How to Get a Mortgage License in Michigan

In order to become a mortgage broker in the state of Michigan, you must first obtain a license. The Office of Financial and Insurance Services (OFIS) is responsible for overseeing and regulating the process. There are separate licenses required for brokers dealing with first and second mortgages, respectively.

Difficulty: Moderately Challenging

Instructions

1. Apply for the appropriate license. The application process is slightly different depending on whether you intend to work with first mortgages or second mortgages. You may also opt to obtain both kinds of licenses. You may download the necessary forms along with complete instructions for filing them on the Michigan Department of Labor & Economic Growth website.

2. Pay the license application fee. This fee is $450 for both the first and second mortgage licenses.

3. Pay the investigation fee so a proper background check can be run on your history. This fee varies and is non-refundable.

4. Get bonded. If you are applying for the license to service second mortgages, you will need to be bonded for a minimum of twenty-five thousand dollars, or you can opt to get an irrevocable letter of credit for the same amount.

5. Sign the personal disclosure statement, as well as the confidential background information consent form, when filing the second mortgage application with OFIS.

6. Produce financial statements proving a net worth of at least twenty-five thousand dollars and submit them with your second mortgage license application.

Tips & Warnings

• Remember to renew your mortgage broker license(s) as necessary. You should typically receive a renewal notice in the mail.
• Be aware of the specific jurisdiction regulations as well as requirements in Michigan. For more information visit the state’s Department of Labor & Economic Growth website.

Resources

• Michigan Department of Labor & Economic Growth