Michigan State Licenses and Regulator Costs

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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