Michigan 2nd mortgage licensee bonds.
$750 flat.
Michigan licenses secondary mortgage brokers, lenders, and servicers under the Secondary Mortgage Loan Act, and MCL 493.56 requires proof of financial responsibility with the license: a corporate surety bond payable to the commissioner, $125,000 for a licensee acting as a servicer. Ours is $750 flat.
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How much does a Michigan 2nd mortgage licensee bond cost?
$750 at the $125,000 amount, the same for every applicant.
Three steps. One sitting.
Secondary mortgage licensing bonds file in one 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 $750 flat, 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 secondary mortgage brokers, lenders, and servicers through the Department of Insurance and Financial Services under the Secondary Mortgage Loan Act, 1981 PA 125. MCL 493.56 requires proof of financial responsibility at application and renewal — $25,000 for a broker who receives borrower funds before closing or a lender, and $125,000 for a servicer. This bond is written at the $125,000 servicer level, which covers the full broker-lender-servicer license.
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 can be filed 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. The bond expires no earlier than the license or registration does, so it must stay continuously in place; 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 $125,000 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 fixed at $750 at the $125,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or 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 | 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 (this page) | 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 secondary mortgage license today.
$750 flat, issued the moment you pay, no credit check. Free until issued.