How to Become a Mortgage Loan Officer in Michigan

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Prior to July 31, 2010, applicants can register to become a licensed loan officer in the state of Michigan. As of July 31, 2010, applicants seeking licensure as a mortgage loan officer in the state of Michigan have to register for a mortgage loan originator license. Mortgage loan originators provide or negotiate residential mortgage loan applications for financial gain. Application for licensure is made using the Nationwide Mortgage Licensing System (NMLS). Applicants must satisfy specific Michigan state requirements to obtain a mortgage loan originator license.

Things You'll Need

  • Access to the NMLS system NMLS identification number Sponsorship by a mortgage broker, lender or service provider Loan Officer Request for Registration Form (FIS 2080) Licensing application fee

Prior to July 31, 2010

  • Complete the state of Michigan pre-licensing requirements. The requirements differ depending on whether applicants apply before or after July 31, 2010; as of this date, licensure requirements for mortgage loan officers will be repealed and replaced with new requirements for mortgage loan originator licensing.

  • Complete the required documentation. Applicants are required to obtain a new fingerprint application. The application must be submitted to the Federal Bureau of Investigation (FBI) and the Michigan State Police, and returned directly to an applicants employer.

  • Complete the education pre-licensing requirements. Applicants are required to take 20 hours of in-class, pre-registration education. Information on pre-licensing education is offered through the Michigan Department of Energy, Labor and Economic Growth website.

  • Complete the required educational testing. All mortgage loan originators are required to pass the National NMLS-approved test and the Michigan state test component of the NMLS, with a minimum score of 75 percent. Applicants who have already passed the NMLS test do not need to take the test again, unless it was taken prior to October 22, 2009. If this is the case, only the NMLS National test needs to be taken.

  • Submit the Michigan loan officer application and fee through NMLS. Submit the Loan Officer Request for Registration and Michigan form (FIS 2080) to the Office of Financial and Insurance Regulation (OFIR). The form is available on the OFIR website.

After July 31, 2010

  • Complete the education pre-licensing requirements. Applicants who apply for a Michigan mortgage loan originator license must complete at least 20 hours of NMLS approved pre-licensing education. Information on pre-licensing education is offered through the NMLS website.

  • Complete the required educational testing. All mortgage loan originators are required to pass the National NMLS-approved test and the Michigan state test component of the NMLS, with a minimum score of 75 percent.

  • Apply for licensure. Submit Michigan loan officer application and fee through NMLS.

  • Complete the required documentation. Applicants are required to submit a new fingerprint application, consent to a criminal background check and a credit report through NMLS. Background check results are sent directly to the state of Michigan. Applicants are also required to submit a surety bond to the Michigan Office of Financial and Insurance Regulation (OFIR). Submit a mortgage call report through the NMLS.

  • Receive license approval from the state of Michigan. Once you have completed all of the pre-licensing requirements through the NMLS, the state of Michigan will process your application. Once you are licensed, you must complete the Loan Officer Registrant Information Update information form and submit it to the Department of Energy, Labor and Economic Growth.

Tips & Warnings

  • Ensure that you have sponsorship from an approved employer before beginning the licensure application process.
  • You must pass both a criminal record check and credit report check as part of the licensing process.

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References

  • Photo Credit signing image by Peter Baxter from Fotolia.com
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