Michigan legislation introduced the follow: Michigan SB 1525 would alter the bond amount for
mortgage originators. Existing law requires mortgage loan originators to be licensed and to be covered under a
surety bond in an amount based on the dollar volume of loans that the originator closed in the previous year. If the loan volume of the originator is less than $12 million, the bond amount is $10,000. If the loan volume is over $12 million but less than $24 million, the bond 2 amount is $25,000. For loan volumes over $24 million, the bond amount is $50,000. This bill would provide that if
mortgage originators are covered under the bond of their employer and the bond amount would be less than the total amount of the bonds that the originators otherwise would have been required to provide individually, the above bond amounts change to $50,000, $150,000 and $250,000, respectively.