Posted on: 10th Dec, 2007 03:24 pm
We are a contract processing company operating out of Florida. We mostly process Florida Loans.We have signed up with a broker from Michigan. Does the Michigan laws need the processors to be licensed. We normally charge our processing fee on the HUD1. Can we do the same when we process loans for Michigan brokers too or is there some restrictions?? Please let me know. Your insights will be appreciated. Thank you so much
Hello Ravik,
As far as I know, processors and brokers should be licensed in Michigan. You have to pay a license fee along with a non-refundable investigation fee for this purpose.
The processing fee remains almost the same except for some little differences that vary from state to state.
As far as I know, processors and brokers should be licensed in Michigan. You have to pay a license fee along with a non-refundable investigation fee for this purpose.
The processing fee remains almost the same except for some little differences that vary from state to state.