Becoming a Mortgage Broker in Michigan doesn’t have to be intimidating. There are many resources to help you get started, and your bonding company can guide you through the process.
The first (and most important) step to becoming a Mortgage Broker in Michigan is getting your license, according to the NMLS. The licensing process goes as follows. As a sole proprietor making offers of 1st lien mortgage loans on properties in Michigan, you will begin with the state application found here.
The general check-list for the state includes:
1.) An application
2.) Passing requisites with the state,
3.) And obtaining a Surety Bond.
All three of these check-list items are outlined below.
The application asks for assumed names under the license or the trade name, Resident Agent information, a Qualifying Individual, and Financial Statements.
The second part of the application asks for a business plan, a Good Standing Certificate, Proof of Financial Responsibility Deposit, and a Management Chart. For more information on how to submit your financial statements and other documents, visit this how-to.
Once all business and personal career information is ready to be submitted, the NMLS charges an application fee of $1,300. Some of these fees may be refundable under state law if the application is received between July 1st and December 31st.
The last step is getting a Surety Bond. A bond is required under state law and protects the people who your business will serve. The bond satisfies your requirement with the state, however you may also need to obtain liability insurance for your own protection.
At Surety1, our best rate for this bond is %0.75 with an approved application and indemnity. This is subject to underwriting. To get started on the process, apply here on our website for your Surety Bond and get your career moving! Or give us a call at 916-737-5737, and we can help you out!