Michigan 2nd Mortgage Broker, Lender Registrant Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
Michigan mortgage brokers and lenders seeking registration under the Secondary Mortgage Loan Act may be required to maintain a surety bond as part of the registration process. NNA Surety's Michigan 2nd Mortgage Broker/Lender Registrant Bond provides $25,000 in coverage for this product.
Cost of the Michigan 2nd Mortgage Broker/Lender Registrant Bond
NNA Surety currently lists the $25,000 Michigan 2nd Mortgage Broker/Lender Registrant Bond at $150 for a one-year term. NNA states that no credit check or financial documents are required. Complete this form.
How the Michigan 2nd Mortgage Broker/Lender Registrant Bond Works
The bond supports the registrant's compliance with Michigan's Secondary Mortgage Loan Act and applicable requirements. It provides financial protection if covered obligations are not fulfilled in accordance with state law and the bond form.
Principal: Michigan 2nd Mortgage Broker/Lender registrant
Obligee: State of Michigan / Department of Insurance and Financial Services
Surety: Corporate surety issuing the bond
Learn about the surety bond claim process for general information about claims and principal reimbursement obligations.
License Term and Electronic Filing
Michigan DIFS states that 2nd Mortgage licenses and registrations expire December 31 each year and must be renewed annually. Required surety bonds and riders are submitted through the NMLS Electronic Surety Bond function.
How to Get the Michigan 2nd Mortgage Broker/Lender Registrant Bond
- Complete the online bond application through the NNA/Propeller affiliate link.
- Provide the requested business and personal information. NNA states that no credit check or financial documents are required.
- Pay the $150 annual premium.
- Receive the $25,000 bond and complete the applicable NMLS Electronic Surety Bond process.
- Maintain the required bond coverage for the applicable registration period.
Review the Michigan DIFS 2nd Mortgage License/Registration FAQ for current licensing, renewal, and electronic surety bond instructions.
Get Your Michigan 2nd Mortgage Broker/Lender Registrant Bond
Start your Michigan 2nd Mortgage Broker/Lender Registrant Bond application online.
For assistance, call 855-215-2160.