For what time period may a loan officer operate without a loan officer registration?
• A licensee or registrant that employs or offers to employ, or engages or offers to engage as an agent, an individual as a loan officer to originate mortgage loans after March 31, 2009, shall conduct a criminal history check of that individual. • Beginning April 1, 2009, if an individual is employed or engaged as an agent to originate mortgage loans by a licensee or registrant, the licensee or registrant shall apply for the individual to obtain a loan officer registration within 90 days after he or she begins providing services as an employee or agent of the licensee or registrant, by submitting a complete loan officer registration application and operating fee. • An individual may operate as a loan officer beyond the 90 days if the licensee or registrant has submitted a complete loan officer registration application and operating fee for the individual, which has been accepted and is pending with the Office of Financial and Insurance Regulation.
• Statutory law allows a loan officer to originate a mortgage without a loan officer registration if a licensee or registrant conducts a criminal history check of that loan officer, the results of the criminal history check meet the felony/misdemeanor requirements, and the licensee or registrant provides written notification to the commissioner. • After notification the loan officer may originate mortgage loans without compensation for 90 days. • Important, please see OFIR April 2009 letter: http://www.michigan.gov/documents/dleg/090414_Non-LOR_WageHour_Comp_Instructions_OFIRwebsite _275238_7.pdf.
