The Office of Consumer Finance licenses and registers all mortgage-related financial companies which do business in Michigan. The residential mortgage loan industry is governed by various acts, including the Consumer Financial Services Act, the Mortgage Brokers, Lenders, and Servicers Licensing Act, the Regulatory Loan Act, and the Secondary Mortgage Loan Act.
The Office also ensures that all licensed entities operate their businesses in accordance with all applicable State and federal laws. The Office investigates and handles consumer complaints.