Michigan Loan Officer Standards & Requirements

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs.) Below you will find the profession requirements needed to become a state-licensed mortgage loan officer, please use the links for additional information on subject matter:

Criminal Background Check – Fingerprints will need to be submitted through NMLS for an FBI criminal background check.

Education – Please see Michigan Education Requirements below.

Testing – Required to pass National and State components of the SAFE MLO Test.

Credit Report – Applicants will have a credit report run through NMLS.

 

Michigan Pre-Licensure Education Requirements

Michigan requires all new state-licensed MLOs to complete 20 hours of NMLS approved education. Below shows a breakdown of hours needed for each section:

  • 3 hours of Federal law and regulations
  • 3 hours of ethics, which entails, instruction on fraud, consumer protection, and fair lending issues
  • 2 hours of non-traditional mortgage lending
  • 10 hours of undefined instruction (electives)
  • 2 hours of Michigan specific education

Michigan requires 2 hours of instruction on state-specific law; either taking an MI comprehensive course or a state-specific elective course will satisfy this, new MLOs will also be tested on Michigan mortgage-lending law. To get started with your mandatory education requirements please refer to our NMLS approved course.

 

Continuing Education Requirements

All active state-licensed MLOs are required to complete at least 8 hours of NMLS approved education yearly.  Below is a break down of sections that must be covered in continuing education:

  • 3 hours of Federal law and regulations
  • 2 hours of ethics, which entails, instruction on fraud, consumer protection, and fair lending issues
  • 2 hours of non-traditional mortgage lending
  • 1 hour of undefined instruction (elective)

Please note that MLOs are not able to take the same NMLS approved courses two years in a row, as the NMLS will not count that toward their continuing education requirements. Known as the SAFE Act’s “successive years” rule. Our NMLS approved continuing education makes sure every year we provide you a new course so you never run into this problem.

Michigan Loan Officer License Requirements

4 thoughts on “Michigan Loan Officer License Requirements

  • September 30, 2017 at 6:23 AM
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    I want to get the state license for Michigan to become a loan officer. I would like to know the details and when can I start the course . do I have to complete the course in one go or can I complete in steps. what is the total fee.

    Reply
    • September 30, 2017 at 9:33 AM
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      Hi Roma,

      Please check you email for our responses to your questions.

      Reply
  • January 25, 2018 at 7:54 AM
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    Hi do I need a company to sponsor me? I’m currently not working and would like to get my certification.

    Reply
    • February 12, 2018 at 2:38 PM
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      You will be able to acquire you license with out a sponsor but cannot perform loans until you are sponsored. So in other words, you can get the license but will not be able to use it until you have been sponsored.

      Reply

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