Michigan Mortgage Loan Originator Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Loan Originators – Michigan
The mortgage loan originator bond falls into one of two categories:
- The loan originator surety bond for a company;
- The loan originator surety bond for an individual.
Within those two categories, the bond is further divided by the amount of surety bond required, which is based on your production levels.
AmeriPro Surety Bonds provides the required surety bond you need for compliance.
Michigan Mortgage Loan Originator Bond – Amount Required
For a Michigan mortgage loan originator company:
- If in the preceding year, the amount of loans originated is less than $12,000,000, the amount of surety bond required is $50,000;
- If in the same period of time, the amount originated is between $12,000,000 and less than $24,000,000, the amount of surety bond required is $150,000;
- If in the preceding year, the amount is $24,000,000 or more, the Michigan loan originator bond is for $250,000.
For a Michigan mortgage loan originator individual:
- If this is your first time as a Michigan mortgage loan originator and/or the sum of your loans originated within is less than $12,000,000, the amount of surety bond required is $10,000;
- If you as an individual have originated between $12,000,000 but less than $24,000,000, the amount of surety bond required is $25,000;
- If you have originated $24,000,000 and above, the amount of surety bond required is $50,000.
The Bond’s Duration
The bond will have an expiration date of December 31st, regardless of when the bond is purchased. That may, however, be December 31st of a the same year or December 31st of a following year, depending on the bond’s effective date.
Michigan Mortgage Loan Originator Bond: The Premium:
The premium will typically be between 1-5% of the bond’s amount; however, the amount that you will pay will be determined by the following considerations and so may vary:
- The amount of the surety bond that you are required to purchase;
- Information provided by you on the surety application (the larger surety bonds will have more a more detailed application);
- Your credit score.
As our homepage states, we are committed to finding you the best pricing for your bond.
Mortgage Loan Originator Bond: Its Purpose
Whether the bond is required of you as an individual or your company, its purpose is a financial guarantee for the people of the state of Michigan that you will be in compliance with all rules and statutes governing mortgage loan origination.
More specifically, this refers to the Michigan Mortgage Loan Originator Licensing Act of 2009.
The bond protects the people of the state of Michigan against acts of fraud, theft, or criminal malfeasance in the professional conduct of a licensed loan originator.
AmeriPro Surety Bonds only agency providing license and permit, contractor, court, and fiduciary surety bonds throughout Michigan.
We work to get you the best surety bond pricing for your bond.
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