Michigan mortgage regulation

Several laws rules the mortgage industry in Michigan, who the Michigan Office of financial and insurance regulation (OFIR) monitors. The OFIR regulates other entities of consumer finance, banking, loans, securities and insurance cooperatives. Loans mortgage of ActThe mortgage lending practices law effective on 1 July 1978. It prohibits certain practices of mortgages and defines the powers and duties of the Commissioner of the Management Board of financial institutions to this secondary mortgage loan ActThe practices.The, the secondary ready mortgage Act are effective July 23, 1981. It regulates the secondary mortgage loans and secondary mortgage brokers, lenders, and workshops. A second mortgage brokers, lenders can as security for a previous mortgage.Mortgage when applied to real estate, and the law became 18 Services Licensing ActThe mortgage brokers, lenders, and licensing services on November, 1987 given. It defines and regulates mortgage brokers, mortgage lenders and mortgage servicers.Consumer mortgage protection ActThe CPA mortgage on December 23, 2002 in force. It prohibits certain lending practices, requires the disclosure of certain information for home loans and defines the duties and obligations to the lender in a home loan transaction.Mortgage Act author licenses ActThe loan loans copyright licenses on mortgages made to enforce on 31 July 2009. It provides for the registration of mortgage loan originators holder governs the marketing practices of mortgages and lays down the obligations of employees and managers, to pledge creator.