Michigan Mortgage
MDCIS - Energy Office - Home Energy Mortgage
The following companies have indicated that they offer Energy EfficientMortgages (EEM) , Energy Improvement Mortgages (EIM) , or both. ... Wells Fargo Home Mortgage (EEM,EIM) ... Chase Manhattan Mortgage (EEM) ... [Read More]
OFIS Arranges Repayment to Consumers for Devious Mortgage Practices
In response to complaints submitted by Michigan consumers, Commissioner Watters recently filed claims on the following mortgage companies' surety bonds as a result of the mortgage companies' unscrupulous, unfair, and deceptive mortgage lending practices. ... Claims filed against a proof of financial responsibility deposit by a borrower or loan applicant may involve only mortgage loans or mortgage applications secured or to be secured by residential real property located in Michigan. ... [Read More]
Mortgage and Consumer Finance
The Mortgage and Consumer Finance section is responsible for licensing, examining, investigating, and supervising over 7,000 licensees and registrants pursuant to the folliwing seven Michigan consumer finance statutes: Consumer Financial Services Act, Credit Card Act, Mortgage Brokers, Lenders, and Servicers Licensing Act, Motor Vehicle Sales Finance Act, Regulatory Loan Act, Sale of Checks Act, and the Secondary Mortgage Loan Act. The section supervises non-depository licensees and registrants to ensure each operates safely, responsibly, and in compliance with applicable law. ... [Read More]
Loan Giant Ordered to Stop Engaging in Illegal Mortgage Practices
Engaged in a variety of illegal activities, including improperly qualifying mortgage loans for sale to investors by falsifying a variety of documents used by first and second mortgage lenders. Loan Giant employees allegedly misrepresented employment, income and occupancy information for numerous loan files that were sold to investors who relied that the information contained in the documentation was in fact truthful and correct. ... Loan Giant is considered to be a large mortgage lender, with over 6,500 first and second mortgage loans processed in 2003 alone. OFIS investigators were tipped off to the allegedly illegal conduct by a series of consumer complaints about improper activities at Loan Giant. ... [Read More]
Energy Office
The Energy Office, Michigan Department of Labor & Economic Growth is sponsoring the "Energy Star Home Promotional Grant Program" to promote the construction of Energy Star rated homes in Michigan. Eligible applicants are public or nonprofit organizations. It is expected that three $50,000 grants will be available for grant recipients to promote the construction of Energy Star rated homes to homebuyers, homebuilders, real estate professionals, mortgage lenders, and contractors in three different Michigan regions. A total of $150,000 is available for the grant program. The grant period will run from January 1, 2006 through December 30, 2006. Applications can be submitted until 5:00 PM on August 5, 2005. For a copy of a Request for Proposal, email Patrick Hudson plhudso@michigan.gov . ... [Read More]
HUD in Michigan
A Federal Housing Administration (FHA)-insured mortgage helps provide security for you and your family . In these days of many mortgage choices, one option remains consistent, just as it has since 1934. It is the HUD-FHA mortgage. Why FHA? In addition to our low down payment requirement and easier credit and underwriting standards, we also understand that “life happens”. When shopping around for a mortgage that best fits your family’s lifestyle and security, think FHA. Unlike most conventional lenders, FHA lenders are required to follow foreclosure prevention procedures designed to assist the homebuyer in keeping his or her home through rough times. Why not look for an FHA lender? ... [Read More]
Licensing
There are over 7,000 mortgage and consumer finance licensees/registrants under the following classifications: consumer financial services Class 1 or Class ll, credit card, first and subordinate lien mortgage broker, lender and/or servicer, motor vehicle installment seller and sales finance company, regulatory loan and sale of checks. ... Mortgage Brokers, Lenders, and Servicers ... [Read More]
Mortgage Brokers, Lenders, and Servicers
Mortgage Brokers, Lenders, and Servicers ... • FIS 1021 Application for Secondary Mortgage Loan Act Registration ... How to Become Licensed/First Mortgage ... [Read More]
OFIS Arranges Repayment to Consumers for Devious Mortgage Practices
In response to complaints submitted by Michigan consumers, Commissioner Watters recently filed claims on the following mortgage companies' surety bonds as a result of the mortgage companies' unscrupulous, unfair, and deceptive mortgage lending practices. ... Claims filed against a proof of financial responsibility deposit by a borrower or loan applicant may involve only mortgage loans or mortgage applications secured or to be secured by residential real property located in Michigan. ... [Read More]
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