Michigan means Big Three automotive executive bank statement — Ford, GM, and Stellantis complex compensation that 24-month deposits capture where W-2s cannot — Detroit’s BRRRR revitalization producing exceptional DSCR ratios, Traverse City wine country and Sleeping Bear Dunes STR, University of Michigan Ann Arbor DSCR, and Lake Michigan shoreline vacation rentals. BFF holds dual DIFS registrations covering both first and second mortgage activity statewide.
Michigan’s Non-QM opportunity spans the most distinctive state economy in the Great Lakes region. The Big Three automotive companies — Ford Motor Company (Dearborn), General Motors (Detroit), and Stellantis North American HQ (Auburn Hills) — employ hundreds of thousands of engineers, executives, and supply chain professionals whose compensation is structurally complex: annual performance bonuses tied to vehicle launch cycles, equity in publicly traded automotive companies, profit-sharing distributions, and now EV transition equity components that create startup-style compensation alongside traditional corporate pay. Bank Statement programs capture this income correctly where W-2 averages consistently understate the actual deposit reality. Detroit itself is experiencing the most consequential urban economic revival in America. Ford’s $950M Michigan Central Station in Corktown (opened 2024) anchors a mobility innovation hub drawing Amazon, Google, and Rocket Mortgage. Detroit added population for the first time in decades. BRRRR investors in Bagley, East English Village, Hamtramck, and Jefferson-Chalmers are executing value-add strategies at $100K–$200K acquisitions with $1,100–$1,600/month 3BR rents — DSCR ratios impossible to replicate at comparable quality in coastal markets. And northern Michigan — Traverse City’s Old Mission Peninsula wine country, Leelanau/Sleeping Bear Dunes, Torch Lake, and the Lake Michigan shoreline (South Haven, Saugatuck, Grand Haven) — is Michigan’s STR DSCR map, with $300–$700+/night peak season rates at below-coastal acquisition prices. BFF holds Michigan 1st Mortgage Registrant #FR0026314 and 2nd Mortgage Registrant #SR0026315, both issued 04/16/2025 by Michigan DIFS. Michigan is business purpose-allowed.
Michigan’s dual DIFS registration structure, quarterly MCR requirement, Big Three automotive bonus cycle bank statement strategy, Traverse City seasonal AirDNA interpretation, and Detroit BRRRR DSCR underwriting are all operationally critical for BFF broker partners.
BFF holds two Michigan DIFS registrations: 1st Mortgage Broker/Lender/Servicer Registrant #FR0026314 (Act 173 of 1987, Mortgage Brokers, Lenders, and Servicers Licensing Act) and 2nd Mortgage Broker/Lender/Servicer Registrant #SR0026315 (Act 125 of 1981, Secondary Mortgage Loan Act). Michigan is the only state in BFF’s portfolio requiring separate registrations for first-lien and second/subordinate-lien mortgage activity under two different statutes. Key additional requirements: Qualifying Individual required for all license types (QI does not need to hold a Michigan MLO license, but the company must have a licensed Michigan MLO on staff for origination); no branch licensing (branch locations disclosed by list uploaded to NMLS); quarterly Mortgage Call Report (MCR) required via NMLS (more frequent than most states’ annual requirement — failure to file may result in fines); December 31 renewal with $25/day late penalty up to $1,000 maximum. Michigan is business purpose-allowed. Verify at michigan.gov/difs.
Michigan’s Big Three automotive executives have a bonus timing structure that is as distinctive as any income type in the series. Automotive performance bonuses at Ford, GM, and Stellantis are tied to: (1) calendar year results — typically paid in February of the following year, meaning a 2024 performance year bonus deposits in February 2025; (2) vehicle platform milestones — engineering directors and program managers receive milestones bonuses when a new vehicle platform launches on time and under budget; (3) profit-sharing programs — unionized-equivalent executive programs can generate $5K–$15K+ in a single deposit in February/March; (4) EV transition equity — Ford’s Model e and GM’s Ultium platform have created startup-style equity programs that vest on different schedules than traditional annual bonuses. Always use 24-month bank statements for automotive executives to capture at least one full annual bonus cycle and normalize across any single high-bonus or low-bonus year. If a borrower’s 24-month average is substantially lower than their most recent 12 months, flag for discussion with your BFF AE — the February bonus deposit pattern may be more accurately captured on a 12-month statement from February through January of the most recent bonus cycle year.
Traverse City is Michigan’s most diverse STR market in terms of demand drivers. Unlike Ocean City (pure summer) or the Buffalo River (spring float + fall elk), Traverse City has four genuine demand seasons: Summer (June–August): East Bay waterfront, Grand Traverse Bay, National Cherry Festival (July — single highest-demand week of the year), beach/boating peak; Fall (September–October): wine harvest season on Old Mission and Leelanau peninsulas, fall foliage, shoulder season but still strong; Winter (December–March): Crystal Mountain ski resort (Benzonia, 25 miles SW of TC), Shanty Creek ski resort, snowshoeing and cross-country skiing on TC trails; Spring (April–May): cherry blossom season on Old Mission Peninsula (April) — a distinct tourism draw unique to northern Michigan. AirDNA annual projections for TC properties should reflect this four-season distribution, with summer as the primary peak (50–60% of annual revenue), fall wine/foliage secondary, and winter ski as a meaningful third season for properties near Crystal Mountain. Never extrapolate TC summer ADRs to estimate full-year annual revenue — annual projections based on peak-month extrapolation significantly overstate sustainable income.
Detroit’s BRRRR revitalization market requires specific underwriting awareness distinct from any other market in the series. Pre-1978 lead paint: Detroit’s row house inventory is heavily pre-1978. Unlike Baltimore (which has its own state Lead Law), Michigan’s lead paint requirements are governed primarily by federal HUD lead disclosure rules rather than a separate Michigan Lead Law. Michigan does have the Lead Abatement Act, but residential rental properties in Detroit are primarily subject to Detroit City Ordinance Chapter 9, Article VIII lead hazard requirements. Always verify Detroit-specific lead compliance requirements for pre-1978 investment properties. Neighborhood tier awareness: Detroit’s revitalization is geographically concentrated. Corktown, Midtown, New Center, and downtown-adjacent areas are in the first revitalization tier. Bagley, East English Village, Jefferson-Chalmers are second tier with strong BRRRR fundamentals. Third-tier neighborhoods (high vacancy, limited comparable rents) require more conservative DSCR modeling. Avoid submitting Detroit DSCR files without confirmed comparable rents from stabilized properties in the same neighborhood tier. AirDNA for Detroit STR (Corktown event-driven, Midtown arts) is accepted when STR is the investment strategy. Verify that the property is in a neighborhood where STR platform bookings are demonstrably active.
Michigan does not have a statewide STR law. Municipal and township requirements vary widely across the state, creating patterns similar to Arkansas’s incorporated city vs. unincorporated county distinction. Traverse City and Traverse City Township: registration and zoning compliance required; verify current TC STR permit status before submitting purchase DSCR files. Leelanau County unincorporated areas: generally minimal STR restriction outside incorporated villages — one of the most permissive STR regulatory environments in Michigan. Lake Michigan shoreline municipalities (South Haven, Saugatuck, Grand Haven): each has its own permitting framework; South Haven and Saugatuck have the most active STR ordinance histories — verify current permit requirements before submitting. Upper Peninsula: Chippewa County, Alger County, and Luce County (Pictured Rocks, Tahquamenon) have minimal STR regulation in unincorporated areas — similar to the Buffalo River corridor in Arkansas. Mackinac Island has its own unique regulatory framework (historically restrictive on new development; existing cottage STR operates under grandfathered status). Always confirm the property is in an incorporated city vs. township vs. unincorporated area before assessing STR permit requirements.
Michigan’s quarterly Mortgage Call Report (MCR) requirement is the most frequent reporting obligation in the BFF state portfolio. Most states require annual MCR filings through NMLS. Michigan requires MCR submission every calendar quarter: Q1 due ~45 days after March 31, Q2 due ~45 days after June 30, Q3 due ~45 days after September 30, Q4 due ~45 days after December 31. The MCR data is used by DIFS to: (1) assess the annual renewal operating fee (the fee is volume-based and calculated from MCR data); (2) monitor licensee compliance with Michigan mortgage lending laws; (3) verify surety bond adequacy. Failure to file MCRs may result in fines, penalties, and license/registration suspension. Michigan brokers who are licensed in multiple states often operate on annual MCR rhythms for other states and miss Michigan’s quarterly cadence. Set calendar reminders for all four Michigan MCR deadlines separately from annual renewal. The MCR is filed through NMLS, not directly to DIFS. This quarterly MCR requirement applies to both the 1st Mortgage (FR) and 2nd Mortgage (SR) registrations — BFF and Michigan broker partners must file MCRs for each registration separately.
Michigan’s Non-QM map spans four genuinely distinct geographic and economic opportunity zones, each with a separate program fit. Motor City bank statement, Detroit DSCR BRRRR, northern Michigan STR, and university DSCR combine to make Michigan one of the most diverse Non-QM state portfolios in the Midwest.
Ford Motor Company (Dearborn HQ), General Motors (Detroit HQ), and Stellantis North American HQ (Auburn Hills) anchor the most concentrated automotive executive bank statement market in the US. Automotive executives receive: base salary + annual performance bonus (tied to vehicle platform launch success and quarterly sales targets) + equity in publicly traded automotive companies (F, GM, STLA stock) + profit-sharing distributions (often $5K–$15K+ annual deposits for UAW-contract-equivalent executive programs) + milestone bonuses for EV platform launches. The EV transition is adding startup-style equity components — Ford’s Model e division, GM’s Ultium EV platform — that create complex stock-and-cash compensation packages. 24-month bank statements capture the full annual bonus cycle and equity deposit pattern correctly.
Detroit’s urban revival is the most consequential in America. Ford’s Michigan Central Station in Corktown (opened 2024 as mobility/tech hub), Amazon, Google, and Rocket Mortgage downtown commitments, and population growth for the first time in decades have transformed the investment thesis. BRRRR investors in Bagley, East English Village, Jefferson-Chalmers, and Hamtramck acquire at $100K–$200K, renovate, stabilize at $1,100–$1,600/month 3BR, and refinance into permanent DSCR. East side stabilized properties produce DSCR ratios of 1.30–1.65 — among the highest raw yield ratios in any Michigan market. Detroit STR (Red Wings, Tigers, Lions game weekends) in Corktown and Midtown adds STR income layer on top of LTR stabilized properties.
Traverse City is Michigan’s premier STR investment market. Old Mission Peninsula wine country (25+ wineries, Riesling appellation): $200–$450/night, peak May–October. East Bay waterfront: $300–$700/night peak season. Leelanau Peninsula/Sleeping Bear Dunes National Lakeshore: $200–$400/night, national park visitor demand year-round. Torch Lake (consistently ranked America’s most beautiful lake): $50K–$100K annual STR revenue on waterfront properties. National Cherry Festival (July) drives peak bookings. Year-round demand: summer lake/wine, fall foliage, winter skiing at Crystal Mountain (Benzonia). AirDNA accepted for all TC-area STR DSCR purchases.
University of Michigan (35,000+ students, flagship research university, America’s winningest college football program) anchors Michigan’s premier university DSCR market. Michigan Stadium (“The Big House,” capacity 107,601 — largest stadium in the Western Hemisphere) generates Razorback-equivalent gameday STR demand. UM Research faculty with NIH grants and pharmaceutical consulting income parallel Maryland’s NIH complex income borrower profile. Michigan Medicine/UM Health System healthcare employment. Burns Park, Kerrytown, and Old West Side student and professional LTR corridors. Bank statement for UM researchers and biotech/MedTech entrepreneurs in the Ann Arbor corridor.
Michigan’s western Lake Michigan coast is a major Chicago and Midwest weekend destination. South Haven (blueberry country, beaches, charter fishing), Grand Haven (Coast Guard Festival, lighthouse, pier), Saugatuck (Michigan’s arts coast — comparable to Provincetown in cultural identity, boutique galleries, Oval Beach, Fennville wine country/AVA), and Holland (Dutch heritage, tulip festivals). Summer STR peak (Memorial Day through Labor Day) with Chicago day-tripper and weekend visitor base. AirDNA accepted for Lake Michigan shoreline purchases. No statewide STR ban; verify local municipal permits for incorporated city properties.
Grand Rapids is Michigan’s second-largest city and one of its most compelling DSCR LTR markets: Corewell Health/Spectrum Health and Mercy Health healthcare employment, Steelcase and Herman Miller furniture design industry HQs, 95% reported occupancy in competitive rental corridors, low vacancy, and rising rents. “Beer City USA” craft brewing industry draws young professional and creative class renters. Heritage Hill, East Hills, and Wyoming neighborhoods for DSCR LTR. Michigan State University (51,000+ enrolled, East Lansing) generates persistent student LTR demand. Spartan football home games drive East Lansing STR premiums. State capital Lansing employment adds professional LTR depth.
Every BFF program is available to licensed Michigan mortgage brokers statewide — from Detroit and Dearborn to Traverse City to Ann Arbor to Grand Rapids to the Upper Peninsula.
Ford HQ (Dearborn), GM HQ (Detroit), Stellantis NAm HQ (Auburn Hills). MC Station Corktown tech hub. BRRRR revitalization (Bagley, E. English Village, Hamtramck). Event STR (Red Wings, Tigers, Lions). Bloomfield Hills/Birmingham Jumbo. Auto executive bank statement.
Bank Stmt · DSCR · JumboOld Mission Peninsula wine country. Leelanau/Sleeping Bear Dunes NL. Torch Lake (America’s most beautiful lake). East Bay waterfront $300–$700+/night. National Cherry Festival July peak. Year-round demand: wine, fall foliage, Crystal Mountain winter skiing. Michigan’s premier STR market.
DSCR STR · AirDNA · $700+University of Michigan (35K+ students, The Big House 107K capacity). Michigan Medicine. NIH-funded UM research faculty. Burns Park / Kerrytown LTR corridors. Gameday STR $200–$400+/night. MedTech and life sciences entrepreneur corridor. America’s #1 small college town.
DSCR LTR & STR · Bank StmtCorewell Health/Spectrum Health, Mercy Health. Beer City USA craft brewing. Steelcase & Herman Miller HQ. 95% occupancy reported. Heritage Hill, East Hills, Wyoming corridors. Low vacancy, rising rents. Fast-growing healthcare/tech hub. Michigan’s most stable LTR DSCR market.
DSCR LTR · Bank StmtSouth Haven (blueberry coast, charter fishing), Grand Haven (lighthouse, Coast Guard Festival), Saugatuck (Michigan’s arts coast, Oval Beach, Fennville AVA wine). Chicago weekend visitor base. Summer peak STR (May–September). Holland tulip festival. Accessible acquisition prices vs. coastal STR peers.
DSCR STR · Summer PeakMichigan State University (51K+ enrolled, one of America’s largest universities). Spartan football home game STR premiums. State capital Lansing government employment. MSU research park and ag-biotech corridor. Persistent student LTR demand. Affordable DSCR entry below Ann Arbor pricing.
DSCR Student · STR · FHAPictured Rocks National Lakeshore (Lake Superior). Tahquamenon Falls. Porcupine Mountains Wilderness. Mackinac Island (no cars, Grand Hotel, fudge, Victorian architecture). Snowmobiling winter. Waterfall/hiking summer. Black bear and moose country. Cabin STR $150–$350+/night at very low acquisition costs.
DSCR STR · Cabin · AirDNAWestern Michigan University. Kalamazoo College. Bell’s Brewery (Bell’s Beer — birthplace of Michigan’s craft beer scene). Stryker Corp (medical devices) HQ. Battle Creek Kellogg’s and Post corporate legacy. I-94 corridor manufacturing. Affordable DSCR entry with growing healthcare employment.
DSCR LTR · Bank Stmt · FHABusiness purpose loans for investment properties are available in Michigan. These loans are exempt from consumer lending regulations.
Dual DIFS registrations covering both 1st and 2nd lien activity, Big Three automotive annual bonus cycle bank statement strategy, TC four-season AirDNA, Detroit BRRRR neighborhood tier underwriting, quarterly MCR compliance — BFF brings the full Michigan licensing and program depth for the Great Lakes State.
BFF holds both FR0026314 (1st Mortgage) and SR0026315 (2nd Mortgage) from Michigan DIFS. Michigan broker partners can submit all Michigan mortgage activity — first-lien purchases, refinances, and second-lien investment loans — through a single BFF relationship without a separate second-mortgage lender.
BFF's Bank Statement team understands Ford/GM/Stellantis automotive bonus timing — February calendar-year bonus deposits, vehicle platform milestone bonuses, profit-sharing patterns, and EV transition equity components. We advise on 12 vs. 24 month strategy and the February bonus cycle interpretation before submission.
BFF accepts AirDNA projections for TC wine country, Leelanau/Sleeping Bear, and Torch Lake STR. We understand the four-season demand distribution (summer lake/cherry festival, fall wine/foliage, winter ski, spring cherry blossoms) and present annual projections correctly weighted rather than peak-month extrapolated.
BFF's DSCR team understands Detroit's neighborhood revitalization tiers. We advise on comparable rent documentation strategy for each tier and require confirmed active comparable rents from the same neighborhood tier before submitting Detroit DSCR files. We don't submit first-tier assumptions for third-tier neighborhoods.
BFF maintains quarterly MCR filing cadence on all Michigan registrations and advises broker partners on Michigan's quarterly (not annual) MCR requirement. We flag the four Michigan MCR deadlines separately from standard annual state renewal calendars to prevent compliance gaps.
Traverse City waterfront properties, competitive Detroit Corktown and Midtown investment properties, and Ann Arbor gameday-adjacent rentals all move quickly. Complete packages receive initial underwriting in 24-48 business hours so you can compete in Michigan's fastest-moving submarkets.
Michigan’s dual 1st/2nd mortgage registration structure is unique in the BFF portfolio. As a business purpose-allowed state, DSCR loans need no additional license. Here’s what BFF requires.
Your brokerage must hold an active Michigan 1st Mortgage Broker/Lender (or equivalent Registrant status) from DIFS under Act 173 of 1987. Key requirements: Qualifying Individual on file (QI does not need to hold a Michigan MLO license, but company must have a licensed MI MLO on staff for origination); appropriate surety bond ($25K–$125K depending on activity type); minimum net worth ($25K broker/lender, $100K if servicer); no branch licensing (provide list to DIFS via NMLS). Quarterly MCR required — set calendar reminders for all four Michigan MCR deadlines. Michigan is business purpose-allowed. Verify at michigan.gov/difs.
If your brokerage originates second-lien loans, subordinate-lien investment property loans, HELOCs, or second mortgages in Michigan, you also need a 2nd Mortgage license or Registrant from DIFS under Act 125 of 1981. If you already hold a 1st Mortgage Registrant status (e.g., FNMA/FHLMC seller-servicer approved), you qualify for 2nd Mortgage Registrant status rather than the 2nd Mortgage License. Bond: $25K. Many Michigan broker partners who focus exclusively on first-lien origination may only need the 1st Mortgage license/registration. Confirm with your compliance advisor.
All originating loan officers must hold active Michigan MLO licenses from DIFS. Michigan requires standard 20-hour NMLS pre-licensing and the NMLS SAFE exam. Annual CE: 8 hours; December 31 deadline (submit by December 15 to avoid late penalties). Michigan does not have a state-specific CE hour add-on requirement.
Confirm quarterly MCR filing compliance for your Michigan registrations. Submit BFF’s Broker Application Package from the Resource Center. Michigan is business purpose-allowed — no additional licensing for DSCR submissions. For Detroit pre-1978 DSCR files: confirm Detroit lead compliance at the property level. For TC STR files: confirm current TC STR permit status. E&O coverage required.
A dedicated BFF Account Executive will reach out within 1–2 business days. You’ll receive portal access, rate sheets, and an introduction to MI-specific programs: Big Three automotive bank statement (annual bonus cycle strategy), Detroit BRRRR DSCR, Traverse City four-season STR DSCR, Ann Arbor UM DSCR, Grand Rapids LTR, Lake Michigan shoreline STR, UP cabin STR, and FHA/VA for Selfridge ANGB and Michigan Guard installations.
Ready to close in Michigan?
Yes. BFF (FlexPoint, Inc.) holds two Michigan DIFS registrations: 1st Mortgage Broker/Lender/Servicer Registrant #FR0026314 (Act 173 of 1987) and 2nd Mortgage Broker/Lender/Servicer Registrant #SR0026315 (Act 125 of 1981), both issued 04/16/2025. NMLS #243082. Michigan is a business purpose-allowed state. The dual registration covers both first-lien and subordinate-lien mortgage activity statewide. Verify at NMLS Consumer Access.
Michigan uniquely requires separate registrations for first-lien and second/subordinate-lien mortgage activity under two different statutes. The 1st Mortgage Registrant (#FR0026314) is governed by Act 173 of 1987; the 2nd Mortgage Registrant (#SR0026315) by Act 125 of 1981 (Secondary Mortgage Loan Act). For BFF broker partners, this means you can submit all Michigan mortgage activity through a single BFF relationship — first-lien purchases, refinances, and second-lien investment property or cash-out loans — without needing a separate second-mortgage lender. Many Michigan wholesale lenders hold only the 1st Mortgage registration. BFF’s dual registration coverage is a direct operational advantage for Michigan broker partners who originate both first and second-lien transactions.
Yes — and Michigan automotive executives are BFF’s most distinctive bank statement borrower type in the Great Lakes region. Big Three executives receive: base salary + annual performance bonus (paid in February, tied to calendar year results) + equity in publicly traded automotive companies (F, GM, STLA) + profit-sharing distributions ($5K–$15K+ single deposits February/March) + vehicle platform milestone bonuses + EV transition equity components. These income streams are real and substantial but are irregular in ways that make conventional qualification difficult. Always use 24-month bank statements for automotive executives to capture at least one full annual bonus cycle. Request the borrower’s most recent February paystub to confirm the annual bonus was paid in the statement window. BFF’s Bank Statement program: up to $4M at 90% LTV, minimum 620 FICO, no tax returns required.
Yes. Traverse City is Michigan’s premier STR DSCR market. Old Mission Peninsula wine country: $200–$450/night peak May–October. East Bay waterfront: $300–$700/night peak season. Torch Lake waterfront: $50K–$100K annual STR revenue potential. BFF accepts AirDNA projections for all TC-area STR purchases. TC’s four-season demand profile (summer lake/Cherry Festival, fall wine/foliage, winter ski, spring cherry blossoms) produces a more stable annual revenue curve than summer-only beach markets. Always verify current Traverse City STR permit status for purchases within incorporated TC limits. Leelanau County unincorporated areas have more permissive regulation. DSCR up to $3.5M at 85% LTV, minimum 640 FICO.
Michigan’s Mortgage Call Report (MCR) must be filed quarterly via NMLS — making it the most frequent reporting obligation of any state in BFF’s portfolio. Most states require annual MCR filings; Michigan requires Q1 (~May 15), Q2 (~August 15), Q3 (~November 15), and Q4 (~February 15) filings. The MCR data is used by DIFS to assess annual renewal operating fees and monitor compliance. Failure to file MCRs can result in fines, penalties, and registration suspension. Michigan brokers who manage multi-state licensing on annual MCR rhythms often miss Michigan’s quarterly cadence. The quarterly MCR applies separately to both the 1st Mortgage (FR) and 2nd Mortgage (SR) registrations. Set calendar reminders for all four Michigan MCR deadlines at the start of each year — these deadlines are separate from Michigan’s December 31 annual renewal deadline.
Apply through BFF’s Become a Broker Partner page. Requirements: active Michigan 1st Mortgage license or Registrant (DIFS, Act 173 of 1987) with Qualifying Individual designated and appropriate surety bond; 2nd Mortgage license or Registrant (Act 125 of 1981) if originating subordinate-lien loans; Michigan MLO licenses for all originators (20-hour NMLS pre-licensing, SAFE exam, 8-hour annual CE, December 15 renewal deadline); quarterly MCR filing compliance; active E&O insurance; and completed BFF Broker Application Package. Michigan is business purpose-allowed. Approval typically 1–2 business days. Your AE will introduce you to MI-specific programs: Big Three automotive bank statement, Detroit BRRRR DSCR, TC wine country STR, Ann Arbor UM DSCR, Grand Rapids LTR, Lake Michigan shoreline STR, UP cabin STR, Bloomfield Hills/Birmingham Jumbo, and FHA/VA for Michigan military installations.
Partner with BFF for fast, reliable wholesale lending in Michigan. Submit a scenario or become an approved broker today.
