Michigan 2nd Mortgage Broker, Lender, Servicer Regisrant Bond
Any sole proprietor or company that makes, offers, or services subordinate lien residential mortgage loans in Michigan must hold a surety bond under the Secondary Mortgage Loan Act. This bond protects consumers from financial loss if the registrant fails to comply with state laws and regulations.
Cost of a Michigan 2nd Mortgage Broker/Lender/Servicer Registrant Bond
| Bond Amount Required | Annual Premium |
| $125,000 | $750 |
Difference Between a Michigan Mortgage License vs. Registration Bond
Both license and registration bonds serve the same purpose of protecting consumers, but they differ in the type of authorization each bond supports.
- License bond: Required when a broker, lender, or servicer seeks full licensure to operate in Michigan.
- Registration bond: Required when a broker or lender registers under the Act.
Secure Your Michigan Second Mortgage Registrant Bond
Getting your mortgage registration bond through NNA Surety is quick and hassle-free. No credit check or financial documents are required. Complete our form, provide your business and personal details, and submit payment. Your Michigan second mortgage registrant bond will be issued immediately. For questions, call 855-575-1063 or send us an email.