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The Office of Financial and Insurance
Regulation issues first mortgage licenses and registrations to persons
brokering, making/lending, or servicing loans secured by a first 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 Michigan used, or improved for use, as a dwelling and
designed for occupancy by 4 or fewer families. If a person meets all of the
qualifications under Section 25a(1)(a) - (1)(i) of the Mortgage Brokers, Lenders, and Servicers
Licensing Act, Public Act 173 of 1987, as amended, the licensure or
registration is not required. The person will be granted a Non Profit
Authority.
Mortgage broker means a person who, directly or indirectly, does 1 or
both of the following:
- Serves or offers to serve as
an agent for a person in an attempt to obtain a mortgage loan.
- Serves or offers to serve as
an agent for a person who makes or offers to make mortgage loans.
Mortgage lender means a person who, directly or indirectly, makes or
offers to make mortgage loans.
Mortgage servicer means a person 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.
A. NAME OF PERMIT OR APPROVAL:
- First Mortgage - Non-Profit
Authority
B. STATUTORY AUTHORITY:
Mortgage Brokers, Lenders, and Servicers
Licensing Act, Public Act 173 of 1987, as amended, (MCL 445.1651 et seq).
Related Codes and Acts
- Consumer Mortgage Protection
Act
- Credit Reform Act
- Mortgage Lending Practices
Act
C. APPLICABLE REGULATION:
Rules Administered by the Office of Financial
and Insurance Regulation
- Mortgage and Home Lending
Practices, (R 445.1001 - 445.1038)
D. SUMMARY OF APPROVAL PROCESS:
1.
Applicability
2.
Pre-Application Requirements
- Individuals using their
personal name do not have pre-filing requirements before submitting the
filing.
- Individuals doing business
under an assumed name must first file the assumed name with their local
county clerk's office before submitting the filing.
- Legal entities (corporations,
limited liability companies, limited partnerships, etc.) must have prior
approval from the Michigan Corporation Division to conduct business in Michigan prior to
submitting the filing.
3.
Application Submission Requirements
Submit a cover letter requesting the Non-Profit Authority along with verification
that all qualifications under Section 25a(1)(a) - (1)(i)
of the Mortgage Brokers, Lenders, and Servicers Licensing Act, Public Act 173
of 1987, as amended, are met. See the qualifications under Applicability.
4.
Procedures and Time-Frame for Obtaining Approval
Up to 120 days
5.
Operational Requirements
No later than February 1 of every second year following the Commissioner's
granting of the Non-Profit Authority, the person shall file an affidavit that
it continues to meet the qualifications.
6.
Fees
No fees
7.
Appeal Process
N/A
8.
Public Input Opportunities
How to File a Complaint
E. Contact Information:
Contact
Us
Creation/Revision Date:
October
6, 2010
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