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Michigan Mortgage Loan Originator Bond

Michigan Mortgage Loan Originator Bond

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Who Requires the Mortgage Loan Originator Bond and Why Is It Needed?

Mortgage Broker, Lender, Loan Originator and Servicer Bonds are required as part of the licensing process for Michigan mortgage professionals in order to comply with provisions of the Michigan Mortgage Loan Originator Licensing Act. The bonds ensure that the bonded party will comply with the rules, regulations and guidelines established by the state of Michigan and the Director, Department of Insurance and Financial Services of the State of Michigan. The bond is conditioned upon the principal's compliance with the provision of Michigan Act No. 173, Public Acts of 1987. Furthermore, the bond guarantees payment of monies due to the state or any person by virtue of the provisions of the Act. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Michigan Mortgage Loan Originator Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The Mortgage Surety Bond conditions include compliance with all provisions of the Michigan Mortgage Licensing Acts, and all rules and regulations lawfully promulgated thereunder by the Director, Department of Insurance and Financial Services of the State of Michigan. The bonded principal is also obligated to pay all monies that may become due or owing to the State and to such person or persons as required by virtue of provisions of the Act.

List of Michigan surety bonds.

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