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Minnesota Residential Mortgage Servicer Bond

Bond Requirements and Online Application

The Minnesota Residential Mortgage Servicer Bond is required by the State of Minnesota, Department of Commerce. The bond is required to secure Minnesota Residential Mortgage Servicer Bondthe compliance by the bond holder with the terms of Minnesota Statutes, Sections 58.01 to 58.17, and any other legal obligations arising out of the bond holder’s conduct as a residential mortgage servicer. This license has a common expiration date of 12-31 and renewal date of Janaury 1.

Surety1 has access to the best surety markets available, so we will be able to get you bonded quickly at the best possible price!

What is a Residential Mortgage Servicer?

Servicing” or “servicing a residential mortgage loan” means through any means of communication, the collection or remittance of, or the right or obligation to collect or remit for a lender, mortgagee, note owner, note holder, or for a person’s own account, payments, interest, principal, and escrow items such as insurance and taxes for property subject to a residential mortgage loan.  No person required to be licensed may, without a license, do business under a name or title or circulate or use advertising or make representations or give information to a person, that indicates or reasonably implies activity. No person licensed under this chapter may do business under more than one name or title.

How Much does a Minnesota Residential Mortgage Servicer Bond Cost?

While we cannot provide a firm quote without an application, the premium for this type of bond can be as low as 3/4% per year to high qualified applicants. The easiest way to obtain a free, no obligation quote is to complete our easy to use, online application. Since 2003, Surety1 is A+ rated by the Better Business Bureau . 

The Minnesota Residential Mortgage Servicer Bond is a $100,000 surety bond.

 

 

 

 

 

 

How to Get Your Minnesota Residential Mortgage Servicer 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 Servicer Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days

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