How to Get a Michigan Mortgage Loan Originator (MLO) License
Michigan Mortgage License Requirements
- Complete a Criminal Background Check (CBC)
- Submit fingerprints through NMLS for an FBI criminal background check
- Authorize a credit report through the NMLS
- Fulfill all state and federal education requirements as designated by your state agency
- Take and pass a National Test
- Provide a surety bond (either Individual MLO Surety Bond – form FIS-2135 or Company MLO Surety Bond – form FIS-2137)
Steps to Get a Michigan Mortgage License
- Enroll in the Michigan Mortgage Loan Originator (MLO) 22-Hour SAFE Act Pre-License Course
- Complete the required 20 hours of NMLS-approved education, including federal law, ethics, non-traditional mortgage lending, electives, and Michigan state-specific education
- Prepare for and pass the National Test
- Submit your license application through NMLS, along with the required background check, fingerprint submission, credit report authorization, and surety bond
The Michigan Mortgage Loan Originator (MLO) 22-Hour SAFE Act Pre-License Course provides an in-depth online education tailored to the needs of mortgage loan originators in Michigan. The course covers all required topics, including federal law, ethics, non-traditional mortgage lending, electives, and Michigan state-specific education, ensuring a comprehensive understanding of the mortgage industry.
- 22-Hour SAFE Act Pre-License Course
- Online, self-paced learning
- Comprehensive coverage of federal law, ethics, non-traditional mortgage lending, electives, and Michigan state-specific education
- Designed to meet Michigan requirements
- Interactive course materials and quizzes to enhance learning
3 Benefits of a Career in the Mortgage Industry
- Increased Earning Potential: With an MLO License, you can tap into the lucrative mortgage industry, where median salaries range from $60,000 to $70,000, with top performers earning over $100,000 annually (source: U.S. Bureau of Labor Statistics, 2021). The potential for growth and higher commissions increases with experience and a proven track record.
- Making a Tangible Impact: MLOs play a pivotal role in helping 65.8% of American households (source: U.S. Census Bureau, 2021) achieve homeownership. As an MLO, you facilitate the process of securing dream homes and financial stability for families, leaving a lasting impression on their lives.
- Continuous Learning and Career Growth: The mortgage industry is continuously evolving, with over 5.64 million homes sold in the U.S. in 2020 (source: National Association of Realtors, 2021). As an MLO, you’ll stay updated on market trends, regulations, and innovative lending solutions, ensuring long-term professional development and a rewarding career.
Start your mortgage career with Cameron Academy’s MLO License Course – an engaging online course offering education and support for success in the mortgage field. Enroll today and make a meaningful difference as a Mortgage Loan Originator!
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