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Michigan bonds

Michigan — 1st Mortgage Broker, Lender And Servicer - NMLS Bond

Brokering, lending and servicing appear together in this Michigan first-mortgage bond offering. Use your company's first-mortgage licensing request to identify the activities and security needed before starting the application.

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Recorded state
Michigan
Bond type
Combined Mortgage Origination & Servicing Bond
Category
Financial services

What this bond does

Provide the security described in your company's first-mortgage broker, lender and servicer bond form.

Who needs it
Businesses with a Michigan first-mortgage combined-role bond request.
Who it protects
The named licensing recipient and people entitled to claim are defined by that form; the bond does not insure the company's lending portfolio.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Describe the full loan operation

Explain whether the business arranges loans, supplies funding and collects payments after closing. Keep the company's capacity separate from an employee's individual originator license.

Use the first-mortgage instructions for the requested sum and filing method. Do not transfer second-mortgage figures to this application. If the checklist calls for an NMLS ESB, the surety prepares it and your company completes signature and delivery tasks.

Sources

Have these ready

  1. Company name, NMLS ID and first-mortgage license request.
  2. Brokering, funding and payment-servicing activities.
  3. Requested recipient, amount and effective date.

Questions about this bond

Can I choose the broker-only offering instead?

Choose the scope in your licensing request. A broker-only title does not establish security for your lending and servicing duties.

Where does Purchase Now take me?

To Propeller in a new tab for the bond application. Approval, issuance and regulatory delivery are separate from starting that application.

Does this replace second-mortgage security?

This offering identifies first mortgages. Use the separate second-mortgage request when that is the obligation you need to satisfy.

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