Michigan Mortgage Loan Originator Bond (Individual)
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $10,000 | 1 Year | $100 |
| $25,000 | 1 Year | $150 |
| $50,000 | 1 Year | $300 |
Any individual applying for or holding a Michigan mortgage loan originator license must provide a surety bond, unless they are already covered under an employer’s company bond. Bond amount is determined by the combined loan volume from the preceding year.
| Preceding Year Aggregate Loan Amounts | Bond Amount Required | Annual Premium |
| $0-$11,999,999 | $10,000 | $100 |
| $12,000,001-$23,999,999 | $25,000 | $150 |
| Exceeds $24,000,000 | $50,000 | $300 |
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).
Individual mortgage loan originators in Michigan who are not covered under a sponsoring company's bond must meet state surety bond requirements. Required by the State of Michigan, the Michigan mortgage loan originator bond helps ensure compliance with the Mortgage Loan Originator Licensing Act and provides financial protection for covered violations.
Cost of the Michigan Mortgage Loan Originator Bond
The cost of the $10,000 to $50,000 Michigan mortgage loan originator bond is $100 to $375 per bond term with NNA Surety. Secure this surety bond today.
How the Michigan Mortgage Loan Originator Bond Works
The Michigan mortgage loan originator bond protects consumers by holding individual mortgage loan originators financially accountable for complying with applicable state requirements.
The bond involves three parties:
- Principal: Mortgage loan originator
- Obligee: State of Michigan
- Surety: Bonding company
A claim against the bond may be filed for covered violations of the Michigan Mortgage Loan Originator Licensing Act. The principal is responsible for repaying valid claims paid by the surety.
How to Get the Michigan Mortgage Loan Originator Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable $100, $150 or $300 bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your Michigan mortgage loan originator license.
Learn more about your Michigan surety bond options across the state.
Get Your Michigan Mortgage Loan Originator Bond
Stay compliant with Michigan licensing requirements by securing your individual mortgage loan originator bond today. Complete this form or call 855-457-2196 to get bonded.