Mortgage U is an NMLS approved provider and our 20 Hour MI Safe Comprehensive Mortgage Loan Originator course is approved to meet all federal and State of Michigan requirements for both new and transitioning Loan Originators.
FOR LOAN ORIGINATORS, BROKERS, LENDERS, SUBSIDIARIES AND AFFILIATES OF DEPOSITORY INSTITUTIONS:
If you are an existing Loan Officer Registrant you must:
- Renew your loan officer registration in 2009 by submitting the renewal form by 12/1/2009 and paying a fee of $250. Continuing education credits are not required for this renewal.
- To meet the new standard effective 7/31/2009 you must:
- Submit fingerprints to NMLS&R
- Complete 20 hours of NMLS&R approved pre-licensing education
- Take and pass the NMLS&R national test
- Submit a bond in the minimum required amount (From 10/7 OFIR letter, a $10,000 bond is required for a new loan originator applicant and for originator licensee)
- NMLS&R will run a credit report
If you are a NEW Loan Officer, the following requirements are effective until 7/31/2010:
- Complete a 24 hour live MI based course approved by the NMLS and conducted by an approved NMLS company. MI law requires all education providers (except internal corporate training programs approved by NMLS) are also approved by the Proprietary Schools Unit (PSU). The PSU requires that all training is conducted in public educational facilities that meet specific requirements (hotels do not meet these requirements).
If you have already taken the 24 hour course to become a registered LO under MI law, you do NOT need to retake the class.
- Pass the Federal exam
- Pass a separate State of Michigan exam
- Complete a fingerprinted background check according to NMLS requirements.
Previous background and fingerprint checks cannot be reused. This process must be redone specifically for the new license.
- Complete the application process within NMLS. Go to the NMLS website for complete details at www.stateregulatoryregistry.org
- The NMLS will run a credit report and credit analysis will be a part of the approval process
- Submit a bond in the minimum required amount. (From 10/7 OFIR letter, a $10,000 bond is required for a new loan originator applicant and for originator licensee)
FOR LOAN ORIGINATORS AT DEPOSITORY INSTITUTIONS:
The NMLS is not ready to take registrations from loan originators at depository institutions. Continue to monitor the NMLS website to identify when the system will be ready. Loan originators will need to be registered and must:
- Complete a fingerprinted background check according to OFIR requirements.
Previous background and fingerprint checks cannot be reused. This process must be redone specifically for the new license.
- Complete the application process within NMLS. Go to the NMLS website for complete details at www.stateregulatoryregistry.org
- The NMLS will run a credit report and credit analysis will be a part of the approval process.
Individual states and regulators are considering whether additional requirements will apply to originators at depository institutions.
DEFINITION OF 'ORIGINATOR':
"To negotiate, arrange, or offer to negotiate or arrange a mortgage loan between a mortgage lender and 1 or more individuals", or "to place, assist in placing, or find a mortgage loan for 1 or more individuals".
This definition is very broad and includes anyone involved in providing more than just basic information about mortgage lending. The definition is not meant to include processors. However, in Michigan a person who is a contract processor or underwriter must be licensed under the law.
CONTACT MORTGAGE U FOR ALL OF YOUR LICENSING EDUCATION!
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