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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
1st Mortgage Broker and Lender License This license is required of any sole proprietor or entity that directly or indirectly brokers or makes or offers to make 1st mortgage loans for residential property located in the State of Michigan. (More Details)
1st Mortgage Broker and Lender Registration This registration is required of any sole proprietor or entity that directly or indirectly brokers or makes or offers to make 1st mortgage loans for residential property located in the State of Michigan. Registration rather than licensure is required of a sole proprietor or entity that is approved as a seller or servicer approved by FHLMC or FNMA, an issuer or servicer approved by GNMA, or is a subsidiary or affiliate of a depository financial institution. (More Details)
1st Mortgage Broker License This license is required of any sole proprietor or entity that directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a 1st mortgage loan, or offers to serve as an agent for a person who makes or offers to make 1st mortgage loans for residential property located in the State of Michigan. (More Details)
1st Mortgage Broker Registration This registration is required of any sole proprietor or entity that directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a 1st mortgage loan, or offers to serve as an agent for a person who makes or offers to make 1st mortgage loans for residential property located in the State of Michigan. Registration rather than licensure is required of a sole proprietor or entity that is approved as a seller or servicer approved by FHLMC or FNMA, an issuer or servicer approved by GNMA, or is a subsidiary or affiliate of a depository financial institution. (More Details)
1st Mortgage Broker, Lender, and Servicer License This license is required of any sole proprietor or entity that directly or indirectly brokers or makes or services or offers to service 1st mortgage loans for residential property located in the State of Michigan (More Details)
1st Mortgage Broker, Lender, and Servicer Registration This registration is required of any sole proprietor or entity that directly or indirectly brokers or makes or services or offers to service 1st mortgage loans for residential property located in the State of Michigan. Registration rather than licensure is required of a sole proprietor or entity that is approved as a seller or servicer approved by FHLMC or FNMA, an issuer or servicer approved by GNMA, or is a subsidiary or affiliate of a depository financial institution. (More Details)
2nd Mortgage Broker and Lender License This license is required of any sole proprietor or entity that directly or indirectly brokers or makes or offers to make subordinate mortgage loans for residential property located in the State of Michigan. (More Details)
2nd Mortgage Broker and Lender Registration This registration is required of any sole proprietor or entity that directly or indirectly brokers or makes or offers to make subordinate mortgage loans for residential property located in the State of Michigan. Registration rather than licensure is required of a sole proprietor or entity that is approved as a 1st mortgage broker and lender licensee or registrant, approved as a seller or servicer approved by FHLMC or FNMA, an issuer or servicer approved by GNMA, or is a subsidiary or affiliate of a depository financial institution (More Details)
2nd Mortgage Broker License This license is required of any sole proprietor or entity that directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a subordinate mortgage loan, or offers to serve as an agent for a person who makes or offers to make subordinate mortgage loans for residential property located in the State of Michigan. (More Details)
2nd Mortgage Broker Registration This registration is required of any sole proprietor or entity that directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a 2nd mortgage loan, or offers to serve as an agent for a person who makes or offers to make 2nd mortgage loans for residential property located in the State of Michigan. Registration rather than licensure is required of a sole proprietor or entity that is approved as a 1st mortgage broker licensee or registrant, approved as a seller or servicer approved by FHLMC or FNMA, an issuer or servicer approved by GNMA, or is a subsidiary or affiliate of a depository financial institution. (More Details)
2nd Mortgage Broker, Lender, and Servicer License This license is required of any sole proprietor or entity that directly or indirectly brokers or makes or services or offers to service subordinate mortgage loans for residential property located in the State of Michigan. (More Details)
2nd Mortgage Broker, Lender, and Servicer Registration This registration is required of any sole proprietor or entity that directly or indirectly brokers or makes or services or offers to service subordinate mortgage loans for residential property located in the State of Michigan. Registration rather than licensure is required of a sole proprietor or entity that is approved as a 1st mortgage broker, lender, and servicer licensee or registrant, approved as a seller or servicer approved by FHLMC or FNMA, an issuer or servicer approved by GNMA, or is a subsidiary or affiliate of a depository financial institution. (More Details)
Consumer Financial Services Class I License This license, also known as an omnibus license, is required in lieu of obtaining an individual license or registration under the financial licensing acts. The financial licensing acts include: The Regulatory Loan Act; The Secondary Mortgage Loan Act; The Motor Vehicle Sales Finance Act; The Money Transmission Services Act; The Mortgage Brokers, Lenders, and Servicers Licensing Act; and the Credit Card Act (More Details)
Consumer Financial Services Class II License This license is required in lieu of obtaining an individual license or registration under the Credit Card Act, the Motor Vehicle Sales Finance Act, the Regulatory Loan Act, and the Secondary Mortgage Loan Act. A sole proprietor is not authorized to service subordinate mortgage loans or broker, make, and/or service with a Class II license. (More Details)
Exempt Company Registration This registration is available for any company that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of the state of Michigan. (More Details)
Money Transmitter License All entities providing money transmission services must obtain a money transmitter license under the Money Transmission Services Act (Act), 2006 PA 250 and comply with the provisions of the Act. “Money transmission services” is defined as the selling or issuing of payment instruments or stored value devices or the receiving of money or monetary value for transmission.
Regulatory Loan License Except as otherwise provided under the Regulatory Loan Act (Act), 1939 PA 21, a person shall not engage in the business of making loans of money, credit, goods, or things in action and charge, contract for, or receive on the loan a greater rate of interest, discount, or consideration that the lender would be permitted by law to charge if the lender were not a licensee under the Act and without first obtaining a license from the Director. “Loan” or “regulatory loan” is defined as a loan made by a licensee to an individual for personal, family, or household use.
Branch Licenses Description Requirements Checklist
No branch licenses Michigan does not have licenses of this classification available in NMLS at this time.
    Individual Licenses Description Requirements Checklist
    Mortgage Loan Originator License This license is required of any individual, who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application, offers or negotiates terms of a residential mortgage loan, and who is not an employee of a depository financial institution or a subsidiary of a depository financial institution.
     

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