How to Get a Michigan Mortgage Loan Originator License

To get a Michigan mortgage loan originator license, you'll need to meet the state's minimum education requirements. You must complete 20 hours of NMLS-approved pre-licensing education, which covers topics like federal law, ethics, and Michigan-specific regulations.

The Michigan Department of Licensing and Regulatory Affairs (LARA) is responsible for licensing mortgage loan originators in the state. You'll need to apply for a license through the Nationwide Multistate Licensing System (NMLS).

The application process typically takes a few weeks to a few months to complete, depending on the speed of your background check and the processing time of the NMLS.

To become a mortgage loan originator in Michigan, you'll need to follow the state's specific licensing requirements. This involves checking Michigan's state-specific licensing requirements through the NMLS Resource Center, State Licensing website.

You'll find the additional steps required to obtain your MLO license in Michigan on this website. It's essential to complete this step for any additional state you'd like to get licensed in.

To become a licensed mortgage loan originator in Michigan, you'll need to complete your pre-licensure education. This is a crucial step in the process, and it's required by the SAFE Act.

You'll need to take a minimum of 20 hours of coursework, which includes 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-Traditional Mortgage Lending, and 10 hours of General Electives.

Here's a breakdown of the specific courses required in Michigan:

Note that the Michigan-specific 2-hour course is required by the Department of Insurance and Financial Services.

To get licensed as a mortgage loan originator in Michigan, you'll need to follow these steps. First, you'll need to apply for an NMLS account and ID number.

You'll then need to complete your Michigan mortgage Pre-license Education, which is also known as PE. This is a crucial step in becoming a licensed mortgage loan originator.

To finalize your application, you'll need to pay several non-refundable fees and complete a background check. The current cost of the background check and fingerprinting is $36.25.

Here are the steps to complete your background check and fingerprinting:

Additionally, you'll need to associate your NMLS account with an employer once you've completed all the necessary steps.

To complete your background check, log into your NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab and authorize a Federal Criminal Background Check.

You'll need to schedule an appointment to submit your fingerprints, which can be done through the NMLS portal by clicking on the Composite View button and selecting Criminal Background Requests. This will allow you to schedule your fingerprinting appointment by clicking the “Fieldprint” button.

The total cost of the state and FBI criminal background check is $36.25.

To become a licensed mortgage originator in Michigan, you'll need to find a mortgage company willing to sponsor your license. If you've completed the pre-licensing work and passed the SAFE exam, you're one step closer to getting sponsored.

Morty is a technology-enabled online licensed mortgage broker that offers sponsorship to mortgage originators in Michigan.

To become a licensed mortgage loan originator in Michigan, you'll need to complete 22 hours of pre-license education, including a 2-hour course on Michigan mortgage lending laws, which covers topics such as state-specific laws and regulations. This course is designed to prepare you for the licensing exam.

The total cost for the pre-license education is $285.00, plus a $33.00 NMLS Credit Banking Fee. You can complete the course in as little as 4 days, and it's delivered online through your web browser.

You'll need to complete 20 hours of coursework, which includes 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-Traditional Mortgage Lending, 10 hours of General Electives, and 2 hours of Michigan-specific electives. The Michigan-specific course is required by the state licensing agency.

Here's a breakdown of the required coursework:

You can complete your pre-license education through various providers, such as OnlineEd, which offers a self-paced online video course that includes a test-taking strategy video to help you prepare for the licensing exam.

The first-time pass rate for the mortgage licensing exam is a relatively low 55%.

You can review the MLO Testing Handbook by the NMLS for a comprehensive topic outline that will be tested over.

The exam has 115 scored questions, and test takers must answer at least 75% correctly.

You'll have to wait 30 days to take the exam again if you don't pass it on your first attempt.

After the third attempt, there's a 180-day waiting period before you can try again.

It costs $110 to take the exam, and you'll have 3 hours and 10 minutes to complete it.

To obtain your MLO license, you'll need to pass the NMLS's SAFE Mortgage Loan Originator Test with a score of 75% or higher.

The SAFE exam is 190 minutes long, and also costs $110.

To get your Michigan mortgage loan originator license, you'll need to apply for a license through the NMLS website. You'll need to complete and submit an application for a mortgage loan origination license via the NMLS website.

The NMLS is a national organization that tracks all mortgage activity in the US, and you'll need to be licensed by the state in which you work if you're employed by an independent mortgage company. However, if you work for a bank, credit union, or government organization, you may not need to be licensed but still need to be registered with the NMLS.

Before applying for your license, create an NMLS account and ID number, which will be your license number for the rest of your mortgage career. You can find more information on how to apply for an NMLS account on the NMLS website.

Applicants will apply through the NMLS licensing portal to submit for official Michigan licensure. You'll need to pay a $250 fee for the Michigan portion of the licensing fee and submit a credit report at the time of application for a fee of $15.

To submit your application, head to your NMLS portal to complete your Individual Form (MU4) and pay your NMLS fees. The cost to submit your mortgage officer license in Michigan is $30 for the NMLS application fee, $75 for the state application fee, and a $15 credit report fee.