MI 1st mortgage broker & lender bonds.
0.6% of the bond amount.

Michigan licenses first-mortgage brokers and lenders through the Department of Insurance and Financial Services under the Mortgage Brokers, Lenders, and Servicers Licensing Act. MCL 445.1654 requires proof of financial responsibility with the application — a $25,000 corporate surety bond payable to the commissioner for a broker who receives borrower funds before closing or for a lender. At 0.6% of the bond amount, that prices at $150, the bond issues the moment you pay, and any credit screen is a soft pull only — it never affects your score.

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Required for a Michigan 1st Mortgage Broker and Lender license under MCL 445.1654

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$25,000 bond payable to the commissioner — the broker-and-lender figure in the statute

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0.6% of the bond amount — $150 at checkout, no quote process

A-ratedA.M. Best carriersInstantissuance at checkout0.6% rate$150 at checkout

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How it works

Three steps. One sitting.

First-mortgage license bonds file in a single pass. Here's the entire process:

NOW · ONLINE

Apply online

Business details, an effective date, and a term. That is the entire application — and any credit screen is a soft pull that never shows as a hard inquiry.

INSTANTLY

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.

SAME DAY

File through NMLS

The executed bond delivers on the NMLS electronic surety bond track to the Michigan Department of Insurance and Financial Services. Wet-ink original mailed whenever the state insists.

About this bond

What it is and who needs it.

What the bond actually guarantees

Michigan regulates first-mortgage brokers, lenders, and servicers through the Department of Insurance and Financial Services under the Mortgage Brokers, Lenders, and Servicers Licensing Act, 1987 PA 173. At the time of filing an application for a license or a renewal, MCL 445.1654 requires the applicant to provide proof of financial responsibility — $25,000 for an applicant who acts as a mortgage broker and receives funds from a prospective borrower before the closing of the mortgage loan, or who acts as a mortgage lender.

The statute accepts a corporate surety bond payable to the commissioner, an irrevocable letter of credit from a federally insured institution, or a deposit of qualifying securities. The bond stands behind your conduct as a licensee — the origination, disclosure, and escrow rules that protect Michigan borrowers on first-lien loans.

It is not insurance for you — if the surety pays a claim, you repay the surety. The bond files electronically through NMLS and must stay continuously in place for the life of the license; we track the term and send renewal notices 60 and 30 days out.

MCL 445.1654Section 4 of the Mortgage Brokers, Lenders, and Servicers Licensing Act provides that, except as otherwise provided in the section, at the time of filing an application for a license or renewal of a license the applicant shall provide proof of financial responsibility: $25,000.00 for an applicant who acts as a mortgage broker and who receives funds from a prospective borrower before the closing of the mortgage loan or who acts as a mortgage lender, and $125,000.00 for an applicant who acts as a mortgage servicer. The proof may take the form of a corporate surety bond payable to the commissioner, an approved irrevocable letter of credit, or a qualifying deposit. Confirm your required figure on your NMLS license checklist.

You need this bond if you're

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Applying for a Michigan 1st Mortgage Broker and Lender license — filed through NMLS with DIFS

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Brokering first-lien loans and collecting borrower funds before closing — the trigger in MCL 445.1654

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Renewing the license — proof of financial responsibility is required at renewal, not just at application

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Reinstating a license whose bond lapsed or was cancelled by the surety

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 →

FAQ

Common questions.

How much is the Michigan 1st Mortgage Broker and Lender license bond?The premium is 0.6% of the bond amount. MCL 445.1654 sets the broker-and-lender figure at $25,000, so it works out to $150 — the same for every licensee at this level, and the price you see is the checkout price.

Do I pay the $25,000?No. You pay $150. The $25,000 is the surety's maximum liability if a valid claim is made against the bond — not a deposit, and nobody holds your money.

When would my bond be $125,000 instead?When the license adds mortgage servicing. MCL 445.1654 sets $125,000 for an applicant that acts as a mortgage servicer — that is the 1st Mortgage Broker, Lender and Servicer license, which we also write.

Is there a credit check?If a credit screen runs on this bond, it is a soft pull only — never a hard inquiry, and it never affects your score. The rate stays 0.6% of the bond amount either way.

Who requires the bond, and where does it go?The Michigan Department of Insurance and Financial Services, which administers the Mortgage Brokers, Lenders, and Servicers Licensing Act. The bond is payable to the commissioner and files electronically through NMLS with your license.

Related bonds

Other Michigan bonds.

Finish your 1st mortgage license today.

0.6% of the $25,000 bond — $150 — issued the moment you pay, soft pull only. Free until issued.

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Your price$150

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