Minnesota Accelerated Mortgage Payment Provider Bond
AmeriPro Surety Bonds | 844-589-9732
Accelerated Mortgage Payment Providers – Minnesota
Businesses which are involved in accelerated mortgage payments act as a go-between mortgagors and mortgage companies. These businesses do just as their name indicates: They accept the accelerated payments of mortgagors to pay off a mortgage loan ahead of schedule.
The state’s Commerce Department regulates and licenses this profession.
However, both the licensing process and the filing of the required surety bond are accomplished through NMLS, the Nationwide Multistate Licensing System.
After you have purchased the required bond from our agency, we will electronically file your surety bond for you through NMLS.
Amount of Surety Bond Required – Qualifying
The Minnesota accelerated mortgage payment provider bond is currently a $100,000 surety bond required by statute.
Qualifying is by means of completion of a standard surety bond application and a credit score inquiry. With respect to the latter, our agency only uses “soft inquiries”; these have no adverse impact on your underlying credit score.
Businesses which have been in businesses for 3 or more years, and who meet other criteria may qualify for streamlined processing of the application and surety bond. By “streamlined” it is specifically meant that you may not have a credit inquiry.
The Term, Estimated Premium and Prepayment Options
The estimated premium for your Minnesota accelerated mortgage payment provider bond is $750, annually. The amount may be more, depending on the results of your application; it will not be less, however.
Using the $750 annual premium as an example, you may have the option to prepay your premium for 2 or 3 years. This will save you over renewing your premium annually.
If the prepayment option is presented to you, the breakdown is as follows:
- Prepayment for 2 years is $1350 (a $150 savings);
- Prepayment for 3 years is $1950 (a $300 savings).
Purpose of Your Surety Bond Requirement
As stated within the bond wording (and, yes we know—few will read it), the purpose of your surety bond is:
- A financial guarantee which ensures your compliance with Sections 332.30 through 333.303 of the Minnesota Statutes;
- A financial guarantee for the people and the state of Minnesota for the failure of your company to comply with any statutes which in turn causes harm.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota.
Our agency also provides surety bonds nationwide.
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