What statutes require loan officer registration? |
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What is the effective date for loan officer registration under the Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act? |
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What is the registration period for a loan officer registrant? |
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Who will be required to register as a loan officer registrant? |
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Is loan officer registration required under the Secondary Mortgage Loan Act? |
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Is there a difference in obtaining a first mortgage loan officer registration and a secondary mortgage loan officer registration? |
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What is a loan officer? |
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Is a loan officer the same as a loan officer registrant? |
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Is a loan officer or loan officer registrant the same as a licensee or a registrant? |
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Can a loan officer registrant originate mortgage loans for more than one licensee or registrant? |
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For what time period may a loan officer operate without a loan officer registration? |
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How long can loan officers receive compensation or other remuneration without being registered? |
| If a loan officer originates a mortgage loan prior to April 1, 2009, can the mortgage loan close on or after April 1, 2009, and the loan officer be compensated for the mortgage loan origination without the loan officer being a loan officer registrant? |
| If a loan officer originates a mortgage loan after March 31, 2009, can the loan officer be compensated for the mortgage loan origination without the loan officer being a loan officer registrant? |
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Do officers, directors, shareholders, members, or partners of a currently licensed or registered mortgage broker, lender, or servicer, need to apply for and receive a loan officer registration? |
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If an individual is currently licensed or registered as a mortgage broker, lender, or servicer, is it still necessary to apply for and receive a loan officer registration? |
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Is a loan officer required to be an "employee" of a licensee or registrant after March 31, 2009? |
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If I am an "employee" of a licensee or registrant and I intend to originate mortgage loans, do I still need a loan officer registration? |
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What are the bonding requirements for a loan officer registrant? |
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What are the net worth requirements for a loan officer registrant? |
| Can an individual use the title or designation "loan officer", "loan originator", "mortgage loan officer", or "mortgage loan originator" |
| Can a mortgage loan officer registrant use the word "registered", "certified", or any word in his or her title or designation |
| What may be disclosed, provided, or made available to the public regarding loan officer registrants or loan officer registrant applicants |
| What shall not be disclosed, provided, or made available to the public regarding loan officer registrants or loan officer registrant applicants |
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What statutes require loan officer registration? |
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Loan officer registration is a requirement of the Mortgage Brokers, Lenders, and Servicers Licensing Act, and the Secondary Mortgage Loan Act, and the Consumer Financial Services Act. |
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What is the effective date for loan officer registration under the Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act? |
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The effective date requiring loan officer registration is April 1, 2009. |
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What is the registration period for a loan officer registrant? |
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The initial registration period is April 1, 2009, through December 31, 2009. Thereafter, the registration period will be calendar January 1 through December 31. |
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Who will be required to register as a loan officer registrant? |
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Beginning April 1, 2009, any individual that originates a mortgage loan and receives any compensation, commission, fee, points, or other remuneration or benefits from a licensee or registrant. |
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Is loan officer registration required under the Secondary Mortgage Loan Act? |
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Yes, beginning April 1, 2009, if the loan officer is not a loan officer registrant under the Mortgage Brokers, Lenders, and Servicers Licensing Act and will originate for a mortgage broker, lender, or servicer that only brokers, makes, or services secondary mortgage loans. |
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Is there a difference in obtaining a first mortgage loan officer registration and a secondary mortgage loan officer registration? |
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No, both loan officer registrations have the same requirements. |
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What is a loan officer? |
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A loan officer is an individual who is authorized to originate mortgage loans for a licensee or registrant without a loan officer registration and without compensation. |
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Is a loan officer the same as a loan officer registrant? |
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No, a loan officer is an individual that has not received loan officer registration approval. |
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Is a loan officer or loan officer registrant the same as a licensee or a registrant? |
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No. Licensees and registrants are mortgage brokers, lenders, or servicers. |
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Can a loan officer registrant originate mortgage loans for more than one licensee or registrant? |
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No. A loan officer registrant is required to originate exclusively for only one licensee or registrant; however, if a loan officer registrant is also licensed or registered as a mortgage broker, mortgage loans originated by the loan officer registrant may be brokered to more than one mortgage broker, lender or servicer. |
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For what time period may a loan officer operate without a loan officer registration? |
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Statutory law allows a loan officer to originate a mortgage without a loan officer registration if a licensee or registrant conducts a criminal history check of that loan officer, the results of the criminal history check meet the felony/misdemeanor requirements, and the licensee or registrant provides written notification to the commissioner.
- After notification the loan officer may originate mortgage loans without compensation for 90 days.
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Important, please see OFIR April 2009 letter: http://www.michigan.gov/documents/dleg/090414_Non-LOR_WageHour_Comp_Instructions_OFIRwebsite
_275238_7.pdf.
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How long can loan officers receive compensation or other remuneration without being registered? |
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The last day loan officers can receive compensation or other remuneration without being registered is March 31, 2009. |
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If a loan officer originates a mortgage loan prior to April 1, 2009, can the mortgage loan close on or after April 1, 2009, and the loan officer be compensated for the mortgage loan origination without the loan officer being a loan officer registrant? |
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Yes |
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If a loan officer originates a mortgage loan after March 31, 2009, can the loan officer be compensated for the mortgage loan origination without the loan officer being a loan officer registrant? |
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No. Only loan officer registrants can be compensated for mortgage loans originated after March 31, 2009. |
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Do officers, directors, shareholders, members, or partners of a currently licensed or registered mortgage broker, lender, or servicer, need to apply for and receive a loan officer registration? |
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Yes, if the officer, director, shareholder, member, or partner will originate Michigan mortgage loans. |
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If an individual is currently licensed or registered as a mortgage broker, lender, or servicer, is it still necessary to apply for and receive a loan officer registration? |
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Yes. |
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Is a loan officer required to be an "employee" of a licensee or registrant after March 31, 2009? |
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No, beginning April 1, 2009, a loan officer may be an employee or agent of one licensee or registrant. |
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If I am an "employee" of a licensee or registrant and I intend to originate mortgage loans, do I still need a loan officer registration? |
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Yes, beginning April 1, 2009. |
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What are the bonding requirements for a loan officer registrant? |
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No bonding is required of a loan officer registrant. |
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What are the net worth requirements for a loan officer registrant? |
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No net worth is required of a loan officer registrant applicant. |
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Can an individual use the title or designation "loan officer", "loan originator", "mortgage loan officer", or "mortgage loan originator"? |
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Beginning April 1, 2009, an individual employed or engaged as an agent by a licensee or registrant as a loan officer shall not use the title or designation "loan officer", "loan originator", "mortgage loan officer", or "mortgage loan originator" unless the individual is registered as a loan officer registrant. |
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Can a mortgage loan officer registrant use the word "registered", "certified", or any word in his or her title or designation? |
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Beginning April 1, 2009, a mortgage loan officer registrant and the employer or principal of a loan officer registrant shall not use the words "registered", "certified", or any other word of similar import in his or her title or designation unless approved by the commissioner. |
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What may be disclosed, provided, or made available to the public regarding loan officer registrants or loan officer registrant applicants? |
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The name, business address, and business telephone numbers of the loan officer registrant or loan officer registrant applicant. |
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What shall not be disclosed, provided, or made available to the public regarding loan officer registrants or loan officer registrant applicants? |
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Personal identifying information about the loan officer registrant or loan officer registrant applicant. |
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