This course covers Michigan State Law relevant to Mortgage Loan Originators (MLOs). This course covers Michigan mortgage law including the MLO Licensing Act of 2009, Mortgage Brokers, Lenders and Servicers Licensing Act of 1987, the Secondary Mortgage Loan Act of 1981, the Consumer Finance Services Act of 1988, the Consumer Mortgage Protection Act of 2002 and the Mortgage Lending Practices Act of 1977.
The topics included in this course are:
- Regulatory Authority. Reviews DIFS’ authority, department structure, responsibilities and the Mortgage Industry Advisory Board.
- License Law and Regulation for MLOs, Brokers, Lenders and Servicers. Outlines who must be licensed, qualifications and application process, grounds for license denial and MLO license maintenance.
- Secondary Mortgage Act. Gives an overview of licensing, maintenance, duties and prohibited conduct.
- Consumer Financial Services Act. Reviews licensing, compliance, prohibited conduct, investigations and penalties.
- Consumer Mortgage Protection Act. Outlines guidelines for mortgage lenders, including prohibited conduct, required disclosures, violations and enforcement.
- Mortgage Lending Practices Act. Reviews loan application guidelines, required documentation, violations and oversight.