This bond is required for individuals and companies who help people obtain home loans in Michigan. It acts as a financial guarantee that protects consumers if the mortgage professional breaks state laws or acts dishonestly during the loan process. If a mortgage originator causes financial harm through fraud or rule vi…
Overview
What it is.
This bond is required for individuals and companies who help people obtain home loans in Michigan. It acts as a financial guarantee that protects consumers if the mortgage professional breaks state laws or acts dishonestly during the loan process. If a mortgage originator causes financial harm through fraud or rule vi…
Who usually needs it
Individuals licensed as mortgage loan originators (MLOs) in Michigan who are not covered by their employer's surety bond must obtain this bond. This applies to independent or non-sponsored mortgage loan originators who, for compensation or gain, take residential mortgage loan applications or offer/negotiate terms of residential mortgage loans, and who are s…
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 amountVaries by license type or projectObligeeState of MichiganBond classLicense BondCategoryFinancial ServicesBondMichigan Mortgage Originator BondJurisdictionStatePlain descriptionThis bond is required for individuals and companies who help people obtain home loans in Michigan. It acts as a financial guarantee that protects consumers if the mortgage professional breaks state laws or acts dishones…Who needs this bondIndividuals licensed as mortgage loan originators (MLOs) in Michigan who are not covered by their employer's surety bond must obtain this bond. This applies to independent or non-sponsored mortgage loan originators who,…
