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Mortgage Compliance FAQ
Updated 02/25/25
Frequently Asked Questions
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Do the Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act require a licensee or registrant to have an actual physical office location in Michigan?
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Is a licensee or registrant required to obtain authority to conduct business in Michigan?
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What is the difference between a bank and a mortgage company?
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I applied for a mortgage loan and I think I was "red-lined." What should I do?
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My mortgage company refuses to give me a copy of my appraisal report. What can I do?
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What is the highest rate of interest I can be charged on a mortgage loan?
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How long should a licensee/registrant retain its records?
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Is there a list of specific items that must be maintained in mortgage loan files?
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Can mortgage files be maintained electronically?
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Where may mortgage loan documents be stored?
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Does Michigan have any state-specific loan disclosures?
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Where are copies of Michigan-specific disclosures found?
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What laws does DIFS check for compliance with during an examination?
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Can a mortgage broker close loans in its name?
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Are referral fees to real estate agents, title companies, mortgage brokers, or others allowed in Michigan?
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Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?
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What State of Michigan laws regulate advertising of mortgage loans?
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Are electronic signatures permissible on loan documents?
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Are brokers who are exempt from the bond requirement permitted to take an applicant's credit card number and pass it on to the lender or appraisal management company without violation of section 4(1) of the MBLSLA?
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Does the State of Michigan allow a licensed mortgage loan originator to be a licensed real estate agent on the same transaction and receive dual compensation?
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Are website domain names required to be registered as a trade name or DBA?
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Are shared office locations permissible?
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Which tax record option (Form 1099 or W-2) is most appropriate to use when compensating a Mortgage Loan Originator (MLO)?
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Are mortgage loan processors required to be licensed?