Michigan 1st mortgage broker & lender license bonds.
$150.
Michigan licenses first-mortgage brokers and lenders, and 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.
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How much does a Michigan 1st mortgage broker & lender license bond cost?
$150 for the $25,000 bond: 0.6% of the bond amount.
Three steps. One sitting.
First-mortgage license bonds file in a single pass. 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. Wet-ink original mailed whenever the state insists.
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.
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. Wet-ink original mailed whenever the state insists.
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 (this page) | MCL 445.1654 | $25,000 | $150 |
| 1st Mortgage Broker License Bond ($25,000) — NMLS | 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 license today.
0.6% of the $25,000 bond — $150 — issued the moment you pay, no credit check. Free until issued.