FOR ALL YOUR SURETY BOND NEEDS.
Apply for a Michigan Surety Bond today! Absolute Surety is a leading Michigan surety bond company. Apply easily online and take advantage of lowest rates. Quickly browse the bonds we offer in this state, or contact us for a full list.
These bonds do require underwriting and the premium is based on the applicant’s personal credit history. You can expect to pay between 1% and 5% for a 1 year bond. After you complete an application one of our representatives will email and call you back with a quote typically within 1 business day. In some instances with less than perfect credit we can offer financing on your premium.
Bond Penalty Amount (Individuals):
$10,000 – if the individual is applying for a loan originator license for the first time.
$10,000 – if the individual is currently licensed as a loan originator that did not close any mortgage loans in the preceding calendar year, or the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is less than $12,000,000.
$25,000 – if the sum of the principal amounts of mortgage loans closed by the licensed mortgage loan originator in the preceding calendar year is $12,000,000 or more and less than $24,000,000.
$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.
Bond Penalty Amount (Companies):
$50,000 – if the sum of the principal amounts of mortgage loans closed or modified in the preceding calendar year by the Sponsoring Company is less than $12,000,000.
$150,000 – if the sum of the principal amounts of mortgage loans closed or modified in the preceding calendar year by the Sponsoring Company is $12,000,000 or more and less than $24,000,000.
$250,000 – if the sum of the principal amounts of mortgage loans closed or modified in the preceding calendar year by the Sponsoring Company is $24,000,000 or more
Bond Term: 1 year
Bond Expiration: 12/31 every year
Why do I need this bond:
The State of Michigan requires all individuals or companies that take a residential loan application for profit or gain to obtain a loan originator license and surety bond with the department of Insurance and Financial Services.
What to do after you purchase your bond:
After you receive your loan originator bond from Absolute Surety, you will need to sign it and mail it along with the attached power of attorney to:
State of Michigan
DIFS – Consumer Finance
PO Box 30220
Lansing MI 48909-7720
We also offer many other types of surety and fidelity bonds, please contact us at 855-689-5106 to inquire further.
