Michigan 1st mortgage broker license bonds.
$150.
Michigan's MCL 445.1654 attaches proof of financial responsibility to the application for a 1st Mortgage Broker license. A broker who receives funds from a prospective borrower before closing posts a $25,000 corporate surety bond payable to the commissioner. At 0.6% of the bond amount, that prices at $150.
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How much does a Michigan 1st mortgage broker license bond cost?
$150 for the $25,000 bond: 0.6% of the bond amount.
Three steps. One sitting.
Broker-only license bonds are among the simplest filings in surety. Here's the entire process:
Apply online
Business details, an effective date, and a term. That is the application. No credit check.
Pay & e-sign
This bond is checkout-priced at 0.6% of the $25,000 amount — $150 — so it issues the moment you pay. Your executed bond and power of attorney generate on the spot.
File through NMLS
The executed bond delivers on the NMLS electronic surety bond track to the Michigan Department of Insurance and Financial Services, attached to your broker license record.
What it is and who needs it.
What the bond actually guarantees
A mortgage broker under the Mortgage Brokers, Lenders, and Servicers Licensing Act arranges or negotiates first-lien mortgage loans for prospective borrowers — the loan itself closes in a lender’s name. Michigan licenses that activity through the Department of Insurance and Financial Services, and MCL 445.1654 requires proof of financial responsibility at application and renewal: $25,000 for a broker who receives funds from a prospective borrower before the loan closes.
The bond is a corporate surety bond payable to the commissioner — you (the principal), the carrier, and the State of Michigan (the obligee), with your borrowers as the protected parties. It stands behind the fee, disclosure, and handling-of-borrower-funds rules that make the requirement necessary in the first place.
It is not insurance for you — if the surety pays a claim, you repay the surety. Proof of financial responsibility is required at renewal as well as at application, so the bond must stay continuously on file; we track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $25,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File through NMLS. The executed bond delivers on the NMLS electronic surety bond track to the Michigan Department of Insurance and Financial Services, attached to your broker license record.
What sets the price
The premium is 0.6% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check.
One application, issued instantly.
These are the actual issuing fields — business details, an effective date, and a term. That is the entire application.
Start the application →Common questions.
Michigan mortgage license bonds.
We write 11 mortgage license bonds in Michigan. Each license has its own bond, amount and price; pick the one your license calls for.
| License bond | Required by | Bond amount | Price |
|---|---|---|---|
| 1st Mortgage Broker & Lender License Bond ($25,000) — NMLS | MCL 445.1654 | $25,000 | $150 |
| 1st Mortgage Broker License Bond ($25,000) — NMLS (this page) | MCL 445.1654 | $25,000 | $150 |
| 1st Mortgage Broker, Lender & Servicer Bond — NMLS | MCL 445.1654 | $25,000 or more | From $150 |
| 2nd Mortgage Broker & Lender License Bond ($25,000) — NMLS | MCL 493.56 | $25,000 | $150 |
| 2nd Mortgage Broker & Lender Registrant Bond ($25,000) — NMLS | MCL 493.56 | $25,000 | $150 |
| 2nd Mortgage Broker License Bond ($25,000) — NMLS | MCL 493.56 | $25,000 | $150 |
| 2nd Mortgage Broker Registrant Bond ($25,000) — NMLS | MCL 493.56 | $25,000 | $150 |
| 2nd Mortgage Broker, Lender & Servicer Bond ($125,000) — NMLS | MCL 493.56 | $125,000 | $750 |
| 2nd Mortgage Broker, Lender & Servicer Registrant Bond ($125,000) — NMLS | MCL 493.56 | $125,000 | $750 |
| Mortgage Loan Originator Bond (Individual) | MCL 493.159 | Varies | From $100 |
| Mortgage Loan Originator Company Bond | MCL 493.159 | Varies | From $125 |
Other Michigan bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Finish your 1st mortgage broker license today.
0.6% of the $25,000 bond — $150 — issued the moment you pay, no credit check. Free until issued.