Michigan 1St Mortgage Broker License

Summary

Get Licensed in Michigan 1St to broker and originate mortgages. We can help facilitate the entire process from start to finish to obtain your state licenses. Below is the general licensing requirements for the state, you can add to cart online and check out to purchase our services. The fees listed below are only our consulting service fees and do not include third party fees involved in obtaining the licenses.

General Requirements

Financial Statements

"Upload most recent audited (prepared by a Certified Public Accountant) or unaudited financial statement (signed by an executive officer) completed in accordance with Generally Accepted Accounting Principles dated within 12 months. You may use financial statement form FIS 2053. To demonstrate “general fitness” pursuant to Section 3(1) of the Mortgage Brokers, Lenders, and Servicers Licensing Act, 1987 PA 173, applicant’s net worth shall be $15,000 or more if the applicant does not receive funds from prospective borrowers prior to closing mortgage loans. Applicant’s net worth shall be $25,000 or more if the applicant does receive funds from prospective borrowers prior to closing mortgage loans. NOTE: The financial statement should be for the company applying. Do not upload a personal financial statement unless you are applying as a sole proprietorship. NOTE: Financial statements are uploaded separately under Financial Statement section of the Filing tab. See the Financial Statement Quick Guide for instructions."

Resident/Registered Agent

Resident/Registered Agent section of the NMLS Company Form should be completed with the information currently on record with Michigan Corporation Division. If you are not required to register with the Michigan Corporation Division, you must list a Michigan resident or Michigan business entity as the Resident/Registered Agent.

Surety Bond

$25,000 furnished and submitted by a surety company authorized to conduct business in Michigan.

Management/Org Chart

Required

Business Plan

Required

Source

Information Source NMLS website

$1,585.00 Processing Fee

* Includes 1 Company State license and 1 individual License