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Michigan Mortgage Loan Originator Bond

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How much does a Michigan mortgage loan originator bond cost?

Michigan mortgage loan originator bond costs start at $150 annually. The $10,000 individual mortgage loan originator bond costs $150 for all applicants. All other individual and corporate mortgage loan originator bond amounts require a quick application review to determine pricing.

How do I get a mortgage loan originator bond in Michigan?

You can purchase your $10,000 individual mortgage bond online 24/7 or apply for all other required bond amount options online 24/7. Simply choose your mortgage bond type in the dropdown above or table below and provide the following information for Michigan Department of Insurance and Financial Services filing approval.

  • MLO name
  • physical address
  • Nationwide Multistate Licensing System (NMLS) license number, if available

Once your order has been processed, your official Michigan surety bond will be delivered by email.

How fast can I get a loan originator license surety bond?

Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver your official Michigan mortgage loan originator bond faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed with same-day emailed bond delivery.

If you have questions about Michigan mortgage loan originator bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to walk you through the mortgage bond process so you can get back to running your business. 

Bond Type
$10,000Mortgage Loan Originator Bond - IndividualFirst-time licensee or closed less than $12 million in mortgage loans during preceding calendar year
$25,000Mortgage Loan Originator Bond - IndividualClosed $12 million - $24 million in mortgage loans during preceding calendar year
$50,000Mortgage Loan Originator Bond - IndividualClosed $24 million or more in mortgage loans during preceding calendar year
$50,000Mortgage Loan Originator Bond - CompanyPrincipal amount of mortgage loans closed or modified during preceding calendar year is less than $12,000,000
$150,000Mortgage Loan Originator Bond - CompanyPrincipal amount of mortgage loans closed or modified during preceding calendar year is between $12,000,000 and $23,999,999
$250,000Mortgage Loan Originator Bond - CompanyPrincipal amount of mortgage loans closed or modified during preceding calendar year is $24,000,000 or more

What is a Michigan mortgage loan originator bond?

The Mortgage Loan Originator Licensing Act Section 493.159 requires individuals and companies file a surety bond before being licensed to work as a mortgage loan originator. State form FIS 2135 is officially titled “Bond - Mortgage Loan Originator - Individual” while state form FIS 2137 is officially titled “Bond - Mortgage Loan Originator - Company.” By filing these bonds, a licensed mortgage loan originator agrees to comply with the Mortgage Loan Originator Licensing Act and all other rules and regulations enforced by the Michigan Department of Insurance and Financial Services. If licensed mortgage professionals fail to do so, both mortgage bond forms specifically protect those harmed. The issuing surety insurance company will pay valid claims up to the full required bond amount, which the licensed mortgage loan originator must reimburse. 

What determines my Michigan mortgage loan bond amount? 

Your required bond amount depends on your loan origination volume for the previous year.

Mortgage Loan Originator - Individual

Bond Amount                   Loans Originated                                   

$10,000                            Less than $12,000,000                                       

$25,000                             $12,000,000 to $24,000,000

$50,000                             $24,000,000 or more 

Mortgage Loan Originator - Company 

Bond Amount                      Loans Originated                                   

$50,000                                Less than $12,000,000                                       

$150,000                              $12,000,000 to $23,999,999                         

$250,000                              $24,000,000 or more   

Who regulates mortgage loan originators?

The Michigan Department of Insurance and Financial Services regulates licensed mortgage loan originator individuals and companies working in the state. You can contact the DIFS by calling 1(517)284-8800 or emailing [email protected].

How do I update or change my mortgage bond form?

If the Michigan Department of Insurance and Financial Services requires your bond documentation to be updated for any reason, contact your surety insurance company. If you purchased your mortgage loan originator license bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested for this bond are updating your MLO name, address, or license number to match your NMLS mortgage loan originator license filing.

How do I renew my mortgage loan originator license bond? 

You must renew your Michigan mortgage loan originator license bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be emailed to you to keep your bond active for your next mortgage lender license term.

How do you get licensed as a Michigan mortgage loan originator?

To apply for your Michigan mortgage loan originator license, you must complete the following steps with the Nationwide Multistate Licensing System (NMLS).

  1. Complete at least 20 hours of pre licensure education courses. 
  2. Pass either the SAFE test or the National Test Component with Uniform State content.
  3. Pay all required mortgage lender licensing fees.
  4. Submit Individual Form (MU4).
  5. Authorize NMLS to conduct a criminal background and credit report check.
  6. Answer disclosure questions.
  7. Provide your sponsoring company and employment history.

Once you've registered with the NMLS, you must mail your mortgage loan originator bond in the correct required bond amount to the Michigan Department of Financial and Insurance Services.

DIFS - Consumer Finance 
PO Box 30220
Lansing, MI 48909-7720

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