Michigan Mortgage Loan Originator Bond (Company)
| Preceding Year Aggregate Loan Amounts | Bond Amount Required | Bond Term | Annual Premium |
| $0-$11,999,999 | $50,000 | 1 Year | $300 |
| $12,000,001-$23,999,999 | $150,000 | 1 Year | $900 |
| Exceeds $24,000,000 | $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.