Michigan Mortgage Broker Bond, Lender Bond, and Servicer Bond

The Michigan Department of Insurance and Financial Services requires mortgage professionals to purchase a surety bond as part of the licensing process.

This surety bond is typically referred to as a Michigan mortgage broker bond, a Michigan mortgage lender bond, and/or a Michigan mortgage servicer bond.

This video will help you understand:

• What a mortgage surety bond is
• Why you're required to purchase one to get licensed
• And how to save hundreds, even thousands, of dollars when you purchase your bond

Here are the timestamps so you can jump around if you want.

• 00:20 - Video agenda
• 00:49 - Which Michigan mortgage licenses require a surety bond
• 01:33 - What is a Michigan mortgage broker or lender bond?
• 02:18 - What does a Michigan mortgage surety bond protect against?
• 02:51 - Examples of fraudulent acts a mortgage broker and/or mortgage lender and servicer can commit
• 03:29 - What are the Michigan mortgage surety bond amounts?
• 04:18 - Individual mortgage broker or originator bond amount
• 04:52 - First and second mortgage broker company bond amounts
• 05:19 - First and second mortgage broker/lender company bond amounts
• 05:31 - First and second mortgage broker/lender/servicer company bond amounts
• 05:55 - How much does a mortgage surety bond cost?
• 07:16 - Example pricing for a Michigan mortgage surety bond
• 08:08 - What happens after you purchase your Michigan mortgage surety bond?
• 08:42 - Renewing your Michigan mortgage surety bond