Michigan Second Mortgage Broker, Lender, Servicer Bond

A MI Second Mortgage Broker, Lender, and/or Servicer Surety Bond is required by the Office of Financial & Insurance Regulation in the amounts that follow.   

The MI Mortgage Broker Bond amount (penalty) is $25,000 if you are applying for a 2nd Mortgage Broker license or 2nd 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 Mortgage Broker surety bond if you are collecting fees prior to mortgage loan closings.    

If you are looking to obtain your 2nd Mortgage Broker, Lender and Servicer licenses in the State of Michigan, you are required to secure a $125,000 bond.

Subordinate lien mortgage loan means a loan secured by a 2nd or junior 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.