Michigan Mortgage Licensing | Michigan Department of Insurance and Financial Services

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Mortgage Banker | First and Second Mortgage Lender or Lender/Servicer License

• Physical In-State Office Required: No
  
• Qualifying Individual: No
  
• Minimum Net Worth: $25,000 (Lender) and $100,000 (Lender/Servicer)
  
• Surety Bond: $25,000 (Lender) and $125,000 (Lender/Servicer)
  
• Branch Licensing: No
  
• Loan Originator Licensing: Yes - Starting 1/1/2009
  

License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$60 – Foreign Entity App
$125 – Registered Agent Fee
$1,550 - Company License Fee
$1,250 – MI $125k Surety Bond 

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Mortgage Broker | First and Second Mortgage Broker License

• Physical In-State Office Required: No
  
• Qualifying Individual: No
  
• Minimum Net Worth: $25,000 or $15,000 if not accepting advance fees from borrowers
  
• Surety Bond: $25,000 or $0 if not accepting advance fees from borrower
  
• Branch Licensing: No
  
• Loan Originator Licensing: Yes - Starting 1/1/2009
  

License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$60 – Foreign Corp App
$125 – Registered Agent Fee
$1,050 - Company License Fee
$250 – MI $25k Surety Bond (if accepting advance fees from borrowers) 

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Regulated by:
Michigan Department of Insurance and Financial Services
110 West Michigan Avenue, Suite 400
P.O. Box 30220 
Lansing, Michigan 48933 
Telephone: (517) 373-0220 
Fax: (517) 335-4978
Laurie - LO Licensing - (517) 373-7043 - [email protected]
Thomas Wilson - LO Licensing - [email protected]
Brandy Seidlmeyer - (517) 373-7614 - [email protected]
Jennifer Childs - (517) 335-2094

http://www.michigan.gov/dleg/