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Mortgage Loan Officer Amendment, Change in Employer/Sponsor, Termination of Employment FAQs

 
What fees will be required to amend a loan officer registration?

When must a loan officer registrant provide written notification to the commissioner?

When must a licensee or registrant provide written notification to the commissioner?

What is the procedure for a loan officer registrant to change his/her address?

What is the procedure for a loan officer registrant to change his/her name?

What is the procedure for a loan officer registrant to change employer/sponsorship?

Does a loan officer registrant need to obtain another criminal history check when changing employer/sponsor?

   
Question

What fees will be required to amend a loan officer registration?

Answer

$15 for change of residence address
$15 for change of name
$100 for change due to new employment/sponsorship

 
Question When must a loan officer registrant provide written notification to the commissioner?
Answer
  • A loan officer registrant shall provide written notification to the commissioner within 10 days after the following occurs:
    • His or her employment or agency relationship with a licensee or registrant is terminated.
    • He or she begins employment or an agency relationship with a licensee or registrant.
    • He or she changes home address.
    • He or she changes personal telephone number.
    • He or she changes personal electronic mail address.
    • He or she is convicted of or pleads guilty or no contest to a misdemeanor involving embezzlement, forgery, fraud, a financial transaction, or securities.
    • He or she is convicted of or pleads guilty or no contest to a felony
 
Question When must a licensee or registrant provide written notification to the commissioner?
Answer
  • A licensee or registrant shall provide written notice to the commissioner within 20 days after the following occurs:
    • Hiring or engaging an individual as a loan officer.
    • Terminating the employment of or agency relationship with a loan officer.
   
Question What is the procedure for a loan officer registrant to change his/her residence address?
Answer

See the NMLS Resource Center for Michigan’s amendment instructions: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Michigan

 
Question What is the procedure for a loan officer registrant to change his/her name?
Answer See the NMLS Resource Center for Michigan's amendment instructions: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Michigan
 
Question What is the procedure for a loan officer registrant to change employer/sponsorship?
Answer See the NMLS Resource Center for Michigan's amendment instructions: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Michigan
   
Question Does a loan officer registrant need to obtain another criminal history check when changing employer/sponsor?
Answer Yes. The loan officer registrant will use the new employer/sponsor's Agency ID number.
   
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