First Mortgage Broker, Lender and/or Servicer Bond
Mortgage brokers, lenders, and servicers operating in Michigan under the Mortgage Brokers, Lenders, and Servicers Licensing Act. Required when: At the time of filing an application for a license or renewal of a license. Exemptions: A mortgage broker is not required to provide a bond if they do not receive funds from a…
Overview
What it is.
Mortgage brokers, lenders, and servicers operating in Michigan under the Mortgage Brokers, Lenders, and Servicers Licensing Act. Required when: At the time of filing an application for a license or renewal of a license. Exemptions: A mortgage broker is not required to provide a bond if they do not receive funds from a…
Who usually needs it
Mortgage brokers, lenders, and servicers operating in Michigan under the Mortgage Brokers, Lenders, and Servicers Licensing Act.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMIBond amount$25,000Term lengthContinuousObligeeMichigan Department of Insurance and Financial ServicesRenewalThe bond must be maintained continuously. Licenses must be renewed annually through the Nationwide Multistate Licensing System (NMLS) by December 31, with renewal filings typically due by December 15.Bond classLicense BondCategoryFinancial ServicesBondFirst Mortgage Broker, Lender and/or Servicer BondStatutory referenceMCL 445.1654JurisdictionState
