Mortgage Industry Advisory Board FAQ
- Who will make up the Board?
The Board will consist of 7 individuals:
- 2 individuals nominated by the MMBA
- 2 individuals nominated by the MMLA
- 1 individual nominated by any trade association operating in Michigan that represents mortgage brokers, lenders, and servicers (NCUA, MBA, etc.)
- 2 individuals that provide services to or purchase services from licensees or registrants
Board appointment terms will consist of:
- Term limit is 4 years
- First Board Term - 3 individuals will serve 2-year terms
- No more than 2 consecutive 4-year terms (may reappoint after 12-month period)
- No more than 1 member may serve that is employed with or has more than 1% ownership in the same licensee, registrant, affiliate or other person.
- Members of the Board shall serve without compensation; however, DIFS shall reimburse a member for travel and other expenses incurred for an official Board function.
- The Board shall retain minutes and other records of its meetings, and shall make them available to the commissioner upon request. These documents are to be made available to the public in compliance with the FOIA.
- The Board shall review and make recommendation to the commissioner regarding issues and concerns involving:
- Course sponsors or providers
- Course instructors
- Course content and materials
- Examination content and procedures
- Rules proposed under the Act
- Procedures to verify course and examination attendance
- Procedures for maintaining confidentiality concerning licensees, registrants, and applicants for licensure or registration
- Any other pertinent issue
The answers provided are not meant to be a substitute for legal advice.