​​​​​​​This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Michigan under the Division of Insurance and Financial Services (DIFS). This 2-hour course covers Michigan specific rules and regulations as mandated by DIFS, and is required as part of the 20 hours of prelicensure education needed to become a Michigan-licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of five parts and a final exam:

• Module 1: The Michigan Mortgage Loan Originator

• Module 2: Initial Licensure in Michigan 

• Module 3: Professional Behavior of the Mortgage Loan Originator

• Module 4: Mortgage Loan Originator and Professional Protocol

• Module 5: Additional Post-Licensure Information

• Final Exam

Total study time: 2 credit hours

Module 1: The Michigan Mortgage Loan Originator

In this module, we will cover Michigan’s foundational basics for understanding your role as a mortgage loan originator. We will define the residential mortgage loan and the important players in the issuance of a residential mortgage loan. Thereafter, we will define the vital role of the mortgage loan originator in the fine state of Michigan, and we will explain the other professionals involved in the creation of a mortgage loan: the borrower, the broker/banker, and the loan processor.

Module 2: Initial Licensure in Michigan

In this module, we will cover Michigan law and define who is required to obtain a state-issued license to practice as a mortgage loan originator. Next, we clearly delineate the steps that are required for licensure. These steps are all interwoven with the Nationwide Multistate Licensing System, which serves as a step-by-step guide to completed licensure.

Module 3: Professional Behavior of the Mortgage Loan Originator

Now that we understand what a mortgage loan originator does and the requirements to gain licensure, we will move forward to the expectations of professional behavior for the licensed mortgage loan originator in the state of Michigan. The Michigan statute clearly defines what actions are prohibited by law. This module will explain to you what your expected behavior is as a licensed mortgage loan originator.

Module 4: Mortgage Loan Originator and Professional Protocol

In this module, we will address specific requirements surrounding the relationship between the mortgage loan originator and the residential mortgage loan applicant. We will start with an emphasis on the importance of the NMLS-issued unique identifier number. This number is required by federal law and is used by a number of federal entities in order to regulate the field of mortgage loans and banking.

Module 5: Additional Post-Licensure Information

In this final module, we address some of the important requirements of the mortgage loan originator, once the applicant has been approved for licensure. First is the requirement that the MLO is employed by an NMLS-approved business licensee. Thereafter, it is a requirement that the MLO provides proof of a surety bond – an insurance policy per se - that covers the mortgage applicant if there is misdeed on the part of the loan processing. We'll also review license maintenance.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center