Michigan Mortgage Licensing
Michigan licensing is heavily based upon business activities. They have 12 licenses based upon activity so you will need to know exactly which business activities you do in order to obtain the correct license. Based upon these activities, you potentially will have to apply for multiple licenses/registrations. There are four of these licenses that have a minimum net worth of $25K and two of which have a minimum net worth of $100K. A named QI is required for all license types. Although the QI is not required to hold a MI MLO license you will need to have a MI MLO on staff to originate. Michigan also requires you provide a list of people who will obtain or who currently holds a Michigan MLO license.
Requirement of company/control person is to provide a list of other professional licenses present/past issued by Michigan or any other state/s (i.e. real estate, securities, insurance, CPA, attorney) with exclusion to any licenses held in NMLS (company or MLO).
| State | License Name | State Fee | Bond Premium | SOS Fee | MLG Processing Fee | Total |
| Michigan | 1st Mortgage Broker License | $1,050 | $188 | $60 | Call for More Information | $1,298 |
| Michigan | 1st Mortgage Broker and Lender License | $1,300 | $188 | $60 | Call for More Information | $1,548 |
| Michigan | 1st Mortgage Broker, Lender, and Servicer License | $1,550 | $938 | $60 | Call for More Information | $2,548 |
License: 1st Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $25,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Certified
1st Mortgage Broker and Lender License
- Operating Status: Broker/Lender
- Bond Amount: $25,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Certified
1st Mortgage Broker, Lender and Servicer License
- Operating Status: Broker/Lender/Servicer
- Bond Amount: $125,000
- Net Worth: $100,000
- Brick & Mortar: No
- Financial Type: Certified
1st Mortgage Broker License
Who needs this license: “Any sole proprietor or company who, directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a 1 st lien mortgage loan and/or serves or offers to serve as an agent for a person who makes or offers to make 1st lien mortgage loans.” Unless company qualifies for registration – qualifications include: Federal approval by an approved issuer, seller, or servicer.
1st Mortgage Broker and Lender License
Most common license type for MI brokers and/or lenders. MI does not license branch locations, but applying company must provide MI a list of branch locations that will conduct business with MI consumers to be uploaded into the NMLS with your application.
“This license application is required unless applicant qualifies for registration pursuant to Michigan law. Qualifications for registration include, but are not limited to, an approved issuer, seller, or servicer by Fannie Mae, Freddie Mac, or Ginnie Mae. If applicant qualifies for registration, review the Michigan 1 st Mortgage Broker/Lender Registration new application checklist.”
1st Mortgage Broker, Lender, and Servicer License
Who needs this license: “Any sole proprietor or company who, directly or indirectly, services or offers to service mortgage loans. "Service" means the collection or remittance, or the right or obligation to collect or remit, for a lender, noteowner, noteholder, mortgage servicer, or the licensee's or registrant's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage loan, mortgage servicing agreement, or an agreement with the mortgagor.” This license is needed even if all activities (1st lien mortgage broker, lender, servicer) will not conduct each authorized activity.
2nd Mortgage Broker License
Who needs this license type: “Any sole proprietor or company who, directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a subordinate lien mortgage loan and/or serves or offers to serve as an agent for a person who makes or offers to make subordinate lien mortgage loans.”
Subordinate lien mortgage loan means a loan secured by a 2nd or junior lien position mortgage on real property located in Michigan and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families. If you are applying for or currently have a 1st mortgage license, you qualify for a 2nd mortgage registration.
2nd Mortgage Broker and Lender License
Same qualifications required for company application as 1st Mortgage Broker/Lender License. But this license type is needed if company, directly or indirectly, makes or offers to make subordinate lien mortgage loans.
2nd Mortgage Broker, Lender, and Servicer License
Who needs this license: “Any sole proprietor or company who, directly or indirectly, services or offers to service subordinate mortgage loans. "Service" means the collection or remittance for a lender, noteowner, or noteholder or a licensee's own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a secondary mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor.”
Has same qualifications for licensure as 1st Mortgage Broker, Lender, and Servicer License – but this license allows activity for subordinate loans (a loan secured by a 2nd or junior lien position mortgage).
For more information or to speak to a representative for your state
call us today at 866-576-7726
**Fees & terms are subject to change without notice.**