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Financial Services Law Insights and Observations

Michigan Office of Financial and Insurance Regulation Announces the Enforcement of the Mortgage Loan Originator Licensing Act Beginning October 15

State Issues

On September 28, the Michigan Office of Financial and Insurance Regulation (OFIR) published a notice reminding mortgage brokers, lenders, servicers, and loan originators that the OFIR will begin enforcing the loan originator licensing requirements of the Mortgage Loan Originator Licensing Act starting October 15. After that date, any individual originating loans without an active approved mortgage loan originator license or anyone employing such an individual could be subject to an enforcement action and civil penalties up to $25,000. The OFIR encourages all mortgage brokers, lenders, servicers, and loan originators to verify the status of their licensees/their own license. If an individual discovers that his or her loan originator license application does not have an approved status in NMLS, the individual should contact the OFIR immediately to discuss the deficiency. 

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