Michigan Second Mortgage Broker, Lender, Servicer Bonds

The State of Michigan has a Second Mortgage Broker, Lender, and/or Servicer Surety Bond requirement by the Office of Financial & Insurance Regulation in the amounts indicated below. 

The MI 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.

We invite you to apply online, or call (618) 242-7800 or toll free (800) 995-0997 with any questions you may have about obtaining a Michigan Mortgage Broker licensing bond.