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

The Secondary Mortgage Loan Act runs two parallel tracks — a license and a registration — and MCL 493.56 attaches the same proof of financial responsibility to both. A registrant acting as a secondary mortgage broker who receives borrower funds before closing posts 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.

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

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Registrants post the same $25,000 bond as licensees — the statute names both

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

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

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How it works

Three steps. One sitting.

Registration bonds file exactly like license bonds. Here's 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, provides a registration track alongside its license — the route used by entities approved as a seller or servicer by FHLMC or FNMA, issuers or servicers approved by GNMA, and subsidiaries or affiliates of a depository financial institution. MCL 493.56 does not treat them differently on financial responsibility: it names "a license or registration" and sets the same figures.

For a registrant acting as a secondary mortgage broker who receives borrower funds before closing, that figure is $25,000 — a corporate surety bond payable to the commissioner, 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 the bond has to stay continuously in place while it is active; 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. The proof may be 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.

You need this bond if you're

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

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An FNMA, FHLMC, or GNMA approved seller, servicer, or issuer brokering junior-lien loans in Michigan

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A subsidiary or affiliate of a depository financial institution that registers rather than licenses

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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 registrant bond?The premium is 0.6% of the bond amount. MCL 493.56 sets the broker 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.

What's the difference between a registrant and a licensee?The registration track is for entities that qualify to register with DIFS instead of taking a license — FNMA, FHLMC, or GNMA approved sellers, servicers, and issuers, and subsidiaries or affiliates of depository financial institutions. MCL 493.56 applies the same bond requirement to both.

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.

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Your price$150

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