The Michigan Mortgage Servicer Bond is required by the Department of Insurance and Financial Services. This is a type of surety bond and the bond amount is $125,000. The cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get a Michigan Mortgage Servicer Bond

At we make it easy to obtain your surety bond. Our process is as follows:

  1. Apply for the bond using our easy to navigate and secure online application form 1
  2. Receive your free, no obligation quote from one of our surety bond professional agents2
  3. Sign some documents and make payment (all major credit cards accepted) 

Once these steps have been completed, the Michigan Mortgage Servicer Bond will be filed electronically with the NMLS.

1. The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2. Given the size of the surety bond, additional underwriting information may be required to obtain the most competitive rate for the bond. Your agent will work with you during this process. is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, is the premier online provider of surety bonds nationwide since 2003.

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What is a Mortgage Servicer?Michigan Mortgage Servicer Bond

According to the state of Michigan, a mortgage servicer is:

Any sole proprietor or company who, directly or indirectly, services or offers to service subordinate mortgage loans. “Service” means the collection or remittance for a lender, note owner, or note holder or a licensee’s own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a secondary mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor.

Entities that are FHLMC, FNMA, or GNMA approved servicers do not need to obtain this license.

What are other licensing requirements to become a Mortgage Servicer?

There is a separate license for Mortgage Broker/Lender/Servicer Licenses, each requiring a Michigan Mortgage Servicer Bond.  The application for license is administered by the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS.

Individuals can apply for a license on the Nationwide Multistate Licensing System and Registry (NMLS) website. Payment of the $1,000 application  fee and the $450 investigation fee per application must be submitted. In addition, applicants mush show a minimum net worth of $100,000. Before receiving a Mortgage Servicer license a criminal background check will be conducted.



Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds 


Michigan Mortgage Servicer Bond


How to Get Your Michigan Mortgage Servicer Bond

  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 Surety Bond!

If you have any questions, please call us at 877-654-2327.

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

Surety Bond Experts

Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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