Michigan First Mortgage Broker, Lender, Servicer Bonds

The State of Michigan has a MI First Mortgage Broker, Lender, and/or Servicer Surety Bond required by the Office of Financial & Insurance Regulation. 

The MI bond amount (penalty) is $25,000 if you are applying for a 1st Mortgage Broker license or 1st Mortgage Broker and Lender license.

If you are applying for your Mortgage 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 1st Mortgage Broker, Lender and Servicer licenses in the State of Michigan, you are required to secure a $125,000 bond.

In MI, 1st 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.