Michigan Mortgage Licensing

Mortgage Banker, Servicer, Broker

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)

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$60 – Foreign Entity App
$125 – Registered Agent Fee
$1,550 (Servicer/Lender) $1,300 (Lender only) – Company License Fee
$1,250 (Servicer/Lender) $250 (Lender only) – MI Surety Bond

Mortgage Broker

First and Second Mortgage Broker License

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $25,000 or $0 if not accepting advance fees from borrowers
Surety Bond: $25,000 or $0 if not accepting advance fees from borrower

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing 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)

Regulated by:

Department of Insurance and Financial Services

Michigan Mortgage Licensing