MI Mortgage Broker Bond
The State of Michigan has a 1st Mortgage Broker, Lender, and/or Servicer Surety Bond required by the Office of Financial & Insurance Regulation. Michigan First Mortgage Broker Bonds are vitally important, and we can get you bonded in no time!
The bond amount (penalty) is $25,000 if you are applying for a First Mortgage Broker license or First Broker and Lender license.
If you are applying for your Broker license only, you are only required to obtain this $25,000 Michigan surety bond if you are collecting fees prior to mortgage loan closings.
If you are looking to obtain your First Mortgage Broker, Lender and Servicer licenses in the State of Michigan, you are required to secure a $125,000 bond.
Michigan 1st Mortgage Broker, Lender, and Servicer Bonds
In MichiganI, First lien mortgage loan means a loan secured by a 1st lien position mortgage on real property located in Michigan and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.
We are NFP Surety. We have been the industry leader in all types of surety bonds in MI since 1984! Let out team of expert and experienced surety bond professionals help you through the processes of getting bonded. We will make it as easy as possible to get your surety bond, and start working. The application only takes a few minutes, but having the piece of mind that a bond is supporting your business, in case the worst happens, will help you sleep at night. If you have any questions about any type of surety bond in Michigan, or any other state, please call us, or go to nfpsurety.com to learn more about what we do, or for a free quote.