Michigan Mortgage Broker, Lender or Servicer Bond
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How Much Do Michigan Mortgage Professional Bonds Cost?
Mortgage professionals in Michigan are required to purchase a surety bond to apply for a state license. $25,000 Michigan mortgage lender and broker bonds start at $187.50. Mortgage servicers must file a $125,000 bond which starts at $1250.
Your exact price will vary based on your credit score and application materials. Some bonds are eligible for a 25% multi-year discount as well as premium financing plans. Apply now to get your free quote.
How Does a Michigan Mortgage License Bond Work?
A Michigan mortgage broker, lender or servicer broker bond binds three parties in a legal contract:
- Principal: The mortgage professional purchasing the bond
- Surety: The provider issuing the bond to the principal
- Obligee: The Michigan Department of Insurance and Financial Services (DIFS) requiring the bond
The obligee or clients can file a claim to recover damages if the contract terms are broken. The surety company will pay claims to harmed parties up to the full bond amount, which you would need to reimburse.
How Do I Get a Mortgage Broker, Lender or Servicer Bond in Michigan?
With SuretyBonds.com, you can get your Michigan mortgage company license bond in just four easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Sign your documents with DocuSign
- Checkout on our secure, online portal
We’ll upload the bond directly to the NMLS on your behalf and email you a copy for your records.
What Is a Michigan Mortgage Broker, Lender or Servicer Bond?
Mortgage broker, lender and servicer bonds ensure that licensees comply with all provisions of the Public Acts of 1987 Act Number 173. The secondary mortgage broker, lender and servicer bond form specifically requires licensees to comply with all provisions of the Public Acts of 1981 Act Number 125.
Both bond forms require first and second mortgage brokers to follow all laws, rules, and regulations enforced by the Michigan Department of Insurance and Financial Services (DIFS) under the Compiled Laws Section 445.1654.
How to Become a Licensed Mortgage Professional in Michigan
Mortgage professionals in Michigan must be licensed and bonded with the DIFS. Use the NMLS checklists below to complete all the requirements for the mortgage license you need:
- NMLS: MI 1st Mortgage Broker License Checklist (Company)
- NMLS: MI 1st Mortgage Broker/Lender License Checklist (Company)
- NMLS: MI 1st Mortgage Broker/Lender/Servicer License Checklist (Company)
Submit a quote request now to get started or call 1 (800) 308-4358 for assistance.
More Resources
- Michigan DIFS: Mortgage FAQ
- Michigan DIFS: Mortgage Loan Originator
- Michigan DIFS: Fee Schedule - All Applicants/Licensees/Registrants under the Mortgage Brokers, Lenders, and Servicers Licensing Act
- Michigan DIFS: Fee Schedule - All Applicants/Licensees/Registrants under the Secondary Mortgage Loan Act
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
