Establishes the Residential Mortgage Licensing and Supervision Act, creating licensing and supervision requirements for mortgage brokers, lenders.
The bill establishes the Residential Mortgage Licensing and Supervision Act, which creates comprehensive licensing and supervision requirements for mortgage brokers, lenders, servicers, and loan originators in Michigan. It outlines specific qualifications, fees, and conduct standards for these professionals. The act also establishes a Residential Mortgage Administration Fund and a Residential Mortgage Conservator Fund to support the administration and supervision of the industry. Additionally, it repeals previous mortgage-related licensing acts to consolidate regulations under this new act.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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