Mortgage compliance dating atraf dating touch
Rule 445.1005 requires the text of the written notice to be printed in 18-pt.
or larger font and the heading to be printed in 48-pt. The List of HUD-approved Credit Counseling Agencies can be obtained at The Borrowers Bill of Rights may be copied directly from section 6 of the Consumer Mortgage Protection Act (CMPA), MCL 445.1636.
More specifically, section 21(1) of the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA), MCL 445.1671, requires the licensee/registrant to maintain books, accounts, records, and documents to enable the commissioner to determine whether the business of the licensee/registrant is conducted in accordance with the act and rules promulgated under the act.
Further, section 22(a) of the MBLSLA, MCL 445.1672, requires the licensee/registrant to comply with other state and federal laws.
Books and records of the licensee/registrant may be kept at a location of its choosing.
The MBLSLA also requires the licensee/registrant to retain all documents pertaining to a rejected application for a mortgage loan for the period of time required by state and federal law.The Secondary Mortgage Loan Act, however, exempts a person acting as a lender on less than 3 secondary mortgage loans in a calendar year. The definition of a mortgage loan in the MBLSLA includes a reverse mortgage, as it is a loan secured by real property, if the property is located in this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.Mortgage Brokers, Lenders, and Servicers Licensing Act, section 22a, MCL 445.1672a - prohibits making a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.The outdated number should be replaced with the correct phone number, 800-569-4287.
The Notice to Inquirers and Loan Applicants may be downloaded from this site ( pa135not_24820_7.pdf) or its language may be copied directly from section 5 of the Mortgage Lending Practices Act of 1977, MCL 445.1605.
No; there is not a specific list of documents the licensee/registrant should maintain.