The Michigan Mortgage Servicer Surety bond is a $125,000 bond required by the Michigan Department of Insurance and Financial Services. A mortgage servicer is defined as a person or entity who, directly or indirectly, services or offers to service mortgage loans.
The Office of Consumer Finance is responsible for issuing licenses and registrations to over 13,000 mortgage and consumer finance entities doing business in Michigan. The surety bond is required via Act No. 173, Public Acts of 1987 and ensures compliance with the laws of the State.
The Office is also responsible for supervising the licensees and registrants, as provided under these statutes, to ensure the entities operate safely, responsibly, and in accordance with applicable law.
Surety1 represents over a dozen surety bond markets to make sure you get the bond you need at acceptable terms and low rates. We have been providing surety bonds in Michigan since 2003, and are licensed in all 50 States.