. MI mortgage broker license applicant should provide a registered agent who is approved by OFIS. The loan brokers are required to maintain a minimum net worth requirement of $25,000 if they accept funds from the borrowers before the closing of the loans. Every broker should also submit their financial statement that are either audited or which are in accordance with GAAP. Moreover, an amount of $25,000 as surety bond or an irrevocable letter of credit of the same amount is required to be submitted by the applicants.
Mortgage Banker License Requirements
Home loan bankers seeking for state license are not required to maintain any physical office within the state of Michigan. The applicants will have to provide a minimum net worth of at least $25,000 in order to get the license. Moreover, the mortgage bankers license requirements includes a surety bond of $25,000 and a state initial fee of $500. Michigan has same requirements for first as well as second mortgage licenses.
Michigan Mortgage Licensing Fees
An amount of $450 is charged against the applicants as application fee by the licensing authority of the state. Moreover, a non-refundable investigation fee is also required to be paid by the license applicants.
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The state of Michigan charges $450 for each application fee and they also charge a non-refundable investigation fee. There are many real estate schools and mortgage licensing companies in Michigan who can offer the best of services to individuals looking for mortgage license in the state. Such licensing companies could be easily located as they are available on the Internet.
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