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    Michigan State Licenses and Regulator Costs

    Need a license?(312) 588-6800 State Mortgage Licensing Experts
      1st Mortgage Broker and Lender License (Company)
    • NMLS Cost: $1,300
    • Additional Costs: $15 per credit report, $36.25 per criminal background check
    • Must be an approved issuer, seller, or servicer by Fannie Mae, Freddie Mac, or Ginnie Mae
    • Surety Bond: $25,000 (electronic); note: company will want to obtain FIS 2137 non-electronic surety bond if it will employ individual loan originators - bond amount varies from $50,000 to $250,000 depending on loan volume
      1st Mortgage Broker License (Company)
    • NMLS Cost: $1,050
    • Additional Costs: $15 per credit report, $36.25 per criminal background check
    • Surety Bond: $25,000 (unless entity does not receive client funds); note: company will want to obtain FIS 2137 non-electronic surety bond if it will employ individual loan originators - bond amount varies from $50,000 to $250,000 depending on loan volume
      1st Mortgage Broker, Lender, and Servicer License (Company)
    • NMLS Cost: $1,550
    • Additional Costs: $15 per credit report, $36.25 per criminal background check
    • Must be an approved issuer, seller, or servicer by Fannie Mae, Freddie Mac, or Ginnie Mae
    • Surety Bond: $125,000; note: company will want to obtain FIS 2137 non-electronic surety bond if it will employ individual loan originators - bond amount varies from $50,000 to $250,000 depending on loan volume
      2nd Mortgage Broker and Lender License (Company)
    • NMLS Cost: $1,300
    • Additional Costs: $15 per credit report, $36.25 per criminal background check
    • Surety Bond: $25,000; note: company will want to obtain FIS 2137 non-electronic surety bond if it will employ individual loan originators - bond amount varies from $50,000 to $250,000 depending on loan volume
      2nd Mortgage Broker License (Company)
    • NMLS Cost: $1,050
    • Additional Costs: $15 per credit report, $36.25 per criminal background check
    • Surety Bond: $25,000 (unless entity does not receive client funds); note: company will want to obtain FIS 2137 non-electronic surety bond if it will employ individual loan originators - bond amount varies from $50,000 to $250,000 depending on loan volume
      2nd Mortgage Broker, Lender, and Servicer License (Company)
    • NMLS Cost: $1,550
    • Additional Costs: $15 per credit report, $36.25 per criminal background check
    • Surety Bond: $125,000; note: company will want to obtain FIS 2137 non-electronic surety bond if it will employ individual loan originators - bond amount varies from $50,000 to $250,000 depending on loan volume
      Mortgage Loan Originator (Individual)
    • NMLS Cost: $280
    • Additional Costs: $15.00 per credit report, $36.25 per criminal background check
    • Surety Bond: individual loan originator surety bond required unless employing company has FIS 2137 surety bond; minimum bond amount varies from $10,000 to $50,000 depending on loan volume