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. There are four of these licenses that have a minimum net worth of 25k and 2 of which have a minimum net worth of 100k. Michigan requires each license to upload the most recent audited financial statement, dated within the last 12 months. Michigan also requires you provide a list of people who will obtain or who currently holds a Michigan MLO license.

StateLicense NameState FeeBond PremiumSoS FeeMLG ProcessingTotal
Michigan1st Mortgage Broker License$1,050.00$188.00$135.50Call for More Information$1373.50
Michigan1st Mortgage Broker and Lender License$1300.00$188.00$135.50Call for More Information$1623.50
Michigan1st Mortgage Broker/Lender/Servicer$1550.00$937.50$135.50Call for More Information$2623.00

License: 1st Mortgage Broker License

  • Operating Status:Broker
  • Bond Amount: $25,000.00
  • Net Worth: $25,000.00
  • Brick & Mortar: No
  • Financial Type: Certified

1st Mortgage Broker and Lender License

  • Operating Status: Broker/Lender
  • Bond Amount: $25,000
  • Net Worth: $25,000.00
  • Brick & Mortar: No
  • Financial Type: Certified

1st Mortgage Broker, Lender and Servicer License

  • Operating Status: Broker/Lender/Servicing
  • Bond Amount: $125,000
  • Net Worth: $100,000
  • Brick & Mortar: No
  • Financial Type: Certified

Sample our License Ready program through our interactive United States Map!

1st Mortgage Broker/Lender License

Most common license type for MI brokers and/or lenders. Financial statements must show net worth of at least $25,000. Low surety bond amount of $25,000.

Run our License Calculator to estimate licensing costs with all 50 states!

2nd Mortgage Broker and Lender License

Same qualifications required for company application as 1st Mortgage Broker/Lender License and same application cost. But this license type is needed if company, directly or indirectly, makes or offers to make subordinate lien mortgage loans. Financial statements must show net worth of at least $25,000. Low surety bond amount of $25,000.Low surety bond amount of $25,000.

1st Mortgage Broker/Lender License

Most common license type for MI brokers and/or lenders. MI does not license branch locations, but applying company must provide MI list of branch locations that will conduct business with MI consumers. (This is mailed along with the company 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 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, 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 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 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, Lender, and Servicer Registration

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 (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