For those active in the construction fields in Michigan, business is growing as demand increases for homes. The demand for homes in all economic areas, from first-time buyers to more expensive options, is pushing the construction trade to its limits. Local regulations and a shortage of skilled workers has also been effective in capping the number of new construction homes.
With this increase, licensed mortgage professionals are critical for those buyers looking to get a leg up on the competition. Buyers want to put in an offer with their financing already lined up and working with a broker can give them that option.
If you are already involved in the real estate business in Michigan but looking to expand, then consider getting your mortgage license. Here are three key things you need to know.
1. Define Your Business
In the state of Michigan, licenses are based heavily on your business activities. Therefore, you need to be clear what type of business activities you want to be involved in before beginning the licensing process. There are 12 different licenses based upon activity in Michigan. For example, being a broker, lender, and servicer requires a different license from a broker that just works with the client to find financing.
If you are going to be involved in multiple activities, that could mean you will need multiple licenses. Working with a knowledgeable professional, you can be sure to get all the licenses that apply to your business.
2. The Net Worth Requirements
Other than understanding the areas of your business that need licenses, it is important to know the requirements for each license. There are four licenses in Michigan that require a minimum net worth of $25,000 and two licenses with a minimum net worth of $100,000.
As part of the licensing process, you will need to upload current financial statements, which will also help you to demonstrate that you meet the net worth requirements. Additionally, Michigan requires financial statements for all of its licenses, regardless of your business activities.
3. Branch Locations Not Required
While the state of Michigan does require various licenses based on your business activities, the state does not require that you have a brick and mortar location. It is true regardless of which type of license you are trying to obtain.
As builders start to address the demand for more affordable housing options, it is clear that millennials are putting their stamp on the housing market, from demand to design. As a mortgage licensing professional, you have the capability to help these home buyers find the best housing match for their families.
Working with the Mortgage Licensing Group, you can have access to the help you need to successfully receive your Michigan mortgage broker license. Contact us today for assistance with your Michigan mortgage license.
The Mortgage Licensing Group, Inc. is a full-service mortgage licensing firm headquartered in Southern California that is recognized throughout the industry as an experienced and reliable service provider. Established in 2006, our company has been on the forefront of the ever-changing rules and regulations, helping alleviate the often daunting task of meeting the diverse state licensing requirements for our clientele.