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Bond - Mortgage Loan Originator – Sponsoring Company Instructions

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					FIS 2135 (3/10) Office of Financial and Insurance Regulation Page 1 of 1


Bond - Mortgage Loan Originator – Sponsoring Company Instructions for form FIS 2137 (7/10)
Completing the Form:

           The surety bond must be written by a surety company that is approved and authorized to write surety bonds in the State of
            Michigan.
           Bond Number: Required - to be provided by the surety company.
           Company NMLS ID No.: Required – unique number issued by NMLS to the company employer sponsoring the individual loan
            originator.
           Name of Principal: Required - name of the Sponsoring Company exactly as filed with NMLS.
           Bond Amount: Required - as determined below:
            o $10,000 per loan originator - if the individual is applying for a loan originator license for the first time.
            o $10,000 per loan originator - if the individual is currently licensed as a loan originator that did not close any mortgage
                 loans in the preceding calendar year, or the sum of the principal amounts of mortgage loans closed by the mortgage loan
                 originator in the preceding calendar year is less than $12,000,000.
            o $25,000 per loan originator - if the sum of the principal amounts of mortgage loans closed by the licensed mortgage loan
                 originator in the preceding calendar year is $12,000,000 or more and less than $24,000,000.
            o $50,000 per loan originator - if the sum of the principal amounts of mortgage loans closed by the mortgage loan originator
                 in the preceding calendar year is $24,000,000 or more.
           Expiration Date: Required - December 31 of the current licensing year or December 31 of a subsequent year.
           A cancellation clause allowing the cancellation of the surety bond prior to the Expiration Date is not acceptable.
           The surety bond must be signed by the Attorney in Fact and an officer of the Sponsoring Company (Principal).
           The original surety bond is to be submitted to OFIR with the Surety Power of Attorney to the mailing or physical office address
            identified below.

      Additional Requirements:

           A Sponsoring Company that chooses to provide a single company surety bond to cover each and every one of its mortgage
            loan originators acting on behalf of the company under the Mortgage Loan Originator Licensing Act must submit electronically
            to the Commissioner an Excel compatible spreadsheet with the Sponsoring Company name and NMLS number. This
            spreadsheet shall state the full last name, first name, NMLS number exactly as filed with NMLS, and corresponding bond
            amount for each loan originator (based upon the previous year origination volume). The initial bond amount will match the
            bond total calculated on the Excel spreadsheet.
           A new Excel spreadsheet and a bond rider are required for each additional loan originator that is employed by the Sponsoring
            Company; however, if you are adding multiple loan originators on the same date, you may submit one spreadsheet. The
            surety bond via a bond rider is to be increased each time a new loan originator licensee is employed.
           Prior to adding the individual to the company surety bond amount, the Sponsoring Company is required to provide notice to
            each loan originator that his/her loan originator license is contingent on the individual holding a valid surety bond under the
            Mortgage Loan Originator Licensing Act. The Sponsoring Company surety bond will meet the mortgage loan originator surety
            bond requirement until OFIR is notified in writing that the individual loan originator in no longer employed by the Sponsoring
            Company. Any notification of employment termination between the Sponsoring Company and the individual loan originator
            will deem the loan originator’s license is suspended until the individual loan originator submits to the Commissioner valid proof
            that he/she has obtained an individual mortgage loan originator surety bond, or he/she is now employed by a new Sponsoring
            Company and has been placed under a new mortgage loan originator Company surety bond.
           A Sponsoring Company that covers a mortgage loan originator under a company bond authorizes the Commissioner to
            conduct examinations and investigations to verify statutory compliance for its loan originator employees.


      When complete, please mail to:                                       Our delivery address is:

      OFIR                                                                 OFIR
      Consumer Finance Section                                             Consumer Finance Section
      P.O. Box 30220                                                       611 W. Ottawa Street
      Lansing, MI 48909-7720                                               Lansing, MI 48933-1020
FIS 2137 (7/10) Office of Financial and Insurance Regulation Page 1 of 2                            Bond No.                      __________________

                                                                                                    Sponsoring Company NMLS ID No. __________________


Bond - Mortgage Loan Originator - Company
Complete this form with original signatures and attach your list of sponsored of loan originators covered under this bond.

_____________________________________________                                    _____________________________________________
Name of Principal/Sponsoring Company                                             Name of Surety


_____________________________________________                                    _____________________________________________
Complete physical address                                                  and   Complete physical address


_____________________________________________                                    _____________________________________________
City                    State               Zip Code                             City                  State               Zip Code

are held and firmly bound unto the State of Michigan, Office of Financial and Insurance Regulation (“Office”), for the use of said State
or Office on behalf of, and to the benefit of, said state or any person or persons who may have a cause of action against any individual
operating as a loan originator on behalf of the above Principal under the provisions of Act No. 75, Public Acts of 2009 (hereinafter, the
“Mortgage Loan Originator Licensing Act”), in the sum of $________________________ , lawful money of the United States, to be paid
to the Commissioner, Office of Financial and Insurance Regulation of said State of Michigan on behalf of the People of the State of
Michigan, or its assigns, for payment to be well and truly made, we bind ourselves, our heirs, executors, administrators, successors,
and legal representatives, jointly and severally, firmly by these presents.

Any claim for payment under this bond shall be made through the Commissioner of the Office of Financial and Insurance Regulation of
the State of Michigan.

WHEREAS, the above PRINCIPAL employs mortgage loan originators that are licensed or about to be licensed by the Commissioner,
Office of Financial and Insurance Regulation of said State of Michigan under the provisions of the Mortgage Loan Originator Licensing
Act to act as a mortgage loan originator on behalf of the above PRINCIPAL; and,

WHEREAS, the Mortgage Loan Originator Licensing Act requires as a condition precedent to the issuance of a mortgage loan
originator license that a mortgage loan originator be bonded in a certain amount based upon provisions of the Act; and,

WHEREAS, the Mortgage Loan Originator Licensing Act provides that, in lieu of an individual bond from each licensed mortgage loan
originator, the Commissioner may accept a single surety bond from a sponsoring company that covers each and every mortgage loan
originator that it employs; and,

WHEREAS, the above PRINCIPAL desires to provide a single surety bond to cover each and every loan originator that it employs and
provides this bond for that purpose.

NOW, THEREFORE, the condition of this obligation is such, that if each and every individual operating as a loan originator on behalf of
the above said principal will conform to and comply with each and every provision of Act No. 75, Public Acts of 2009, and all rules and
regulations lawfully promulgated thereunder by the Commissioner, Office of Financial and Insurance Regulation of the State of
Michigan, and will pay to said State and to such person or persons, any and all monies that may become due or owing to said State
and to such person or persons from the obligor, principal, and by virtue of the provisions of said Act No. 75, Public Acts of 2009, then
this obligation shall be void, otherwise it is to remain in full force and effect.

This bond shall be effective________________________, 20___, and shall be in force for the term ending December 31, 20___. This
bond may be continued in force for an additional term or terms by suitable continuation certificates executed by the surety with the
approval of the Commissioner, pursuant to such regulations as may hereafter be provided.
FIS 2137 (7/10) Office of Financial and Insurance Regulation Page 2 of 2                                                                     Bond No.                                       __________________

                                                                                                                                             Sponsoring Company NMLS ID No. __________________



Sealed with our seals, and dated this _______ day of ________________________, 20___.


In the presence of

Witness Signature                                                                                                    Surety Signature


Witness name, typed or printed                                                                                       Surety name, typed or printed


Witness Signature                                                                                                    Principal Signature


Witness name, typed or printed                                                                                       Principal name, typed or printed

Authorized under Act No. 75 of the Public Acts of 2009. Required for Mortgage Loan Originator applicants. Failure to file properly will result in denial of your application for license.

				
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Description: Mortgage loans where borrowers to certain items of collateral as a guarantee to bank loans. It is a kind of bank loan forms, collateral usually includes securities, state bonds, a variety of stocks, real estate, and goods bill of lading, warehouse receipts or other documentation to prove ownership of the items. Due loans, the borrower must be shown with the return, or bank the right processor collateral, as a compensation.