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21-May-2017 09:54

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a false, misleading, or deceptive advertisement regarding mortgage loans or the availability of mortgage loans.The outdated number should be replaced with the correct phone number, 800-569-4287.

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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.



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