Michigan Mortgage Loan Originator Bond (Individual)

Any individual applying for or holding a Michigan mortgage loan originator license must provide a surety bond, unless they are already covered under an employer’s company bond.  Bond amount is determined by the combined loan volume from the preceding year.

Preceding Year Aggregate Loan Amounts	Bond Amount Required	Annual Premium
$0-$11,999,999	$10,000	$100
$12,000,001-$23,999,999	$25,000	$150
Exceeds $24,000,000	$50,000	$300

Overview

Individual mortgage loan originators in Michigan are required to obtain a bond. The bond amount required is $10,000 for individuals applying for the first time or if the loan originator's volume of closed loans in the preceding calendar year is less than $12,000,000.

The bond amount required is $25,000 if the sum of the principal amounts of mortgage loans closed by the licensed mortgage loan originator in the preceding calendar year is $12,000,000 or more and less than $24,000,000. 

The bond amount required is $50,000 if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000 or more. No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) cost is $6 per $1,000 of the bond amount (minimum premium is $100).