Minnesota Mortgage Broker Bond

The cost of a Minnesota mortgage originator, servicer or provider bond ranges from $1,000 to $20,000. The required bond amounts vary by type. For mortgage originators, the bond amount also varies by closed loan volume. The bond amount requirements are from $100,000 to $200,000.

Rather than pay the full amount of the bond, however, you may purchase your bond from an authorized Minnesota surety company. The cost of the bond is a 1% to 10% premium rate. The specific rate that you qualify for depends on your credit scores, business experience and assets. 

If you have a 700 credit score or higher, your premium rate will be 1% to 3% of the bond amount. If your score is from 600 to 699, the rate will be between 3% and 5%. If you have a lower credit score, the rate ranges from 5% to 10%.

1. Submit Your Application

Buying the Minnesota mortgage originator, servicer or provider bond, also known as the mortgage broker bond, that you need is easy to do. To get started, fill out the online application. More than 99% of our surety bond applicants qualify. 

When Dean contacted us recently, he needed a residential mortgage originator bond, but he had a 595 credit score. While he worried that he would not qualify, he was pleased to get a quick quote from us after applying. He paid the premium, got his bond and now is a mortgage originator in Minneapolis.

2. Get a Bond Quote

In many cases, bond applicants receive a free, no-obligation bond quote from us immediately after applying. For complicated situations, we will deliver a quote within 48 hours. 

We have been providing Minnesota surety bonds to businesses and independent professionals for over 10 years. With our straightforward process, we take the hassle out of setting up your bond. 

3. Buy Your Bond

When you are ready to finalize your bond purchase, simply make your premium payment online. We will then send the bond to you via email. Upon request, we can also mail your bond. 

Our bond experts are available to help you with any questions or challenges that arise. Contact us or call us at (877) 514-5146.

The Minnesota Department of Commerce maintains the licensing and bond requirements for mortgage originators, servicers and providers. However, the National Multistate Licensing System, or NMLS, processes the applications. Bond amounts range from $100,000 to $200,000 and can differ depending on loan volumes:

The residential mortgage servicer bond is required for companies that collect or remit residential mortgage payments. This includes principal, interest, taxes and insurance payments. 

The accelerated mortgage payment provider bond is required for those who receive funds used to make mortgagors’ mortgage payments to lenders. 

The residential mortgage originator bond is required for those who solicit, accept or offer to accept a residential mortgage application for compensation. The residential mortgage originator exemption bond is for companies applying for a certificate of exemption under Minnesota Statutes Ch. 58.04.

Electronic surety bonds must be submitted through the NMLS for the residential mortgage servicer bond and the mortgage accelerated payment provider bond. The Minnesota residential mortgage originator bond form can be uploaded to the NMLS with other application documents. 

The obligee for all of these bonds is the Minnesota Department of Commerce. For questions about how to get a mortgage broker license, contact the Department of Commerce at (651) 539-1600.