Michigan Mortgage Loan Originator Bond (Individual)

Bond Details

• Michigan MLO Bond (Individual) – $10,000 bond – $100 per year
• Michigan MLO Bond (Individual) – $25,000 bond – $150 per year

Overview

Individual mortgage loan originators in Michigan are required to obtain a bond. The bond amount required is $10,000 for individuals applying for the first time or if the loan originator's volume of closed loans in the preceding calendar year is less than $12,000,000.

The bond amount required is $25,000 if the sum of the principal amounts of mortgage loans closed by the licensed mortgage loan originator in the preceding calendar year is $12,000,000 or more and less than $24,000,000. 

The bond amount required is $50,000 if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000 or more. No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) cost is $6 per $1,000 of the bond amount (minimum premium is $100).