Michigan 2nd mortgage broker & lender license bonds.
$150.
The Michigan 2nd Mortgage Broker and Lender license requires proof of financial responsibility under MCL 493.56: a $25,000 corporate surety bond payable to the commissioner, the figure for a broker who receives borrower funds before closing or a lender. At 0.6% of the bond amount, that prices at $150.
Trusted by industry leaders
How much does a Michigan 2nd mortgage broker & lender license bond cost?
$150 for the $25,000 bond: 0.6% of the bond amount.
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 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
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
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 | 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 (this page) | 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 2nd mortgage license today.
0.6% of the $25,000 bond — $150 — issued the moment you pay, no credit check. Free until issued.