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  • Form Mu1 - State Of Michigan - Michigan

Get Form Mu1 - State Of Michigan - Michigan

**FOR PRE-NOTIFICATION ONLY** UNIFORM PRE-NOTIFICATION MORTGAGE LENDER/MORTGAGE BROKER FORM FORM MU1 INSTRUCTIONS A. GENERAL INSTRUCTIONS 1. PRE-NOTIFICATION Pre-Notification Form(s) MU1 must be manually.

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How to use or fill out the Form MU1 - State Of Michigan - Michigan online

Form MU1 is a critical document for notifying state mortgage regulators about changes to your company's license record in Michigan. This guide will help you understand and accurately complete the form online.

Follow the steps to fill out the Form MU1 online effectively.

  1. Press the ‘Get Form’ button to access the form and open it in your preferred application for editing.
  2. Complete the pre-notification submission date field. This date signifies when you are officially submitting the form to the relevant jurisdiction.
  3. Fill in the desired effective date, specifying when you want the changes to become effective. Ensure this date fits within the guidelines provided in the Pre-Notification Table.
  4. Enter the exact name of the applicant, including the principal business address, mailing address (if different), and contact numbers. Be sure to include the IRS Employer Identification Number or the full name for sole proprietorships.
  5. If applicable, check the box for the type(s) of mortgage-related business you are engaged in or plan to be involved in. Make sure to provide accurate details as required.
  6. Specify the legal status of your applicant entity. Choose among options such as Corporation, Partnership, Limited Liability Company, etc., and enter the respective details including the formation state and date.
  7. Provide the control information by identifying any entities or individuals that control or are under common control with the applicant. Complete the required fields for each relationship and provide any necessary details.
  8. List the qualifying individual responsible for the company’s actions in detail, including the full legal name and title.
  9. For new applications, complete Schedule A for direct owners and executive officers. List information such as the name, title, ownership percentage, and whether they are a control person.
  10. If there are indirect owners, fill out Schedule B as instructed. Provide all necessary information as described for each indirect owner.
  11. Finally, review all entries for accuracy. Once you have completed the form, you can save changes, download, print, or share the form as needed.

Ensure your pre-notification requirements are met by completing the Form MU1 online today.

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A license can be issued as a residential mortgage lender, a residential mortgage loan servicer or both residential mortgage lender and residential mortgage loan servicer. Applicant must have audited financial statements that meet the tangible net worth requirement of $250,000.

1st Mortgage Broker/Lender License Most common license type for MI brokers and/or lenders. Financial statements must show net worth of at least $25,000.

Types of Mortgage Licenses in Michigan Michigan has two major license type categories: Company and Individual.

It is somewhat hard to become a mortgage broker. From there, they are often connected to individuals who help them to gain the skills and training necessary to be successful brokers. Generally, you must obtain some sort of licensing in the state you plan on working, and these often require studying and passing exams.

Net worth requirement: CFLL lenders that make residential mortgage loans must maintain a minimum net worth of $250,000.

Steps to Getting a Mortgage License in Michigan Apply for an NMLS account and ID number. Complete your Michigan mortgage Pre-license Education ("PE"). Pass a licensing exam. Apply for your Michigan mortgage license though the NMLS. Complete background checks and pay all fees.

Mortgage Loan Originator License – $250 application fee, $30 NMLS initial processing fee.

To do business as a mortgage loan originator, you need to: Apply for an NMLS account and ID number. Complete your Michigan mortgage Pre-license Education ("PE"). Pass a licensing exam. Apply for your Michigan mortgage license though the NMLS. Complete background checks and pay all fees.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Help Portal
Legal Resources
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232