Michigan Bond — Mortgage LoaOriginateto— - Surety Bond is a type of surety bond required for mortgage loan originators in the state of Michigan. This bond guarantees that the mortgage loan originator will abide by all applicable state and federal statutes, rules, and regulations governing the origination of residential mortgage loans. There are two types of Michigan Bond — Mortgage LoaOriginateto— - Surety Bond: an individual mortgage loan originator bond and a business mortgage loan originator bond. The individual mortgage loan originator bond is required for all individuals who originate mortgage loans in Michigan and must be in the amount of $25,000. The business mortgage loan originator bond is required for all entities that originate mortgage loans in Michigan and must be in the amount of $50,000.
Michigan Bond - Mortgage Loan Originator - Surety Bond
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Michigan notary surety bond costs are $30 for the state-required 6 or 7 year term. An errors and omissions insurance notary package is also available for $55. Including errors and omissions insurance with your bond ensures you are not held personally liable for mistakes made while notarizing documents.
Bonds for Individual Licenses $50,000 surety bond for $7,500,000 - $14,999,999.99 in originated loans.
Step 4 ? Purchase a Surety Bond Mortgage loan originators must purchase and maintain a surety bond with the following limits: $25,000 for individual license applicants. $100,000 for group license applicants of 20 licenses or less. $200,000 for group licenses of more than 20 licenses.
Mortgage Loan Officer Bond Amounts $50,000 - if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000 or more.
Call the business, general contractor, government agency, or county clerk you are required to file the bond with. Ask them for a list of three to five phone numbers of surety insurers that write bonds for businesses or occupations like yours. Access our Insurance Company Locator.
A Vehicle Uniform Surety Bond (also known as a Bonded Title, Certificate of Title Bond, Defective Title Bond, or Lost Vehicle Title Bond) allows a vehicle, watercraft, or snowmobile owner to claim ownership and register the vehicle with the state of Michigan when a title has been lost, stolen or is missing.
The state of Michigan requires license and permit bonds for a variety of professions. If an industry has a bonding requirement, businesses and individuals must post their surety bond before receiving a professional license to operate.