New Requirements for Residential Mortgage Lenders

Mortgage brokers, lenders and servicers and their agents are now required to register with the Commissioner of the Office of Financial and Insurance Regulation of the Michigan Department of Labor and Economic Growth, before providing mortgage loan services. As part of the registration process, the individual is required to provide fingerprints to the State police and FBI for a state and national criminal history background check. In addition, the individual must obtain a certificate showing the completion of 24 hours of classroom instruction on residential mortgage lending which includes state and federal laws and regulations.

The Commissioner will deny registration to an applicant who has been convicted or plead no contest to a felony or misdemeanor involving embezzlement, forgery, fraud, a financial transaction or securities, or any other felony within the past 10 years.

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Categories: Real Estate