Do mortgage brokers need to be licensed?

Yes, all mortgage brokers need to be licensed. Individuals need to complete a 20-hour class that goes over state and federal laws for mortgages and other important information. Next, individuals take the official test with the National Mortgage Licensure System. <br>

Is it difficult to pass the mortgage brokers’ test?

Upon completion of educational requirements, you must pass the mortgage broker test to receive your license. It's a two-part test called the Safe Mortgage Loan Originator Exam, and it can be a bit challenging. Out of almost 87,600 national test-takers, 57% passed on their first attempt. The test includes both a state and national portion and requires a minimum score of 75% to pass. <br>

What is a surety bond for mortgage brokers?

A surety bond is a legal contract that binds three parties — the obligee, the principal, and the surety. Surety bonds are typically required to receive a license for operating as a mortgage broker. When a mortgage broker gets a surety bond, it's a legal guarantee they'll perform their obligations to their customers as required by law. <br>

4 Best Detroit Mortgage Brokers

Bristol Capital Group

400 West Maple Road, Birmingham, MI 48009

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Refinance
Commercial Loans
Multi-Family Loans

Bristol Capital Group is an estate mortgage broker and banking firm that brings over 30 years of real estate and finance experience to the market. The company was formed in 1997 and has maintained and established client-centric advocacy. Its services specialize in multifamily and apartment mortgages. They also arrange and process loans and mortgages for commercial establishments, industrial buildings, bridge loans, and large loans. The services of Bristol Capital Group are available in the Detroit area.

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Cranbrook Loans

41800 Hayes Road, Clinton Township, MI 48038

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New Construction
Refinance

Cranbook Loans is a retail mortgage company that brokers and offers loans for borrowers in Detroit. Using an online and telephone loan application system, the company helps clients by assigning them to local lenders with home equity, construction, and USDA loans. It also offers refinancing solutions such as cash-out refinancing, reverse senior mortgages, and HARP programs. In addition to its brokerage services, Cranbook Loans extends direct lending options with its team of mortgage loan originators, underwriters, and processors.

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Real Investment Mortgage Broker

7741 Dexter Avenue, Detroit, MI 48206

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New Construction
Refinance

Real Investment Mortgage Broker is a mortgage brokerage company serving the Detroit area. The company connects clients to local, regional, and national banks and lending firms offering conventional loans with fixed or adjustable rates as well as mortgage insurance with no upfront costs. It also helps clients secure specialty loans, such as non-qualified mortgage, jumbo loans of up to 90% maximum LTV, doctor loans of up to 97% maximum LTV, and 80-10-10 loans with no mortgage insurance.

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Somerset Lending Corp

640 West University Drive, Rochester, MI 48307

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New Construction
Refinance

Somerset Lending Corp is a brokerage firm that serves Detroit and the nearby areas. It offers purchasing and refinancing options for clients. Some of its services include first-time homebuyer loans, VA loans, and FHA loans. In addition, Somerset Lending offers a fully electronic application process and expedited pre-approval and processing. People looking to refinance can also consult with the company to help consolidate their debt, lower their interest payments, or update the terms of their original mortgage.

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Best Mortgage Brokers in Detroit

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Mortgage Brokers FAQs

Bristol Capital Group

Cranbrook Loans

Real Investment Mortgage Broker

Somerset Lending Corp

Frequently Asked Questions

Q: Do mortgage brokers need to be licensed?

Q: Is it difficult to pass the mortgage brokers’ test?

Q: What is a surety bond for mortgage brokers?

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