Michigan Laws 493.151 – Mortgage loan originators; license and registration through nationwide mortgage licensing system and registry; rules
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Terms Used In Michigan Laws 493.151
- Commissioner: means the director. See Michigan Laws 493.133
- Licensed mortgage loan originator: means a mortgage loan originator who holds a valid license issued by the director under this act. See Michigan Laws 493.133
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who originates residential mortgage loans and meets all of the following:
(i) Is not an individual engaged solely as a loan processor or underwriter except as otherwise provided in section 5(3). See Michigan Laws 493.133Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Michigan Laws 493.133
In addition to any other duties imposed on the commissioner under this act, the commissioner shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. To carry out this requirement, the commissioner is authorized to participate in the nationwide mortgage licensing system and registry and may by rule establish other requirements that he or she considers necessary, including, but not limited to, any of the following:
(a) Background checks for any of the following:
(i) The criminal history of a licensed mortgage loan originator or license applicant through fingerprint or other databases.
(ii) Information about a licensed mortgage loan originator or license applicant in civil or administrative records.
(iii) A licensed mortgage loan originator‘s or license applicant’s credit history.
(iv) Any other information about a licensed mortgage loan originator or license applicant considered necessary by the nationwide mortgage licensing system and registry.
(b) The payment of fees to apply for or renew licenses through the nationwide mortgage licensing system and registry.
(c) The setting or resetting as necessary of renewal or reporting dates.
(d) Requirements for amending or surrendering a license or any other activities that the commissioner considers necessary for participation in the nationwide mortgage licensing system and registry.