Does Michigan have any state-specific loan disclosures?
Yes. The Consumer Mortgage Protection Act (CMPA) requires applicants for a refinance of a primary residence be supplied with a copy of the Borrowers Bill of Rights, the Consumer Caution and Home Ownership Counseling Notice, and a List of HUD-approved Credit Counseling Agencies. The Mortgage Lending Practices Act of 1977 requires lenders that have a physical presence in Michigan to make available for public distribution, at the institution’s principal office and each branch office or service center, a pamphlet or document explaining in general terms the credit granting institution’s criteria for the approval or denial of a loan application. Rule 445.1004 requires the pamphlet be made available where loan applications or loan inquiries are routinely received by the lender and where the public may obtain a copy without the aid of an employee of the lender. The Mortgage Lending Practices Act of 1977 also requires lenders to post a “Notice to Inquirers and Loan Applicants” in a conspicuous
