Commercial Surety Bonds

Michigan Mortgage Broker Bonds

Tweet

Mortgage Brokers in the state of Michigan are regulated by the Michigan Department of Labor & Economic Growth. The state has become part of the National Mortgage License System (NMLS) and has automated their licensing process. Both licensees for First and Second Mortgages are required to use the new system to apply.

Michigan is a state that currently requires both First and Second Mortgage brokers to obtain a separate Surety Bond. Each bond must be for $25,000. They also require a complete 10 year employment/experience history resume. They will also require each applicant to fill out a Full Disclosure Statement and be subject to a confidential background investigation. There is also a net worth requirement of $25,000 that must be met.

Bad Credit Michigan Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Michigan License Requirements

Age: 18

State Residency: No Requirements

Experience: 10 years

Education: No requirements

Continuing Education: No Requirements

Net Worth: $25,000

Surety Bond: $25,000 for First Mortgages and $25,000 for Second Mortgages

Background Check: Criminal and credit

Michigan State Licensing Fees

Initial Application: $450 for Broker and $600 for Broker/lender + $450 Investigation Fee.

Branch Location: $450

Renewal Application: $450

Branch Offices:

In State Requirements: Licensure required but no physical location is needed

Licensure Requirements: Each Location must be licensed with knowledgeable staff present

Branch Manager: N/A

Exemptions:

Entities: Attorney, Credit Union, Consumer Loan Companies, saving and Loan Companies, Banks

Safe Harbor: None available

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Questions? Ask us here!

Choose Another State: