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 underwriting consideration. 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 by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Mortgage Loan Originator Bond (First-Time Licensee)||$10,000||Starts at $100||$500-1000||$1,000+||Apply Now|
|Mortgage Loan Originator Bond (Less than $12 million in loan volume)||$10,000||Starts at $100||$500-1,000||$1,000+||Apply Now|
|Mortgage Loan Originator Bond ($12 million-$24 million in loan volume)||$25,000||Starts at $250||$1,250-2,500||$2,500+||Apply Now|
|Mortgage Loan Originator Bond (More than $24 million in loan volume)||$50,000||Starts at $500||$2,500-5,000||$5,000+||Apply Now|
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 principal (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?