Michigan 2nd Mortgage Broker Registrant Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
Michigan regulates secondary mortgage brokers under the Secondary Mortgage Loan Act. A broker that receives funds from a prospective borrower before closing is subject to the applicable proof-of-financial-responsibility requirement. This product provides $25,000 in surety bond coverage.
Cost of the Michigan 2nd Mortgage Broker Registrant Bond
NNA Surety has secured a $100 premium for a one-year term for the required $25,000 bond amount. Complete this form to secure your bond.
Who Needs the Bond?
The $25,000 financial-responsibility tier applies to a Michigan secondary mortgage broker when the statutory requirement is triggered, including when the broker receives funds from a prospective borrower before closing. The bond should not be described as mandatory for every broker registrant without confirming the applicant's activities.
How the Michigan 2nd Mortgage Broker Registrant Bond Works
The surety bond serves as proof of financial responsibility and supports compliance with Michigan's Secondary Mortgage Loan Act and applicable licensing or registration requirements.
Principal: Michigan 2nd Mortgage Broker 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. Renewal is handled through NMLS, and required surety bonds and riders are submitted through the NMLS Electronic Surety Bond function.
How to Get the Michigan 2nd Mortgage Broker Registrant Bond
- Confirm that the applicant's activities trigger Michigan's $25,000 proof-of-financial-responsibility requirement.
- Complete this online bond application.
- Complete any information requested during the bond purchase process.
- Pay the applicable premium shown in the application; the supplied product price is $150 for one year.
- Complete the NMLS Electronic Surety Bond process and maintain required coverage.
Review the Michigan DIFS 2nd Mortgage License/Registration FAQ and Michigan mortgage licensing resources for current requirements.
Important Applicability Note
Do not state that every Michigan 2nd Mortgage Broker Registrant must carry this bond. Confirm whether the registrant receives borrower funds before closing or otherwise falls within the applicable financial-responsibility requirement.
Get Your Michigan 2nd Mortgage Broker Registrant Bond
Start your Michigan 2nd Mortgage Broker Registrant Bond application online.
For assistance, call 855-215-2160.