Bellevue and Seattle Real Estate Mortgage Rate Watch 11 9 2010 86



In order to become a mortgage broker in the express of Michigan, you must initial acquire a license. The Office of Financial plus Insurance policy Supports (OFIS) is responsible for overseeing plus regulating the process. There are separate licenses required for brokers dealing with first and second mortgages, respectively.

Difficulty: Moderately Challenging

Instructions

1 Apply for the appropriate license. The application process is a bit different depending on whether you intend to function with initial mortgages or second mortgages. You can also opt to obtain both sorts of licenses. You can download the necessary types along with complete directions for filing them on the Michigan Division of Labor & Monetary Development web site.

2 Pay out the license application fee. This fee yous $450 for both the first and second This external link was removed for your protection licenses.

3 Pay out the investigation charge so a proper background examine can be run on your history. This fee varies and remains non-refundable.

5 Warning the personal notification statement, since well as the private background information consent form, whenever filing the second mortgage application with OFIS.

6 Create financial declarations proving a net worth regarding at least twenty-5 thousand dollars and submit it with your second mortgage license application.

Tips & Warnings

Remember to replenish your mortgage broker license(s) as obligatory. You ought to typically receive a renewal observe in the mail. Be conscious about the certain jurisdiction laws whereas well as wants inside Michigan. With more data visit the express’s Department of Labor & Economic Growth website.

Means

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