NOTE: NMLS will allow a request to transition through April 30, 2010.
Current Mortgage Broker, Lender, and Servicer Licensees/Registrants:
Companies and sole proprietorships holding a first mortgage broker, lender, or servicer license or registration, a secondary mortgage broker, lender, or servicer license or registration, or a Class I or Class II consumer financial services license in Michigan will complete through NMLS a Form MU1 for themselves or their company and a Form MU2 for each of their control persons. These forms must be submitted to OFIR through NMLS between January 4, 2010 and February 28, 2010. NMLS will allow a company or sole proprietor to complete this filing until April 30, 2010.
It is important that current licensees and registrants have all of their Michigan license and registration numbers available when completing and submitting their Form MU1.
We encourage you to update your information with our office, so at the time of transition there will be no pending changes to submit or require Office of Financial and Insurance Regulation approval.
Completing and submitting these forms is in addition to completing the renewal process for calendar year 2010.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license or registration in Michigan and complete a few state specific fields.
Current Mortgage Loan Officers:
If you are a Michigan approved mortgage loan officer, you do not have to complete the MU4; you will need to give access to the sponsoring company through NMLS. Your company will then be required to submit a sponsorship request to MI OFIR.
Mortgage Loan originators must meet the requirements listed below by July 31, 2010.
Additional requirements will include:
- Pre-licensure certification
- A Passing Score on both National and State components of the SAFE Test
- Satisfactory criminal background check including fingerprints
- Michigan Office of Financial and Insurance Regulation satisfactory review of a credit report
- License Sponsorship in NMLS by your company
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan officers in Michigan complete and submit a Form MU4 through the NMLS. Companies employing loan originators are required to Sponsor their license in NMLS. Be advised that the Company MU1 and the Loan originator MU4 must all be submitted prior to the company Sponsoring the loan originator license.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Michigan and complete a few state specific fields. If you are currently an approved Loan Officer Registrant, this information does not apply to you.
Loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.
Loan originators must meet the requirements listed below by July 31, 2010.
Additional requirements will include:
- Pre-licensure certification
- A Passing Score on both Nation and State components of the SAFE Test
- Satisfactory criminal background check including fingerprints
- Michigan Office of Financial and Insurance Regulation satisfactory review of a credit report
- License Sponsorship in NMLS by your company