Get Your Mortgage Loan Originator License in 2020!
Michigan Pre-Licensing Bundle
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With a mortgage license in the state of Michigan, you’ll be on track for a fulfilling and refreshing career as a mortgage loan originator! Mortgage Educators is here to help you every step along the way of your mortgage education. We offer two custom-tailored online mortgage education course bundles for Michigan loan officers, shown below. The first is intended for loan officers who are just starting their career, and need to complete the NMLS national mortgage education requirements in addition to the NMLS Michigan state education requirements. The second is provided for mortgage loan officers who already possess a loan officer license in another state, and are now entering the Michigan market.
How to Get Your MLO License in Michigan
1. Fulfill all state and federal education requirements as designated by your state agency. (18+2 Hr MI)
2. Schedule, study for and pass your national mortgage exam.
3. Apply for the MLO License: Complete and submit your MU4 through the NMLS including, paying the licensing fee, completing a criminal background check and an authorized credit report.
Why Should I Obtain My Michigan Mortgage License?
Many of our clients consider obtaining their mortgage loan originator license to be a turning point in their career. A career as a loan officer can be highly fulfilling, ever-changing, and socially engaging. While this may sound great, a career as a loan officer is not for everyone. To succeed in loan origination, it takes a strong sense of determination, creativity, and networking ability. If you’re able to work hard and continue to learn, you’ll be on the track to a rewarding new career as a Michigan loan officer! To get started, order the appropriate mortgage education course bundle shown above.
Michigan Mortgage Loan Officer License Requirements
The state of Michigan requires that new mortgage loan originators complete 20 hours of NMLS certified mortgage education - 18 hours of national education, and 2 hours of state-specific law education. For loan officers who have already completed the nationally required NMLS mortgage education, only the 2-hour state law course is required.
Michigan mortgage education can be completed three different ways: in an online instructor-led course, via a live webinar, or in a live classroom setting. Each offers different advantages, and are provided to best accommodate your schedule. Generally, new loan officers elect to complete the Michigan mortgage license requirements with an online instructor-led course like those shown above. The online courses consist of pre-recorded video lectures supported by powerpoint presentations, and comprehensive quizzes to ensure you’ve understood the material. Upon completing the online course, you will be ready to take the NMLS national exam. Mortgage Educators will report all hours of completed mortgage education to the NMLS.
New state-licensed Mortgage Loan Originators are required to complete 20 hours of SAFE pre-license education that includes:
3 hours of Federal law and regulations
3 hours of ethics, fraud, consumer protection, and fair lending issues
2 hours of non-traditional mortgage lending
10 hours of undefined instruction (electives)
2 hours of Michigan state-specific instruction
New Mortgage License Education does not count towards annual CE credits. MLOs are also advised to not retake any 20 hour new license education course unless otherwise directed by a state regulator.
PE Expiration Policy in Michigan
PE Expiration is a policy that was created by the NMLS Policy Committee that addresses situations in which an individual is required to retake 20 hours of pre-licensure education if they fail to acquire a valid mortgage license within three years from the last date of licensure as a mortgage loan originator. PE Expiration policy is enacted in Michigan which means the policy is now enforced.
Mortgage Broker vs. Mortgage Loan Officer: What's the Difference?
Michigan mortgage broker licenses are commonly confused with the more common Michigan loan officer license. While the terms mortgage broker, loan officer, and mortgage loan originator are similar, they aren’t synonymous. So what’s the difference?
Generally speaking, a mortgage broker is a company that employs mortgage loan officers. The loan officers are employed by the broker to originate loans for home-buyers when they are looking for a loan for their mortgage.
Additional Questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Michiganmortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
