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Michigan Mortgage Broker / Lender Bonds

Bond Requirements and Online Application

A Michigan Mortgage Broker Bond is required by the State of Michigan Department of Insurance and Financial Services.

Michigan Mortgage Broker Bonds

There are two types of Michigan Mortgage Broker / Lender Bonds; the Michigan 1st Mortgage Broker Bond and the Michigan 2nd Mortgage Broker Bond.

According to the National Mortgage Licensing System, “any sole proprietor or company who [serves] as an agent for a person in an attempt to maintain a 1st lien mortgage loan” is required to file a Michigan 1st Mortgage Broker Bond. A 1st lien mortgage loan is a loan secured by a 1st lien position mortgage on property located in Michigan used as a dwelling and designed for occupancy by 4 or fewer families.

Any person who serves as an agent for another person in an attempt to obtain a subordinate lien mortgage loan must file a Michigan 2nd Mortgage Broker Bond. According to the NMLS, a subordinate lien mortgage loan is “a loan secured by a 2nd or junior lien position mortgage on real property located in Michigan used as a dwelling and designed for occupancy by 4 or fewer families.

The conditions of both Michigan Mortgage Broker / Lender Bonds provide that the broker will comply with the provisions of Act No. 125 of the Michigan Public Acts of 1981, as well as the regulations set forth by the Department of Insurance and Financial Services of the State of Michigan. Both bonds also ensure the protection of the State and the public if the Principal violates the terms of the bond.

The required bond amount for each Michigan Mortgage Broker / Lender Bonds is $25,000.

The bonds are valid for 1 year and may be renewed for additional terms by the Surety Company with approval of the Director of the Department of Insurance and Financial Services.

 License Fees and Requirements:

  • Surety bond
  • Minimum net worth of $25,000 if collecting fees prior to mortgage loan closing
  • Minimum net worth of $15,000 if NOT collecting fees prior to mortgage loan closing
  • FBI Criminal Background Check
  • Credit Check
  • MU1 (Company Form)
  • Disclosure Questions
  • Financial Statements
  • Certificate of Authority/Good Standing Certificate

All fees are required by the obligee, not the Surety Company.

CLICK HERE for more licensing information from the Michigan Department of Insurance and Financial Services.

APPLY for your Michigan Mortgage Broker Bond today!

How to Get Your Michigan Mortgage Broker / Lender Bonds

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Michigan Mortgage Broker / Lender Bonds!   If you have any questions, please call us at 877-654-2327.
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