Michigan 2nd Mortgage Broker, Lender Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
Michigan second mortgage lenders and certain mortgage brokers must provide proof of financial responsibility as part of state licensing or registration requirements. Required by the State of Michigan, the Michigan 2nd mortgage broker, lender bond guarantees compliance with the Secondary Mortgage Loan Act and helps protect borrowers and applicants from covered financial harm.
Cost of the Michigan 2nd Mortgage Broker, Lender Bond
The cost of the $25,000 Michigan 2nd mortgage broker, lender bond is $150 per bond term with NNA Surety. Secure this surety bond today.
How the Michigan 2nd Mortgage Broker, Lender Bond Works
The Michigan 2nd mortgage broker, lender bond protects borrowers and applicants by holding licensed or registered mortgage professionals financially accountable for complying with state secondary mortgage lending requirements.
The bond involves three parties:
- Principal: Second mortgage broker or lender
- Obligee: State of Michigan
- Surety: Bonding company
A claim against the bond may be filed for covered violations involving money due to borrowers or secondary mortgage loan applicants. The principal is responsible for repaying valid claims paid by the surety.
How to Get the Michigan 2nd Mortgage Broker, Lender Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the $150 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your Michigan second mortgage license or registration.
Learn more about your Michigan surety bond options across the state.
Get Your Michigan 2nd Mortgage Broker, Lender Bond
Stay compliant with Michigan licensing or registration requirements by securing your second mortgage broker, lender bond today. Complete this form or call 855-457-2196 to get bonded.