MI 2nd mortgage broker & lender bonds.
0.6% of the bond amount.
The Michigan 2nd Mortgage Broker and Lender license covers both arranging junior-lien loans for others and funding them with your own money. MCL 493.56 sets proof of financial responsibility at $25,000 for a license to act as a broker who receives borrower funds before closing or as a lender — a corporate surety bond payable to the commissioner. 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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Three steps. One sitting.
Broker-and-lender 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 entire application — and any credit screen is a soft pull that never shows as a hard inquiry.
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
The Secondary Mortgage Loan Act, 1981 PA 125, separates three activities on junior-lien residential loans: brokering them, lending on them, and servicing them. A combined broker-and-lender license authorizes the first two, and MCL 493.56 prices financial responsibility accordingly — $25,000 for a license to act as a broker who receives funds from a prospective borrower before closing or to act as a lender.
The bond is a corporate surety bond payable to the commissioner, conditioned on the licensee conducting its business as the act and rules require and paying all money that becomes due to borrowers, secondary mortgage loan applicants, and the commissioner. Claims may be filed only by the commissioner and by your borrowers, loan applicants, and loan servicing customers.
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 filing, 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
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.
Other Michigan bonds.
Finish your 2nd mortgage license today.
0.6% of the $25,000 bond — $150 — issued the moment you pay, soft pull only. Free until issued.