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Updated 02/25/25
Your 1st Mortgage License/Registration expires December 31 of each year and must be renewed on or before December 15. You will receive renewal information from the Department of Insurance and Financial Services (DIFS) with instructions on how to renew. Renewal is requested and fees are paid directly through the Nationwide MultiState Licensing System & Registry (NMLS). All surety bonds, riders, etc. are submitted through the NMLS electronic bond function. Do not submit original surety bonds, riders, or continuation certificates directly to DIFS. Failure to timely renew may prevent you from conducting mortgage transactions in Michigan and may also result in late renewal penalty fees. (Section 7(1) and Section 8(7) of the Act).
The Mortgage Call Report (MCR) must be completed by all state-licensed companies and companies employing state-licensed mortgage loan originators (MLOs). The MCR collects standardized mortgage company data at the state level for all state-licensed mortgage companies. Collecting this data allows regulators to gain insights into industry trends, helping them identify potential issues that could harm consumers.
In Michigan, MCRs are considered special reports required by Section 21(3) of the MBLSLA and Section 6a(13) of the SMLA. Failure to file the MCR, filing a late MCR, or filing an inaccurate MCR may result in a violation and/or fines or penalties (Section 8(6) of the MBLSLA and Section 6a(9) of the SMLA). Issues with MCR filings can impact license/registration renewal.
For more information about the MCR and submission or timing requirements, please visit the NMLS Resouce Center.
Yes, pursuant to Section 7(2) of the MBLSLA and Section 6a(2) of the SMLA, you must file the financial statement no later than 90 days after the close of the company’s fiscal year-end. For example, if the fiscal year-end is December 31, you must file the financial statement on or before March 31. Failure to file the financial statement timely and accurately may result in violations, fines, and/or penalties (Section 8(6) of the MBLSLA and Section 6a(9) of the SMLA). Licensees/registrants are not required to submit audited financial statements; however, they must be completed in accordance with generally accepted accounting principles.
Also, the NMLS requires regulated entities to file a report of Financial Condition (FC):
In Michigan, the FC is considered a special report required by Section 21(3) of the MBLSLA and Section 6a(13) of the SMLA. Failure to file the FC, filing a late FC, or filing an inaccurate FC may result in a violation and/or fines or penalties (Section 8(6) of the MBLSLA and Section 6a(9) of the SMLA). Issues with FC filings can impact license/registration renewal.
For more information about the FC, please visit the NMLS Resouce Center.
No. Beginning in 2018, licensees/registrants are not required to file an Annual Report on DIFS form FIS 1077 and/or form FIS 1080. Instead, all licensees/registrants are required to directly submit mortgage broker, lender, and/or servicer loan activity using the electronic Mortgage Call Report (MCR) filed quarterly via the Nationwide Multistate Licensing System & Registry (NMLS). Further information regarding the quarterly reports can be found at the NMLS Resource Center Mortgage Call Report. This activity will be used to assess the annual renewal operating fee. Late filing or failure to file may result in fines and penalties. (Section 21(3) and 8(6) of the Act).
Yes. Beginning January 1, 2018, all new company license/registration applications will be required to meet all surety bond requirements by completing the electronic process. Current licensees/registrants must convert all existing surety bonds to NMLS via the submission of an ESB no later than December 31, 2018.
Any transfer of 25% or more of a company’s shares or ownership is considered a transfer of the license. This action must have the Director’s consent prior to transfer. A registration is not transferable and requires the registrant to submit a new registration application. It is your responsibility to contact DIFS for information on transfers before the transaction consummation. (Section 9 of the Act).
A licensee or registrant may surrender a license or registration by delivering to the Director the license or registration with written notice that the licensee or registrant surrenders the license or registration. See MCL 445.1660(1)
The required written notice must be submitted to the Director directly through NMLS. Additionally, the licensee/registrant must return the original certificate directly to DIFS via mail. The mailing address can be found within NMLS link above.
Submit the following document to DIFS:
Yes, a mortgage broker, lender, and/or servicer license or registration does not allow an individual to originate mortgage loans. Unless otherwise statutorily exempt, an individual (including an officer, director, member, shareholder, etc.) who originates mortgage loans is required to be licensed as a mortgage loan originator.
Yes, licensees/registrants are to regularly monitor their NMLS accounts for information accuracy and notify DIFS of any changes. Deficiencies set by NMLS or DIFS must be immediately addressed and resolved by the licensee/registrant.
If you have any questions regarding the above items, please contact the Consumer Finance Licensing Unit at 877-999-6442.
For mortgage compliance questions, please submit your question in writing, via e-mail, to DIFS-Fin-Info@michigan.gov. Your question will be forwarded to the appropriate area within DIFS.
For complaints, please e-mail DIFSComplaints@michigan.gov.
You can view licensed entities and entity locations by visiting “Regulated Consumer Finance Entities” on the DIFS website.
No, commercial or investment property is not included in the definition of “mortgage loan” under the MBLSLA.
The MBLSLA defines a mortgage loan as a loan that is made for personal, family, or household purposes and is secured by real property located in this state that is designed for occupancy by 4 or fewer families. See MCL 445.1651a(r)
