Following information is required to obtain a Michigan State Mortgage Broker License:

• Completed and signed application along with the application fee, investigation fee and other required documents should be submitted to the department.
• At the time of application, the applicant is required to provide a proof of financial responsibility in the form of a surety bond amounting to $25,000 to $125,000 or any other form prescribed in the Act.
• A licensee who acts as a mortgage broker and who receives funds from a prospective borrower before the closing of the mortgage loan shall maintain a net worth of not less than $25,000.
• If registrant or licensee is approved as a seller or servicer by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Broker Association, they are required to attach a copy of the notification letter or certificate of such approval.
• A mortgage broker license expires on June 30th of each year. The registration or license may be renewed by filing a registration or an application for license renewal and paying the annual operating fee for the succeeding year. The registration or application and payment shall be received by the commissioner on, or before, June 15 of each year.
• The licensee is also required to annually deliver the financial statements to the Department in a form prescribed by the Department.
• A license granted to mortgage broker is not be transferred or assigned without the consent of the commissioner.
• There are no specific education or experience requirements for obtaining a Mortgage Broker License in Michigan.

The Mortgage Brokers, Lenders, and Services Licensing Act (MBLSLA) can be accessed at Michigan Legislature.

Applications and other forms for Mortgage Broker License can be accessed at Consumer Finance Forms.

For more information visit Office of Financial and Insurance Services.