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Financial Services Law Insights and Observations

Michigan Amends Mortgage Loan Originator Surety Bond Requirements

State Issues

Recently, Michigan enacted Senate Bill 1525 to modify the surety bond requirements for mortgage loan originators. The bill allows a mortgage company to submit one surety bond to cover all of the company’s individual mortgage loan originators, based on the principal amounts of loans originated by all loan originators. Previously, individual bonds for each loan originator were required. The bill is effective immediately.