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.
The Simple Bonding Process
Request a free quote or view your price
Take the first step by requesting a free quote or viewing the price to discover unbeatable value.
Sign your contract and pay the premium.
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Receive your surety or fidelity bond.
It's just that easy!
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