The Michigan Deferred Presentment Service Provider Bond starts at $500 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Michigan First Mortgage Broker and Lender Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Michigan Mortgage Loan Originator - Individual Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
Finance and mortgage broker bonds are legally binding agreements between three parties:
The bonds provide a guarantee that finance professionals comply with license regulations like those set forth in the Michigan Mortgage Loan Originator Licensing Act
If the finance professional fails to comply with the regulations, the surety company will pay out financial losses to damaged parties up to the full bond amount. The finance professional is liable to reimburse the surety for any damages paid under the bond.
The Michigan Department of Insurance and Financial Services requires 1st mortgage brokers and servicers to post a $125,000 surety bond as part of the licensing process. 2nd mortgage brokers are required to post a $25,000 surety bond.
The surety company issuing the bond determines your premium rate, which is the percentage of the total bond cost you pay as the premium. Premium rates for Michigan finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount. EZSurety has issued mortgage broker bonds in Michigan for premiums as low as $375.
During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a Michigan mortgage broker bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
The State of Michigan requires different licenses for 1st and 2nd mortgage brokers. For either license, you must meet the following licensing requirements:
For information on obtaining other finance licenses in Michigan, you can visit the NMLS Resource Center.
You’ll know if you need a surety bond because some entity will have required you to obtain one. They must also inform you of which specific bond type you’ll need. There are thousands of bonds across the country, all of which vary by state and industry.
Visit EZSuretyBonds.com to browse hundreds of bonds by state, type, or industry.
