Michigan Mortgage Broker Requirements
Mortgage brokers in Michigan are licensed and regulated by the Office of Financial and Insurance Services (OFIS). OFIS is part of the Department of Labor & Economic Growth. Michigan requires a separate mortgage broker license for first and second mortgages.
Mortgage brokers seeking a Michigan first mortgage license are not required to maintain a physical office within the state of Michigan. However, a registered agent needs to be approved by OFIS. If the mortgage broker will be accepting funds from the borrower before closing, then they must maintain a net worth requirement of at least $25,000. Each mortgage broker must submit financials that are either audited or in accordance with GAAP. A surety bond in the amount of $25,000 or an irrevocable letter of credit for $25,000 is also required.
Second mortgage licenses in Michigan carry the same requirements as first mortgage licenses. Each license has a separate application.
Michigan Mortgage Licensing Fees
The state of Michigan charges $450 for each application fee and they also charge a non-refundable investigation fee.
For complete assistance on your Michigan Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.