Michigan State Licenses and Regulator Costs

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

Please reload

Lynx Licensing charges a flat rate of $625 per state license, $120 per branch license, and $85 per individual license.

Located in Raleigh, North Carolina

ryan at lynxlicensing dot com

Follow

  • Facebook Social Icon

©2018-2020 LYNX LICENSING. ALL RIGHTS RESERVED. "NMLS", "Nationwide Mortgage Licensing System", and "Nationwide Multistate Licensing System" and associated logos are trademarks and/or service marks of State Regulatory Registry, LLC ("SRR"). Lynx Licensing and this website are not associated with, sponsored, approved, or licensed by SRR. NMLS Consumer Access.