Servicers No Longer Require Licensing In Michigan

Categories: Compliance PDF Servicers No Longer Require Licensing In MI Good news for servicers of Michigan loans came yesterday when the House passed SB 908 on a 107-0 vote to delete the reference to loan modifications in the Mortgage Loan Originator Licensing Act. A marked up version is attached and illustrates the changes to the current law. Page 3 of the Act shows that reference to loan modifications is being crossed out and therefore individuals who handle loan modifications are not required to be licensed under the state MLO act. Other technical corrections were also made to the bill. The governor is expected to sign this shortly. The Michigan Mortgage Lenders Association (MMLA) played a role in seeing the bill through. Together we can make a difference!