Michigan Mortgage Licence Classes

Michigan Mortgage Licence Classes

Do you possess strong social skills, self-discipline, and a dedication to learning?

If so, obtaining a mortgage license in Michigan could propel you into a fulfilling and rewarding career. With diligent study and successful exam completion, you’ll pave the way to becoming a proficient Mortgage Loan Originator (MLO) in Michigan.

At Mortgage Educators & Compliance, we’re committed to assisting you in achieving your aspirations. We streamline the process of completing your prerequisites, allowing you to concentrate on acing the National NMLS license exam. Start your journey towards a successful career in mortgage lending with us.

Michigan mortgage licence classes requirement:

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted to address predatory lending practices that contributed to the housing crisis of 2008. This legislation mandated the licensing of Mortgage Loan Originators (MLOs), creating opportunities for individuals to enter the industry and help consumers find suitable loan products.

Here’s a breakdown of the required training hours for MLO licensing:

In total, MLOs are required to complete 20 hours of training, covering various aspects of mortgage lending, ethics, and legal regulations. This comprehensive mortgage licence classes training ensures that MLOs are equipped to serve consumers responsibly and ethically within the mortgage industry.

Michigan State requirement

To apply for a michigan mortgage licence classes, all applications must be submitted online via NMLS. Certain documentation, such as the original surety bond, must be sent directly to the Michigan DIFS. For specific inquiries regarding license requirements, individuals may contact the Consumer Finance Section at (877) 999-6442 or difs-fin-info@michigan.gov. For NMLS-related queries, the NMLS call center can be reached at (855) 665-7123.

Michigan mortgage licence classes and Exams :

If you’re aiming for a Michigan Mortgage Loan Originator (MLO) license, here’s the scoop on what you need to do:

For Individual Licenses:

• First up, you’ve got to complete a course that’s approved by the NMLS. This course covers all the basics you need to know.
• The course should run for about 20 hours, with a bit of that focused specifically on Michigan stuff.
• Once you’ve finished the course, it’s exam time! You’ll need to pass the MLO exam to get your license.
• You can sign up for the exam through the NMLS website or reach out to the exam administrator, Prometric, for help scheduling.
• Need some extra tips or guidance? Check out the NMLS testing page for all the info you need to ace that exam!

How To Become Licensed

• Fee Schedule – Mortgage Loan Originator
• NMLS – Getting Started Individuals
• NMLS – New Application Checklist
• FIS 2135 – Bond – Mortgage Loan Originator – INDIVIDUAL
• FIS 2137 – Bond – Mortgage Loan Originator – COMPANY

Once You Are Licensed

• NMLS – Amendments Checklist
• NMLS – Surrender Checklist

Renewals

• Mortgage Loan Originator Renewal*
• NMLS – Preparing for Individual Renewal
• NMLS – Individual Renewal

Pre experience policy :

If you complete the mandatory 20 hours of michigan mortgage licence classes but fail to obtain your license within a three-year period, you’ll be required to retake the coursework. Similarly, if your license expires and remains inactive for more than three years before you seek to re-enter the industry, you’ll need to undergo the education again. It’s crucial to stay up-to-date with licensing requirements to ensure continuous eligibility within the mortgage industry.

Another requirement michigan mortgage licence classes

Annually, Michigan MLO license holders are required to complete 8 hours of Comprehensive Continuing Education, covering specific topics:

• Federal Regulations and Law: 3 Hours
• Ethics, including consumer protection, fair lending: 2 Hours
• Non-Traditional mortgage lending: 2 Hours
• Undefined Elective: 1 Hour

It’s important to note the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row. Mortgage Educators updates its continuing education course annually to comply with this rule.

The deadline to complete CE in Michigan is December 31st. MLOs in Michigan cannot apply for license renewal until they have completed their CE.

MLOs in Michigan are required to complete 8 hours of continuing education annually, except for those who finish 20 hours of pre-licensure education in the licensure year. It’s crucial to complete continuing education before requesting renewal through NMLS.

*Keep in mind: If an MLO requests renewal after December 31, they may face a late penalty of $25 per day, up to a maximum of $1,000.

How to get Michigan mortgage licence classes:

Apply for Your NMLS Account and ID Number:

Visit the NMLS website and apply for your NMLS account and ID number.

Complete Your NMLS Pre-License Education:

Once your NMLS account is created, fulfil the required pre-license education. In Michigan, this includes 18 hours of SAFE pre-licensure education and 2 hours of elective courses.

Pass the SAFE NMLS Mortgage Licensing Test:

Schedule an appointment for the National Test Component exam and take the NMLS test.

Complete Background Checks and Pay All Fees:

Finalize your application by completing necessary background checks and paying all required non-refundable fees.

Apply for Your Michigan Mortgage License:

After passing the NMLS exam, apply for your Michigan NMLS license through the appropriate channels.

Associate Your NMLS Account with Your Employer:

Your mortgage license will be pending in Michigan until you associate your NMLS account with your employer. This demonstrates that your individual license is under the supervision of an employer.

Michigan mortgage licence cost:

Michigan Mortgage Broker Bonds for Individual Licenses:

If you’re going for a Mortgage Loan Originator (MLO) license in Michigan, you’ll need to sort out a surety bond. Here’s how it breaks down:

For Individual Applicants:

• You’ve got two options for your bond: an individual one or one through your company.
• The amount of your individual bond depends on your situation:
  • $10,000 if it’s your first time applying for the MLO license.
  • $10,000 if you’re already licensed but haven’t closed any mortgage loans in the past year, or if your total closed loans in the past 12 months are under $12,000,000.
  • $25,000 if your closed loans in the past year fall between $12,000,000 and $24,000,000.
  • $50,000 if your closed loans in the past year exceed $24,000,000.
• If you’re going through your company for the bond, the amount depends on the total mortgage loans closed or modified by your company in the previous year:
  • $50,000 if it’s under $12,000,000.
  • $150,000 if it’s between $12,000,000 and $24,000,000.
  • $250,000 if it’s over $24,000,000.

Licenses Fees :All fees must be submitted via NMLS and are non-refundable.

Fees for Individual Licenses:

• Mortgage Loan Originator License:
  • $250 MI license fee.
  • $30 NMLS processing fee.
  • $15 credit report fee.
  • $36.25 background check.
  • $100 exam fee.

Fees for Company Licenses:

• 1st Mortgage Broker and Lender License: $1,300 total license costs (including NMLS processing fee).
• 1st Mortgage Broker License: $1,050 total license costs (including NMLS processing fee).
• 1st Mortgage Broker, Lender and Servicer License: $1,550 total license fee (including NMLS processing fee).
• 2nd Mortgage Broker and Lender License: $1,300 total license costs (including NMLS processing fee).
• 2nd Mortgage Broker License: $1,050 total license costs (including NMLS processing fee).
• 2nd Mortgage Broker Registration: $600 total license costs (including NMLS processing fee).
• 2nd Mortgage Broker, Lender, and Servicer License: $1,550 total license fee (including NMLS processing fee).
• 2nd Mortgage Broker, Lender, and Servicer Registration: $1,100 total license costs (including NMLS processing fee).