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| The Mortgage Industry Advisory Board FAQs |
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When will the Mortgage Industry Advisory Board be established? |
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- It is expected that the nominees for the Board will be received within the next 30 to 45 days – by May 15, 2008.
- Nominees are recommended to, and approved by, the Commissioner.
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Who will make up the Board? |
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The Board will consist of 7 individuals:
- 2 individuals nominated
- 2 individuals nominated by the MMLAby the MMBA
- 1 individual nominated by any trade association operating in Michigan that represents mortgage brokers, lenders, and servicers (NCUA, MBA, etc.)
- 2 individuals that provide services to or receive services from licensees or registrants
Board appointment terms will consist of:
- Term limit is 4 years
- First Board Term – 3 individuals will serve 2-year terms
- No more than 2 consecutive 4-year terms (may reappoint after 12-month period)
- No more than 1 member may serve that is employed with or has more than 1% ownership in the same licensee, registrant, affiliate or other person.
- Members of the Board shall serve without compensation; however, OFIS shall reimburse a member for travel and other expenses incurred for an official Board function.
- The Board shall retain minutes and other records of its meetings, and shall make them available to the Commissioner upon request. These documents are to be made available to the public in compliance with the FOIA.
- The Board shall review and make recommendation to the Commissioner regarding issues and concerns involving:
- Course sponsors or providers
- Course instructors
- Course content and materials
- Examination content and procedures
- Rules proposed under the Act
- Procedures to verify course and examination attendance
- Procedures for maintaining licensee, registrant, and applicant confidentiality
- Any other pertinent issue
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