MI 2nd mortgage broker & lender registrant bonds.
0.6% of the bond amount.

A Michigan 2nd Mortgage Broker and Lender registration authorizes the same junior-lien brokering and lending as the license, on the registration track DIFS opens to qualifying entities. MCL 493.56 sets the same proof of financial responsibility either way: a $25,000 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.

✓

Required for a Michigan 2nd Mortgage Broker and Lender registration under MCL 493.56

✓

Same $25,000 figure as the license — the statute names "a license or registration"

✓

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

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

Trusted by industry leaders

How it works

Three steps. One sitting.

The registration track files the same bond as the license track. Here is the entire process:

NOW · ONLINE

Apply online

Entity 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, attached to your registration record.

About this bond

What it is and who needs it.

What the bond actually guarantees

Michigan’s Secondary Mortgage Loan Act, 1981 PA 125, lets certain entities register with the Department of Insurance and Financial Services rather than take a license — the route used by FHLMC- and FNMA-approved sellers and servicers, GNMA-approved issuers and servicers, and subsidiaries or affiliates of depository financial institutions. A broker-and-lender registration authorizes arranging junior-lien loans and funding them.

MCL 493.56 is explicit that financial responsibility attaches to "a license or registration" — $25,000 at the broker-and-lender level. The bond is payable to the commissioner and conditioned on the registrant 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.

It is not insurance for you — if the surety pays a claim, you repay the surety. A registration is not transferable and its bond must stay continuously in place; we track the term and send renewal notices 60 and 30 days out.

MCL 493.56Section 6 of the Secondary Mortgage Loan Act requires an applicant, at filing or renewal, to provide proof of financial responsibility — $25,000.00 for a license or registration to act as a broker who receives funds from a prospective borrower before the closing of the secondary mortgage loan or who acts as a lender, and $125,000.00 for a license or registration to act as a servicer. Acceptable proof is a corporate surety bond payable to the commissioner or an approved irrevocable letter of credit, conditioned on the licensee or registrant 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 the licensee’s or registrant’s borrowers, loan applicants, and loan servicing customers.

You need this bond if you're

✓

Registering as a Michigan 2nd Mortgage Broker and Lender — the registration track, filed through NMLS

✓

An FNMA, FHLMC, or GNMA approved seller, servicer, or issuer brokering and funding junior-lien loans here

✓

A subsidiary or affiliate of a depository financial institution registering instead of licensing

✓

Renewing a registration — proof of financial responsibility is required at renewal too

One application, issued instantly.

These are the actual issuing fields — entity details, an effective date, and a term. That is the entire application.

Start the application →

FAQ

Common questions.

How much is the Michigan 2nd Mortgage Broker and Lender registrant bond?The premium is 0.6% of the bond amount. MCL 493.56 sets the broker-and-lender figure at $25,000 for a license or a registration alike, so it works out to $150 — and the price you see is the checkout price.

Does a registrant really post the same bond as a licensee?Yes. MCL 493.56 states the amounts for "a license or registration" in the same breath — $25,000 at the broker-and-lender level, $125,000 where servicing is authorized.

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.

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. The bond is payable to the commissioner and files electronically through NMLS with your secondary mortgage registration.

Related bonds

Other Michigan bonds.

Finish your 2nd mortgage registration today.

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

Start application

Your price$150

Apply now →