The Minnesota Residential Mortgage Servicer Bond is required by the State of Minnesota, Department of Commerce. The bond is required to secure the 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.
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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.