Michigan Mortgage Loan Originator Bond

MichiganMortgage loan originators are affected by a new Michigan state law which is referred to as SB 462. The new law requires mortgage loan originators to be licensed and to get their hands on a surety bond in an amount calculated by the dollar volume of loans that the originator closed in the preceding year. The surety bond would have to be in a quantity spanning from $25,000 to $100,000. The originators that happen to be the employee or agent of individuals that have supplied a surety bond to the Commissioner of the Office of Financial and Insurance Regulation has the option to utilize the employer’s bond to satisfy the requirements in place of the surety bond from the originator.