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Michigan Mortgage Broker License


 

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.