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Michigan Mortgage Broker, Lender, and/or Servicer Bond

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How much does the Michigan mortgage license bond cost?

Michigan mortgage license surety bond costs start at $187.50 annually. Your personal surety bond premium will be provided after a quick application review. Your required bond amount will be based on your state mortgage license type. 

How do I get a Michigan mortgage broker, lender, or servicer bond?

You can apply for your Michigan mortgage broker, lender, or servicer bond online 24/7. Select the mortgage bond needed for your license and provide the following information for Department of Insurance and Financial Services filing approval. 

  • licensee name 
  • licensee NMLS number
  • license type

Once your payment has been processed, SuretyBonds.com will file your Michigan surety bond directly with the NMLS.

How fast can I get a mortgage license surety bond?

Our industry-leading technology and responsive customer service team allow us to offer free quotes and file your official Michigan mortgage license bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.

If you have any questions about Michigan mortgage broker, lender, or servicer bonds or your application, call 1(800)308-4358 to speak with one of our friendly surety experts. We're here to guide you through the mortgage bond process so you can get back to running your business.

Bond Type
$25,000First Mortgage Broker, Lender, and/or Servicer BondBroker or Broker/Lender
$125,000First Mortgage Broker, Lender, and/or Servicer BondServicer or Broker/Lender/Servicer
$25,000Second Mortgage Broker, Lender, and/or Servicer BondBroker or Broker/Lender
$125,000Second Mortgage Broker, Lender, and/or Servicer BondServicer or Broker/Lender/Servicer

What is a Michigan mortgage broker, lender, and/or servicer bond? 

Michigan Compiled Laws Section 445.1654 requires mortgage lenders and brokers file a $25,000 surety bond and servicers file a $125,000 surety bond when filing for their new or renewal state license. The first mortgage broker, lender, and/or servicer bond form specifically requires licensees comply with all provisions of the Public Acts of 1987 Act Number 173. The secondary mortgage broker, lender, and/or servicer bond form specifically requires licensees comply with all provisions of the Public Acts of 1981 Act Number 125. Both bond forms require all 1st and 2nd mortgage broker license holders comply with all laws, rules, and regulations enforced by the Michigan Department of Insurance and Financial Services. 

Why do I need a Michigan mortgage company license bond?

You must file this bond to get your 1st or 2nd mortgage broker license, lender license, or mortgage servicer license in Michigan. By filing this bond you agree to comply with all laws, rules, and regulations enforced by the Michigan Department of Insurance and Financial Services. If you fail to do so, your bond provides financial protection to the state and/or your customers. Your issuing surety company will pay valid claims up to your total bond amount, which you must reimburse in full. 

Who needs a Michigan mortgage license surety bond?

The following mortgage license types are available in Michigan.

  • Mortgage Broker
  • Mortgage Lender
  • Mortgage Loan Originator
  • Mortgage Servicer
  • Mortgage Broker/Lender/Servicer (combination)

Who regulates mortgage licensing in Michigan? 

The Michigan Department of Insurance and Financial Services Consumer Finance Section enforces licensing requirements for the state's mortgage professionals and mortgage companies. You can contact the DIFS by calling 1(877)999-6442 or emailing [email protected].

The Michigan DIFS requires this bond for state mortgage broker, lender, or servicer licensing. The DIFS also enforces a separate Michigan mortgage loan originator bond. If you work as a mortgage professional in other states, we also offer mortgage license bonds nationwide. 

How do I update or change my mortgage license bond form? 

If the Department of Insurance and Financial Services requires your mortgage license bond form to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your bond name or address to match your mortgage professional or mortgage company license. 

How do I renew my mortgage broker, lender, or servicer bond? 

You must renew your Michigan mortgage servicer, broker, or lender license bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next mortgage professional or mortgage company license term. 

How do I get a Michigan mortgage broker, servicer, or lender license? 

To apply for your Michigan mortgage broker, servicer, or lender license, select your license type on the Nationwide Multistate Licensing System and provide the required information and documentation. 

What can Michigan mortgage companies do to avoid bond claims?

To avoid claims filed against your bond, you must comply with all laws, rules, and regulations enforced by the Michigan Department of Insurance and Financial Services. If you violate your mortgage bond or license terms, claims can be made against your surety bond. Your issuing surety company will pay valid claims up to your total bond amount, which you must reimburse.

Call 1 (800) 308-4358 to talk with a Surety Expert