Form FIS2135 Bond - Mortgage Loan Originator - Individual - Michigan

What Is Form FIS2135?

This is a legal form that was released by the Michigan Department of Insurance and Financial Services - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is FIS2135 Bond?
A: FIS2135 Bond is a bond required for Mortgage Loan Originators in Michigan.

Q: Who needs to obtain FIS2135 Bond?
A: Individual Mortgage Loan Originators in Michigan need to obtain FIS2135 Bond.

Q: What is the purpose of FIS2135 Bond?
A: FIS2135 Bond acts as a financial guarantee for the mortgage loan originator's compliance with state laws and regulations.

Q: How much does FIS2135 Bond cost?
A: The cost of FIS2135 Bond varies depending on the individual's credit history and the desired bond amount.

Q: How long is FIS2135 Bond valid for?
A: FIS2135 Bond is typically valid for one year and needs to be renewed annually.

Q: What happens if a mortgage loan originator does not have FIS2135 Bond?
A: Failure to have FIS2135 Bond can result in penalties, fines, and potential license suspension or revocation.

Q: Are there any alternatives to FIS2135 Bond?
A: Some individuals may be eligible for alternative forms of financial responsibility, such as a letter of credit or cash deposit, based on their creditworthiness and the approval of the Michigan Department of Insurance and Financial Services.

Q: Can FIS2135 Bond be canceled?
A: FIS2135 Bond can be canceled by the surety bond company with a written notice to the Michigan Department of Insurance and Financial Services.

Q: Is FIS2135 Bond the same as insurance?
A: No, FIS2135 Bond is not the same as insurance. It is a type of surety bond that guarantees the performance of the mortgage loan originator's obligations.