First and Second Mortgage Amendment Instructions

A licensee or registrant must amend the address, the name, or the status of its license or registration certificate. 

The Mortgage Brokers, Lenders, and Servicers Licensing Act, Public Act 173 of 1987 allows for the amendment to a First Mortgage license or registration certificate.  Sections related to the Commissioner’s powers and the amendment fees state:

“Sec. 11.  The commissioner shall exercise general supervision and control over mortgage brokers, mortgage lenders, and mortgage servicers doing business in this state and loan officers originating mortgage loans in this state.”

“Sec. 8 ( c) For amending or reissuing a license, registration, or loan officer registration not less than $15.00 or more than $200.00.”

Section 6 of the Secondary Mortgage Loan Act, Public Act 125 of 1981 provides for the amendment to a Second Mortgage license or registration certificate.  The pertinent portion of these sections state:

“Sec 6b (1) The commissioner shall exercise general supervision and control over brokers, lenders, and servicers doing business in this state.”

“Sec. 6a ( c) For amending or reissuing a license or registration, not less than $50.00 or more than $200.00.”

An address amendment:
If it changes its physical location, a person or company must request an amendment to the address in the license or registration certificate.

Submit the following documents and information:

• MU1 Form, page 4 to amend the certificate, and page 5 if amended information is necessary in these areas;
• Return the license and/or registration certificate that contains the Commissioner’s signature, and the gold seal or watermark;
• Pay a $50.00 amendment fee, payable to the State of Michigan, for each license or registration certificate; and
• A surety bond rider to correct a bond or an amended irrevocable letter of credit, if one is on file for the licensee or registrant.

 An amendment to the name:
If a licensee or registrant intends to transact business with a name other than in the certificate, it must first obtain an amended license or registration certificate with that name.  This includes the company name as well as any changes to the assumed name.  A person or company may not use a name other than that reflected in the license or registration certificate. 

Submit the following documents and information:

• MU1 Form, page 4 to amend the certificate.
• Return the license and/or registration certificate that contains the Commissioner’s signature, and the gold seal or watermark.
• Pay a $50.00 amendment fee, payable to the State of Michigan, for each license or registration certificate. 
• Authority to change the name is included in the certification at the bottom of page 4, MU1 Form.  This Execution is signed by the corporate board of directors, company members, or partnership members.
• A surety bond rider to correct a bond or an amended irrevocable letter of credit, if one is currently on file as part of the licensing requirements or part two of form FIS 1140 Exemption Declaration.
• A registrant must supply confirmation that its qualification to register has been amended prior to requesting the amendment.  For example, the FNMA, FHLMC, or GNMA approval letter must confirm any changes to the name.
• The Michigan authority to conduct business, articles of incorporation, articles of organization, or articles of partnership must be amended and confirmed prior to approval of the name amendment.

Authority amendment:
A person or company may only conduct its business in the broker, lender, or servicer authority reflected in the license or registration certificate.  If a licensee or registrant intends to transact business with authority other than that reflected in the certificate, it must first obtain an amended certificate with that specific broker, lender, or servicer authority.  For example, if a license reflects that a person is a mortgage broker, that person may not conduct lender or servicer business unless an amendment is made to the certificate.

Submit the following documents and information:

• MU1 Form page 4; item 3 on page 5 enter “1” on the Michigan line for authority being requested, enter “3” on the Michigan line for authority currently held, and enter “4” on the Michigan line if canceling an authority; and item 4 on page 6.
• Return the license and/or registration certificate that contains the Commissioner’s signature, and the gold seal or watermark;
• Pay a $50.00 amendment fee, made payable to the State of Michigan, for each license or registration certificate amended;
• Pay the difference in the license/registration fee requested.  For example, if the mortgage broker license fee is $150.00 and the lender license fee is $300.00.  To change from a broker to a broker/lender, the difference in license fee is $150.00.
• Authority to change the authority is included in the certification at the bottom of page 4, MU1 Form.  This certification is signed by the corporate board of directors, company members, or partnership members;
• Confirmation that the licensee/registrant is in compliance with its net worth requirement.  For example, net worth of a mortgage lender is $25,000.00; net worth of a mortgage servicer is $100,000.00;
• Deposit of financial responsibility upgrade if necessary.  For example, a mortgage lender is required to have $25,000.00 surety bond or irrevocable letter of credit on file with the Office of Financial and Insurance Regulation (OFIR); a mortgage servicer is required to have $125,000.00 surety bond or irrevocable letter of credit on file with the Office of Financial and Insurance Regulation.
• A proposed change in status to mortgage servicer may require an onsite investigation from an OFIR employee, prior to approval.  The company must provide copies of its procedures manual and business plan depicting the servicing function.

Send the amendment request and documentation to:

OFIR - Consumer Finance Unit
P. O. Box 30220
Lansing, MI 48909

Or for overnight delivery:

OFIR - Consumer Finance Unit
611 W. Ottawa Street, 3rd Floor
Lansing, MI 48933