The Michigan Office Of Financial and Insurance Regulation (OFIR), now an office under the Department of Licensing and Regulatory Affairs (LARA) issued a letter clearly stating that effective July 31, 2011 any employee solely performing loan modification activities as defined by the MLO Licensing Act must be licensed as a Mortgage Loan Originator. This requirement applies to institutions who must have licensed MLO’s. Section 3(j) of the Act defines “Loan modification activities” as: (i) Collecting or receiving payments, including payments of principal, interest, escrow amounts, and other amounts due, on existing residential mortgage loans due and owing to a mortgagor or mortgage servicer, when the borrower is in default or in reasonably foreseeable likelihood of default. (ii) Working with a borrower described in subparagraph (i) to collect data concerning the borrower’s residential mortgage loan or loans. (iii) Making any decisions necessary to modify, either temporarily or permanently, certain terms of the residential mortgage loan or loans of a borrower described in subparagraph (i) or to otherwise finalize collection through the foreclosure process. These decisions may include changing the principal amount, the rate of annual interest charged, or the term of a residential mortgage loan; waiving any fees or charges, including late charges, a borrower is obligated to pay; deferring residential mortgage loan payments; or making similar adjustments to a borrower’s residential mortgage loan or the borrower’s obligations under the loan. A full copy of the notification can be found here: http://www.michigan.gov/documents/lara/Mortgage_Modifiers_MLO_License_Required_355891_7.pdf MU offers the full 2O hour SAFE ACT Approved course MLO’s need in order to become licensed. This course is approved by the NMLS for all states. We include free access to a practice exam and instructor support via email after the course. We are committed to helping you succeed in becoming licensed! Check our current schedule for the next available 20 hour program. If you have a group and need your own training dates please contact us to arrange for a customized program 800-278-0200.