How much does a Minnesota mortgage originator, servicer, or provider bond cost?
Minnesota mortgage originator, servicer, or payment provider bond costs start at $750 annually. Your personal Minnesota surety bond premium will be provided after a quick application review based on the bond amount required for your license type.
How do I get a mortgage originator, servicer, or payment provider bond?
You can apply for your Minnesota mortgage originator, servicer, or payment provider bond online 24/7. You'll need to provide your mortgage licensee name, address, and NMLS ID license number for Department of Commerce and NMLS filing approval. Once your order has been processed, SuretyBonds.com will file your Minnesota mortgage bond directly with NMLS.
How fast can I get a mortgage license bond in Minnesota?
Our industry-leading technology and responsive customer service team allow us to file your official Minnesota residential mortgage loan originator, residential mortgage servicer, or residential mortgage payment provider bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about your Minnesota mortgage originator, servicer, or payment provider bond application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business!
What is a Minnesota mortgage originator, servicer, or payment provider bond?
Minnesota Revised Statutes 58.08 requires individuals file a minimum $125,000 surety bond amount with their state residential mortgage originator license or residential mortgage servicer license application. These bonds cover all mortgage loan originators or servicers who work as employees or independent agents under licensee applicants and are specifically used to recover expenses, fines, and fees incurred by borrowers as a result of a licensee's noncompliance with Minnesota statutes.
Minnesota Revised Statutes 332.30 requires individuals file a minimum $100,000 surety bond amount with their state accelerated mortgage payment provider license. This bond prohibits a licensed accelerated mortgage payment provider from committing fraud and requires them to faithfully conform to and abide by the accelerated mortgage payment agreements they make with Minnesota residents.
Why is the Minnesota residential mortgage loan bond required?
You must purchase and file a surety bond to be licensed as a Minnesota residential mortgage originator, mortgage servicer, or accelerated mortgage payment provider. By filing your Minnesota surety bond, you agree to comply with Minnesota statutes while providing financial services as a mortgage professional in the state. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full surety bond amount, which you must reimburse.
Who regulates Minnesota mortgage professionals?
The Minnesota Department of Commerce Financial Institutions Division enforces licensing requirements for mortgage originators, servicers, and payment providers who work in the state. You can contact the Department by calling 1 (651) 539-1500 or emailing [email protected].
The Minnesota Department of Commerce requires this bond for state residential mortgage loan originator, servicer, and payment provider licensing. If you work as a mortgage professional in other states, we also offer mortgage license bonds nationwide.
What is my Minnesota residential mortgage originator bond amount?
Effective August 1, 2024, the Minnesota Department of Commerce made changes to the residential mortgage originator bond requirements. Updated Minnesota statutes outlines residential mortgage originator bond amount requirements based on the dollar amount of closed residential mortgage loans as listed below:
- $125,000 surety bond amount: $0 to $10,000,000 closed residential mortgage loans
- $150,000 surety bond amount: $10,000,000.01 to $25,000,000 closed residential mortgage loans
- $200,000 surety bond amount: more than $25,000,000 closed residential mortgage loans
- $300,000 surety bond amount: more than $100,000,000 closed residential mortgage loans
How do mortgage originators, servicers, and providers file your bond?
SuretyBonds.com files these electronic surety bonds directly with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and NMLS to be sure your bond is filed quickly and accurately to meet all Minnesota state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
How do I update or change my mortgage license surety bond NMLS filing?
If the Minnesota Department of Commerce requires your electronically filed surety bond to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most commonly requested changes are updating your state license name, address, or NMLS number to match your new or existing NMLS filing.
How do I renew my Minnesota residential mortgage surety bond?
You must renew your Minnesota mortgage originator, servicer, or payment provider bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond requirement active for your next NMLS license term.
How do mortgage professionals apply for a license in Minnesota?
Complete the following steps through the Nationwide Multistate Licensing System (NMLS) to apply for your Minnesota mortgage loan originator license, mortgage servicer license, or accelerated mortgage payment provider license.
- Review the NMLS new application checklist for your mortgage license type: residential mortgage originator license, residential mortgage originator exemption license, accelerated mortgage payment provider license, residential mortgage servicer license, or residential mortgage servicer exemption license.
- Pay the required license and NMLS processing fee.
- Purchase and file a Minnesota surety bond in the correct required bond amount.
- Provide all information and documentation required for your mortgage license type.
