What fees will be required of loan officer registrants to apply for and renew a loan officer registration?

Is there a ½ year or pro-rated fee for loan officer registrant?

Where are the first mortgage and secondary mortgage loan officer registration fees maintained?

Will fees collected and credited to the MBLSLA Fund be restricted and carried over to the next fiscal year?

Where can I find the loan officer registration application?

Who is required to submit the loan officer registrant application - the current licensee or registrant or the individual requesting to be the loan officer registrant?

What is included in the loan officer registration application?

Is an individual "automatically" registered if the individual submits an application and the registration fee to the commissioner? 

Is the commissioner required to issue a loan officer registration certificate?

What are the loan officer registration application approval requirements?

What are the loan officer registration denial requirements?

No, a ½ year fee only applies to a licensee or registrant.

In the MBLSLA Fund.

Yes, all fees collected and credited to the MBLSLA Fund are restricted, with excess funds carried over to the next fiscal year.  Excess funds will not revert to the General Fund.

• Form MU4 (national uniform application) from the Nationwide Mortgage Licensing System.
• Loan Officer Request for Registration and Michigan-Specific Supplement to Form MU4 (FIS 2080).

Beginning June 22, 2009, the loan officer is required to submit the loan officer registrant application Form MU4 (national uniform application), and the loan officer and the sponsoring company will need to complete and submit the Loan Officer Request for Registration and Michigan-Specific Supplement to Form MU4 (FIS 2080).

• Name and address of individual applying for a loan officer registrant.
• Name and address of licensee or registrant.
• Attestation that a criminal history check has been completed and the results do not contain a conviction or a pleading of no contest to a felony within the 10 year period preceding the date of the individual's loan officer application.
• Attestation that a criminal history check has been completed and the results do not contain a conviction or a pleading of no contest to a felony or misdemeanor involving embezzlement, forgery, fraud, a financial transaction, or securities.
• Attestation that the loan officer registrant applicant was not subject to any prohibition orders issued by the commissioner in the 5 year period immediately proceeding April 3, 2008.
• Attestation whether the loan officer registrant applicant has had an application denied, or license, etc. revoked or suspended, including a license or registration in which the individual held more than 25% of the ownership interest or was a loan officer.
• Attestation that the loan officer registrant applicant has completed at least 24 hours of live classroom instruction in Michigan by an approved instructor.
• Attestation the loan officer registrant applicant has correctly answered at least 75% of the questions on a loan officer examination.
• Attestation the licensee or registrant has access in NMLS to loan officer registrant applicant’s Form MU4 and the licensee or registrant has reviewed it for completeness.
  
  

• The commissioner will issue a loan officer registration to an individual that meets all of the following:
  • Provides attestation that the required criminal background check has been completed and the individual qualifies to register as a loan officer.
  • Does not meet any of the denial requirements under Section 2a(6).
  • Provides attestation that the individual has completed at least 24 hours of live professional classroom instruction (at least 3 hours concerning state and federal laws and regulations).
  • Provides attestation that the individual has answered correctly at least 75% of the loan officer examination questions.
  • Provides attestation that the individual has not been issued a prohibition order pursuant to Section 18a in the 5-year period immediately preceding April 3, 2008.
  • Submits a complete loan officer registrant application (Form MU4 and FIS 2080).
  • Submits the required loan officer registration fee.

• The commissioner shall not issue a loan officer registration to an individual that has any of the following:

• Loan officer registration terminates December 31 of each year unless it is renewed on or before that date.
• Renewal application and the annual operating fee are required to be received annually before December 1.
• Submitted by the licensee or registrant.
• On a form prescribed by the commissioner.
• Name, address, and current license or registration number of licensee or registrant.
• Name and address of the loan officer registrant.
• Current registration number of the loan officer registrant.
• Statement whether the loan officer registrant has had an application denied, or license, etc. revoked or suspended, including a license or registration in which the individual held more than 25% of the ownership interest or was a loan officer.
• Certificate of Completion, which provides evidence that the loan officer registrant has completed at least 6 hours of instruction in a course or courses relevant to the mortgage lending industry.  The 6 hours shall include at least 1.5 hours related to legal and regulatory compliance, and at least 1 hour related to ethics and fraud prevention.
  
  

      *   Continuing education will not be required in year 2009.

• If an individual has a valid, similar license or registration from another state that has instructional procedures and requirements for loan officers approved by the commissioner may satisfy the continuing education requirement by submitting proof that he or she is in compliance with the instruction requirements of that state at the time of application.
• Signed and dated affidavit (copy retained by the licensee or registrant) that discloses any criminal conviction or plea of no contest by the loan officer registrant.  Either: