Michigan Mortgage Loan Originator Bond (Company)
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
| $150,000 | 1 Year | $900 |
| $250,000 | 1 Year | $1,500 |
For Michigan companies covering their MLO's, the required bond amount depends on the aggregate loan volume from the preceding year.
| Preceding Year Aggregate Loan Amounts | Bond Amount Required | Annual Premium |
| $0-$11,999,999 | $50,000 | $300 |
| $12,000,001-$23,999,999 | $150,000 | $900 |
| Exceeds $24,000,000 | $250,000 | $1,500 |
Overview
Mortgage companies licensed in Michigan may submit license form FIS 2137 in lieu of FIS 2135 if the individual loan originator is an employee or exclusive agent of said Sponsoring Company. The Michigan Department of Insurance and Financial Services is the governing body for rules and regulations for these bonds.
The bond amounts required vary based on the closed mortgage volume of the licensed entity in the preceding calendar year. Less than $12M requires a $50,000 bond. Greater than $12M, but less than $24M, requires a $150,000 bond. Greater than $24M requires a $250,000 bond. No credit check or financials needed up to $1M in aggregate bonds, and the bond premium (cost) is $6 per $1,000 of the bond amount.
Sponsoring companies employing or contracting with Michigan mortgage loan originators may provide a company surety bond covering their employees or exclusive agents. Required by the State of Michigan, the Michigan mortgage loan originator bond helps ensure compliance with the Mortgage Loan Originator Licensing Act and satisfies the bonding requirement for covered mortgage loan originators.
Cost of the Michigan Mortgage Loan Originator Bond
The cost of the $50,000 to $250,000 Michigan mortgage loan originator bond is $300 to $1,200 per bond term with NNA Surety. Secure this surety bond today.
How the Michigan Mortgage Loan Originator Bond Works
The Michigan mortgage loan originator company bond provides financial protection by holding sponsoring companies accountable for the mortgage loan originators covered by the bond.
The bond involves three parties:
- Principal: Sponsoring company
- Obligee: State of Michigan
- Surety: Bonding company
A claim against the bond may be filed for covered violations of the Michigan Mortgage Loan Originator Licensing Act. The principal is responsible for repaying valid claims paid by the surety.
How to Get the Michigan Mortgage Loan Originator Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $300, $900 or $1,200 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your Michigan mortgage loan originator company bond.
Learn more about your Michigan surety bond options across the state.
Get Your Michigan Mortgage Loan Originator Bond
Keep your company's Michigan bonding requirements on track by securing your mortgage loan originator bond today. Complete this form or call 855-457-2196 to get bonded.