The Minnesota Mortgage Payment Provider Bond is required by the State of Minnesota, Department of Commerce for those who wish to have an Accelerated Mortgage Payment Provider License. This is for any person who receives funds to make mortgage payments to a lender or lenders, on behalf of mortgagors, in order to exceed the regularly scheduled minimum payment obligations under the term of indebtedness.
The purpose of this bond is to secure the compliance by the bondholder with the terms of Minnesota Statutes, Sections 332.30 to 332.303, and any other legal obligations arising out of the bond holder’s conduct as an Accelerated Mortgage Payment Provider. The bond amount is $100,000.
Why should I choose Surety1 for the Minnesota Mortgage Payment Provider Surety Bond?
Surety1 has access to the best surety markets available. We will get you bonded quickly and at the best possible price. Complete our easy to navigate, free online application form. One of our agents will contact you with a no-obligation quote. If you wish to proceed, we would collect payment, have you sign any necessary paperwork and mail the bond to you. We use USPS Priority Mail. Overnight is available for an additional fee.
Other License Requirements:
Applicants must use the NMLS website. The following documents should be prepared for the license application:
- Registration fee of $250
- Completed application form
- Name of Resident/Registered Agent
- Bank account information
- Completed Disclosure question form
- Business plan outlining the marketing strategies, products, target markets, fee schedule, and operating structure
- Certificate of Authority/Good Standing Certificate
- Company staffing and internal policies
- Document samples, such as sample copy of the contract between accelerated mortgage payment provider and mortgagor
- Formation documents
- Management chart
- Organizational chart/description
- Trust account authorization
- $100,000 Surety Bond
Surety1 represents over a dozen ”A” rated surety bond providers and has been issuing Minnesota surety bonds since 2003. The company is licensed to operate in all 50 states and maintains an A+ rating by the Better Business Bureau.