My WI fi is about to begin offering an 80/20 mortgage program in MI. Unfortunately, Michigan does not have a nice neat little Consumer Credit Code for me to find the late fees I need for the 20% second mortgage. I've been digging on the legislative website without success. Can anyone point me in the right direction please?

I believe the revised MI Banking Code of 1999 made much of that go away. Different state statutes had varying maximum rates & fees, and now things are a lot cleaner. It's now based on what the bank & consumer agree to in the note, assuming no predatory lending triggers. The most common thing we see is the greater of 5% of the payment or $15.

Truffle, I am in MI and that is exactly how we do the late fee....same as a first mtg., 5% of the payment amount. This has been a standard in MI for as long as I was in closing, which was until October of 2006. I have not seen any changes since then.

Thanks so much! That's what I was finding but I wasn't sure if that was ok or not. If you're even in WI (physically or virtually) give me a call! I owe you one.