Michigan Mortgage Broker/Lender Bond

Bond Details

Michigan Mortgage Broker/Lender Bond – $25,000 bond – $150 per year

Overview

To become a mortgage broker or lender in Michigan, applicants must provide proof of a surety bond payable to the commissioner. Michigan requires a $25,000 surety bond for mortgage brokers and lenders. The cost of these bonds is $6 per $1,000 in liability, and the bonds are available without a credit check or review of financial statements.