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Michigan Mortgage Loan Originator Bond

How much does a mortgage broker bond cost in Michigan?

The amount of coverage you need for your Michigan mortgage loan originator bond will be based on your loan volume in the previous year. The cost an applicant will pay for the bond depends on your loan volume as well. If you are a first-time licensee doing under $12 million in loan volume a year, you may qualify to purchase this bond instantly for as little as $75!

If you are doing more than $12 million in loan volume a year, your bond will be subject to underwriting consideration and your bond cost will be determined based on your credit history. Applicants with strong financial credentials can expect to pay just 1-5% of the required bond amount!

Applicants with less-than-stellar credit can still qualify for the bond they need when they work with SuretyBonds.com.

Fill out an online bond request or call 1 (800) 308-4358 to get started!

Bond Type Bond Amount Cost*
$10,000 Mortgage Loan Originator Bond First-Time Licensee or loan volume is less than $12 million $10,000 Starts at $75 Apply Now
$25,000 Mortgage Loan Originator Bond Loan volume between $12 million-$24 million $25,000 Starts at $250 Apply Now
$50,000 Mortgage Loan Originator Bond Loan volume exceeds $24 million $50,000 Starts at $500 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. Our experts will walk you through the bonding process and provide you with a free surety bond quote quickly and easily!

Why do I need this bond?

Michigan mortgage loan originator surety bonds ensure that the mortgage loan originator will conform to and comply with each provision of the Michigan Mortgage Loan Originator Licensing Act. For example, the act specifically prohibits mortgage loan originators from engaging in fraud, deceit, or material misrepresentation in regard to mortgage transactions, as well as failing to disclose information to borrowers as required by law.

Any consumer who suffers a financial loss as a result of a Michigan mortgage professional’s unethical and unlawful behavior can make a claim against the mortgage originator’s bond. The state can also make a claim against the bond to recoup losses. The principal would be required to reimburse the surety for any claims paid out.

If you’re ready to get the bond you need, submit a bond request, and one of our experts will contact you right away!

What’s the fine print?

If the Commissioner determines after an investigation that the experience, character, business reputation and general fitness of the applicant and its officers, directors, shareholders, partners and affiliates do not meet the standards required by law, the commissioner has the right to revoke the license and surety bond.

Applicants must know their National Mortgage Licensing System identification number in order to properly fill out the Michigan mortgage loan originator surety bond form.

This bond type is required by the Michigan Office of Insurance and Financial Regulation and expires annually on December 31. It is unlawful to include a cancellation clause in this bond, which releases the principal and the surety from the bond before the expiration date.

Ready to get started?

Get a FREE Mortgage Loan Originator Bond Quote Today!

Additional Resources

Michigan Mortgage Loan Originator Bond form

Michigan Department of Insurance and Financial Services: Mortgage Loan Originators (Licensing Information)

Michigan Mortgage Brokers, Lenders, And Servicers Licensing Act - Michigan

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