Michigan Mortgage Broker Bond

Michigan Mortgage Broker Bond

Michigan Mortgage Broker Bond


Apply »


What is an Michigan Mortgage Broker Bond? 

Michigan Mortgage Broker Bonds are required by Michigan's Department of Insurance and Finnancial Services to obtain your Mortgage Broker license. The Michigan Mortgage Broker Bond amount is set at $10,000. This license is required of any sole proprietor or entity that directly or indirectly serves or offers to serve as an agent for a person in an attempt to obtain a 1st mortgage loan, or offers to serve as an agent for a person who makes or offers to make 1st mortgage loans for residential property located in the State of Michigan.


The State requires a Mortgage Broker bond for :  


$10,000 - if the individual is currently licensed as a loan originator that did not close any mortgage loans in the preceding calendar year, or the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is less than $12,000,000.

$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.

$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.


Different parts of a bond:


 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.


Try our 100%  Secure Mortgage Broker Bond Online Application to get the Lowest Mortgage Broker bond rates in all 50 States.



Program:


You can buy your Michigan Mortgage Broker Bond (Apply) online immediately


Michigan Mortgage Broker Bond Information and Requirements:


$10,000 - if the individual is applying for a loan originator license for the first time.

$10,000 - if the individual is currently licensed as a loan originator that did not close any mortgage loans in the preceding calendar year, or the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is less than $12,000,000.

$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.

$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.


Apply »