Michigan Borrowers Certification of Inventory
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How to fill out Borrowers Certification Of Inventory?
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FAQ
In general, an applicant/licensee must: Broker must have and maintain a $50,000 net worth; Lender/Broker must have and maintain a $250,000 net worth. Obtain and maintain a minimum of $25,000 surety bond.
Inventory loans fall under the category also called ?inventory financing.? They are any type of funding borrowed by a business to buy products they plan to sell in the future. The products are the inventory that becomes the loan's collateral. Because the funds are secured, there is less risk to the lenders.
445.1655 Minimum net worth. A licensee who acts as a mortgage lender shall maintain a net worth of not less than $25,000.00. A licensee who acts as a mortgage servicer shall maintain a net worth in an amount determined by the commissioner not exceeding $100,000.00.
Types of Mortgage Licenses in Michigan Michigan has two major license type categories: Company and Individual. Each license type depends on the work you will perform.
The term inventory financing refers to a short-term loan or a revolving line of credit that is acquired by a company so it can purchase products to sell at a later date. These products serve as the collateral for the loan.
Net worth requirement: CFLL lenders that make residential mortgage loans must maintain a minimum net worth of $250,000. See CFL net worth requirement for more details (Net Worth Requirements paragraph) .
A licensed CRMLA lender is authorized to provide brokering, lending and servicing to their clients. Applicant must have Audited financial statements that meet the tangible net worth requirement of $250,000.
(3) If the licensee is a mortgage broker, it shall maintain a net worth of at least twenty-five thousand dollars ($25,000), including evidence of liquidity of ten thousand dollars ($10,000), as certified by the licensee in a certified statement of financial condition.
