Michigan Mortgage Broker/Lender Bond

To become a mortgage broker, lender, or servicer in the state of Michigan, applicants must provide proof of a surety bond payable to the commissioner. Michigan requires a $25,000 surety bond for mortgage brokers and lenders. Mortgage servicers are required to obtain a $125,000 bond. The cost for these bonds is $6 per $1,000 in liability, and the bonds are available without a credit check or review of financial statements. Individuals who originate mortgage loans are required to be licensed separately as mortgage loan originators.