Michigan 1st mortgage licensee bonds.
From $150.
Michigan licenses first-mortgage brokers, lenders, and servicers through the Department of Insurance and Financial Services, and MCL 445.1654 requires proof of financial responsibility: $25,000 for a broker who collects funds before closing or a lender, $125,000 for a servicer. The premium is 0.6% of the bond amount.
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How much does a Michigan 1st mortgage licensee bond cost?
0.6% of the bond amount, from $150 at the $25,000 minimum. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No quote round-trip — enter your amount, pay, and the executed bond delivers through NMLS. Here is the whole thing:
Apply online
Your business details, the bond amount your license class requires, and an effective date — that is the application. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Pay & e-sign
The premium is 0.6% of the bond amount — priced at checkout, so the bond 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. MCL 445.1654 requires each applicant to post proof of financial responsibility — a corporate surety bond payable to the commissioner: $25,000 for a broker who receives funds from a prospective borrower before closing or for a lender, and $125,000 for a servicer.
It's a three-party arrangement: you (the principal), the surety carrier, and the State of Michigan (the obligee). The bond stands behind your conduct as a licensee — the origination, disclosure, and servicing rules that protect Michigan borrowers.
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 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.
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 up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
Submit the application with the bond amount your license class requires — the executed bond is generated the moment you pay, ready to file.
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 | MCL 445.1654 | $25,000 | $150 |
| 1st Mortgage Broker, Lender & Servicer Bond — NMLS (this page) | 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.
Price and requirements checked on the carrier’s application, . Page updated .
1st mortgage licensee bond, issued today.
0.6% of the bond amount, with your exact price at the application. Enter your required amount and file the same day.