Michigan Laws 493.53a – Broker, lender, or servicer; registration with commissioner; form
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The following persons shall register with the commissioner on a form prescribed by the commissioner:
(a) A broker, lender, or servicer approved as a seller or servicer by the federal national mortgage association or the federal home loan mortgage corporation.
Terms Used In Michigan Laws 493.53a
- Broker: means a person who, directly or indirectly, does 1 or both of the following:
(i) Serves or offers to serve as an agent for a person attempting to obtain a secondary mortgage loan. See Michigan Laws 493.51Commissioner: means the commissioner of the office of financial and insurance regulation of the department of energy, labor, and economic growth or his or her authorized representatives. See Michigan Laws 493.51 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Depository financial institution: means a state or nationally chartered bank, state or federal chartered savings and loan association, savings bank, or credit union, or any other institution whose deposits are insured by an agency of the federal government. See Michigan Laws 493.51 Lender: means a person who, directly or indirectly, makes or offers to make secondary mortgage loans. See Michigan Laws 493.51 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Registrant: means a person that is registered or required to register as a broker, lender, or servicer under this act. See Michigan Laws 493.51 Servicer: means a person who, directly or indirectly, services or offers to service secondary mortgage loans. See Michigan Laws 493.51 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) A broker, lender, or servicer approved as an issuer or servicer by the government national mortgage association.
(c) A broker, lender, or servicer that is licensed under the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684, or a registrant under that act if the registrant is a mortgage broker, mortgage lender, or mortgage servicer approved as a seller or servicer by the federal national mortgage association or the federal home loan mortgage corporation, or a mortgage broker, mortgage lender, or mortgage servicer approved as an issuer or servicer by the government national mortgage association.
(d) A broker, lender, or servicer that is a subsidiary or affiliate of a depository financial institution or a depository financial institution holding company if the depository institution does not maintain a main office or a branch office in this state.