A mortgage loan originator (MLO) is a professional who helps borrowers apply for and obtain mortgage loans. They assess borrowers’ financial situations, recommend appropriate loan products, and guide clients through the mortgage application process. Many people refer to the individual MLO as a mortgage loan officer or mortgage broker.

Yes, you need a license to become a mortgage loan originator in Michigan. This requirement was established by the SAFE Act of 2008 to ensure that MLOs meet minimum standards for education, testing, and background checks.

This license is required of any individual, who for compensation or gain or in the expectation of compensation or gain takes a Michigan residential mortgage loan application, offers or negotiates terms of a residential mortgage loan, and who is not an employee of a depository financial institution or a subsidiary of a depository financial institution.

According to ZipRecruiter’s study on Mortgage Loan Officer’s salary in Michigan: “As of January 4, 2025, the average annual pay for a Licensed Mortgage Loan Officer in Michigan is $88,771 a year. This works out to be approximately $42.68 an hour, $1,707 per week, or $7,397 per month.”

To obtain an MLO license in Michigan, you must:

• Complete 20-hours of National NMLS-approved pre-licensing education
• Complete an approved 2-hour Michigan Mortgage Laws Course
  
  • Be at least 18 years old
  • Have a high school diploma or equivalent
• Pass the SAFE MLO national test
• Apply for your Michigan License through the NMLS
  • Submit to a criminal background check
  • Provide fingerprints to NMLS
  • Maintain a clean financial record
  • Pay all required fees
  • Activate your license through a mortgage lender

The National core hours course is just 20-hours long and the training can be completed in as little as four days.  The NMLS requires all students to finish in 14 days or less.  The required 20-hours of pre-licensing education typically includes:

• 3 hours of federal law
• 3 hours of ethics
• 2 hours of non-traditional mortgage lending
• 12 hours of electives – Our online MLO course dedicates all of these hours to preparing you for the SAFE MLO test for mortgage loan originator licensing.

Once you complete our 20-hour course, 24hourEDU will provide you with access to the 2-hour Michigan Mortgage Laws Online Self-Paced Course for free.  We will report all completed online training hours to the NMLS on your NMLS unique identifier number.

The passing score for MLO license applicants in Michigan is 75% or higher

• You must wait 30 days between retakes if you fail
• After three failed attempts, you must wait 180 days before trying again
  • Best SAFE MLO Exam preparation methods for Michigan include:
    • Taking the 24hourEDU Exam Prep Course
    • Taking notes during the online MLO Course
    • Reading our online mortgage course E-Book
    • Reviewing notes and our Included Exam Prep Study Guide

The typical timeline for a Michigan MLO application to be processed is:

• Pre-licensing education: 14 days or less (you can finish in 4 days doing full time training)
• SAFE MLO test preparation and passing: 1 week
• Application processing: 2 weeks on average Total time: 6-14 weeks, depending on your preparation and the state’s current processing volume

The typical pre-licensing education courses cost $300-$500 with exam prep, but with 24hourEDU it’s just $275 and that includes everything.  We even include a complete MLO Exam Prep Course for MI students!  START NOW!