MI SB1525

Amends definitions in the mortgage loan originator licensing act to include loan modification activities, loan processor/underwriter roles, and nontraditional mortgage products.

Establishes surety bond requirements for individual mortgage loan originators ranging from $10,000 to $50,000 based on the principal amount of loans originated in the preceding calendar year.

Allows employers to provide a single surety bond covering all their mortgage loan originators instead of individual bonds, with amounts ranging from $50,000 to $250,000 based on total loans closed or modified.

Requires employers providing surety bonds to submit quarterly reports to the commissioner listing the bond details, surety issuer name, and information for each covered mortgage loan originator.

Authorizes the commissioner to require new bonds if an action is commenced against an existing bond or if recovery occurs, and establishes that the bond must be in a form prescribed by the commissioner.