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Minnesota Residential Mortgage Originator Bond
Bond Requirements and Online Application
The Minnesota Residential Mortgage Originator Bond is required by the State of Minnesota Department of Commerce.
A residential mortgage originator includes both brokers and lenders. Mortgage brokering includes soliciting, placing, or negotiating a residential mortgage loan. Under Minnesota Statute Section 58.08, all applicants for a Residential Mortgage Originator License must file a surety bond. The Residential Mortgage Originator Bond ensures all mortgage originators will conduct business in compliance with Minnesota Statutes, Sections 58.01-58.19 and Sections 58A.01-58A.22. The bond is for the benefit of the State of Minnesota and all persons that may suffer injury due to the Mortgage Originator’s failure to comply with all pertinent laws and regulations.
The required amount of the Minnesota Residential Mortgage Originator Bond depends on the particular company’s loan origination volume in Minnesota:
A closed loan volume of $0 to $5,000,000 requires a $100,000 surety bond.
A closed loan volume of $5,000,000.01 to $10,000,000 requires a $125,000 surety bond.
A closed loan volume of $10,000,000.01 to $25,000,000 requires a $150,000 surety bond.
A closed loan volume over $25,000,000 requires a $200,000 surety bond.
The Minnesota Residential Mortgage Originator Bond is continuous in nature; therefore, the bond remains in full force and effect until the earlier expiration of the Principal’s license or the cancellation of the bond by the Surety. The Surety must provide the Obligee with a 30 day notice prior to the cancellation date.
License Fees and Requirements:
Criminal background check on principal owners/officers
How to Get Your Minnesota Residential Mortgage Originator Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Minnesota Residential Mortgage Originator Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days