MI MLO case studies
MI MLO · Put your knowledge to work in context.
The Michigan MLO credential is the state license a person needs to take residential mortgage loan applications in Michigan. It is built on the federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which requires loan originators to be registered or licensed through the Nationwide Multistate Licensing System (NMLS) and to pass a written test. The MI MLO case studies are 5 cases and about 2,193 words.
1The Late Revised Loan Estimate on a Condo Closing
On Monday, June 2, 2025, Dana submits a complete application for a 320,000 conventional loan to buy a condominium; closing is scheduled for Friday, June 27. The initial Loan Estimate shows a 450 appraisal fee and 1,150 in closing costs.
502 words, about 3 min2Qualifying a Borrower With Declining Bonus and New Side Income
Marcus applies for a 342,000 conventional loan to purchase a 380,000 duplex; he will live in one unit and rent the other. His documents show: base salary 96,000; annual bonuses of 18,000 in 2022, 12,000 in 2023, and 6,000 in 2024; overtime of 400 per month for the past 18 months; 1099 side work netting 9,600 in 2024, the first year he did it; and an existing rental duplex with gross rent 1,800 per month, PITI 1,400 per month, and a 4,800 annual depreciation add-back.
483 words, about 2 min3Fees Collected Before the Loan Estimate
On Saturday, March 1, 2025, loan originator Priya meets a borrower and obtains all six pieces of information needed for a residential mortgage application: name, Social Security number, income, property address, estimated value, and loan amount. Priya collects a 500 application fee and a 650 appraisal fee by credit card that day, orders the appraisal on Monday, and emails the Loan Estimate on Tuesday, March 4.
393 words, about 2 min4Referral Payments, Vendor Tickets, and Borrower Misstatements
Alex is a newly licensed MLO at a Michigan brokerage. A real estate agent offers to refer 12 buyer clients next quarter if Alex pays the agent's LLC 1,000 per month for 'desk space' in an office Alex will never use.
427 words, about 2 min5An Ohio MLO Originating Michigan Loans From Ann Arbor
Jordan holds an active Ohio MLO license and works for an Ohio-based mortgage lender that is not licensed in Michigan. Jordan's home office is in Ann Arbor, Michigan, where Jordan has a dedicated desk and takes calls.
388 words, about 2 min