How Much Does a Mortgage Broker Bond Cost in Michigan?
$25,000 Bond
$25,000 Bond
$125,000 Bond
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What Does a Mortgage Broker 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.
Other Helpful Information and Links
MI Department of Insurance and Financial Services How to Become Licensed/Registered 1st/2nd Mortgage
Michigan Loan Originator Bond Form
Mortgage Loan Officer Bond Amounts
- $10,000 if you are applying for a loan originator license for the first time.
- $10,000 if you are currently licensed as a loan originator that did not close any mortgage loans in the preceding calendar year, or the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is less than $12,000,000.
- $25,000 - if the sum of the principal amounts of mortgage loans closed by the licensed mortgage loan originator in the preceding calendar year is $12,000,000 or more and less than $24,000,000.
- $50,000 - if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000 or more.