Individuals applying for or holding a Michigan mortgage loan originator license must obtain this bond, unless covered by their sponsoring company's bond. This applies to mortgage loan originators who take residential mortgage loan applications for profit or gain and require licensure under the Michigan Mortgage Loan Originator Licensing Act (MLOLA).
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 BondCategoryOtherBondMortgage Loan Originator - IndividualPlain descriptionMortgage Originator - IndividualWho needs this bondIndividuals applying for or holding a Michigan mortgage loan originator license must obtain this bond, unless covered by their sponsoring company's bond. This applies to mortgage loan originators who take residential mo…
