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Second Mortgage License & Registration
The Department of Insurance and Financial Services issues second mortgage licenses and registrations to persons brokering, making/lending, or servicing a loan that has a term of 90 days or more; that is made to a person for personal, family, or household purposes; and that is secured by a mortgage on an interest in real property in Michigan that is used as a dwelling and is subject to a lien of 1 or more outstanding mortgages. A secondary mortgage loan may be secured by other collateral in addition to real property.
Broker means a person who, directly or indirectly, does 1 or both of the following:
Lender means a person who, directly or indirectly, makes or offers to make secondary mortgage loans.
Servicer means a person who, directly or indirectly, services or offers to service secondary mortgage loans.
Service means the collection or remittance for a lender, noteowner, or noteholder or a licensee's own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a secondary mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor.
A. NAME OF PERMIT OR APPROVAL:
B. STATUTORY AUTHORITY:
C. APPLICABLE REGULATION:
Rules Administered by the Department of Insurance and Financial Services
D. SUMMARY OF PERMIT/APPROVAL PROCESS:
A license or registration can be requested.
2. Pre-Application Requirements
3. Application Submission Requirements
4. Procedures and Time-Frame for Obtaining Approval
Up to 120 days
5. Operational Requirements
7. Appeal Process
8. Public Input Opportunities
October 30, 2013
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