The Michigan Fee Schedule — First Mortgage outlines the costs associated with obtaining a first mortgage loan in the state of Michigan. It includes fees for loan origination, processing, underwriting, closing, document preparation, title and escrow services, and other related costs. The schedule also outlines fees for appraisals, inspections, surveys, and other services related to the loan transaction. There are three different types of Michigan Fee Schedule — First Mortgage: Conventional, FHA, and VA. Each type of loan has different fee structures, so it is important to review the fee schedule before making a decision.
Michigan Fee Schedule - First Mortgage
State:
Michigan
Control #:
MI-SOS-DM-07
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PDF
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Fee Schedule - First Mortgage
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CA-DFPI : Residential Mortgage Lending Act License (CRMLA) 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.
How to Become a Loan Officer in Michigan Request an NMLS Account.Complete NMLS-Approved Pre-Licensure Education.Pass the SAFE Mortgage Loan Officer Test.Complete State and FBI Criminal Background Checks.Complete the NMLS Application.Secure Your Employer Sponsorship.
A loan officer works for a bank, a credit union, or another mortgage lender, and will offer only the programs and mortgage rates that are available from that institution. A mortgage broker works on a borrower's behalf to find the best rate and loan from a number of institutions.
What Does a Mortgage Broker Do? A mortgage broker aims to complete real estate transactions as a third-party intermediary between a borrower and a lender. The broker will collect information from an individual and go to multiple lenders in order to find the best potential loan for their client.
Mortgage Loan Originator License ? $250 application fee, $30 NMLS initial processing fee.
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 Officer Bond Amounts $50,000 - if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000 or more.