Michigan Mortgage Loan Originator Bond
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How Much Do Michigan Mortgage Loan Originator Bonds Cost?
$10,000 Michigan mortgage loan originator bonds cost $150 for all individual applicants. Pricing for $50,000 mortgage loan originator company bonds starts at $375, but exact rates vary based on the credit score of the principal(s).
Companies or individuals that closed more than $12M in mortgage loans in the prior year will need a larger bond amount. See the table below to find the bond amount you need and apply for a free quote now.
If you work as a loan originator in other states, we offer mortgage industry license bonds nationwide.
How Does a Michigan Mortgage Loan Originator Bond Work?
A Michigan mortgage loan originator bond binds three parties in a legal contract:
- Principal: The licensed mortgage originator or MLO sponsor
- Surety: The provider issuing the bond to the principal
- Obligee: The Department of Insurance and Financial Services (DIFS) requiring the bond
If a bonded mortgage originator breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the MLO would need to reimburse.
How Do I Renew My Bond?
Michigan mortgage loan originator bonds require renewal at the end of each term. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends.
To cancel a bond, the principal or surety must send 60-day’s written notice to the obligee.
How Do I Get a Mortgage Loan Originator Bond in Michigan?
With SuretyBonds.com, you can get your Michigan MLO 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 email your official bond documents immediately after purchase. You must then submit the bond form and surety power of attorney to the DIFS Department of Consumer Finance.
What Is a Michigan Mortgage Loan Originator Bond?
The Michigan Department of Insurance and Financial Services requires MLO bonds as part of the licensing process. These bonds protect consumers from financial harm if an MLO violates state mortgage lending laws or regulations.
How to Become a Mortgage Loan Originator in Michigan?
Mortgage professionals in Michigan must be licensed and bonded with the Department of Insurance and Financial Services. Use the NMLS Michigan MLO License Application Checklist to complete all the requirements to become a mortgage loan originator.
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