MI SB1087

Amends the Michigan mortgage loan originator licensing law (2009 PA 75) to modify exemptions from licensing requirements under section 5.

Expands the exemption for mortgage servicer employees to include those who offer or negotiate terms for renegotiating, modifying, replacing, or subordinating existing residential mortgage loans when borrowers are behind on payments, in default, or at risk of default.

Clarifies that the mortgage servicer exemption does not apply to refinancing transactions under 12 CFR 1026.20(a) or transactions that obligate a different consumer to pay the existing mortgage loan.

Maintains existing exemptions for registered originators at certain entities, family members, individuals securing their own residence, and attorneys acting in ancillary capacity without lender compensation.

Requires independent contractor loan processors and underwriters to obtain and maintain a mortgage loan originator license and valid unique identifier from the nationwide mortgage licensing system and registry.