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Minnesota Residential Mortgage Loan Servicer Bond

A Minnesota residential mortgage loan servicer bond is filed electronically through NMLS, and may cost you as little as $750, annually. Please call AmeriPro Surety Bonds today at 844-589-9732.

Minnesota Residential Mortgage Loan Servicer Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Mortgage Loan Servicing – Minnesota

 

 

 

The state’s Department of Commerce regulates and oversees the licensing of mortgage loan servicers within Minnesota.

As with many other states, Minnesota has adopted ESB (electronic surety bond) filing for the surety bond requirement. The bond, once purchased, is filed through NMLS (Nationwide Multistate Licensing System) as is your mortgage license.

Our agency will electronically file the surety bond on your behalf.

 

 

 

Amount of Surety Bond – Qualifying

 

 

 

The Minnesota residential mortgage loan servicer bond is an at least $100,000 surety bond required of new and renewal licensee candidates.

Qualifying is accomplished by means of the completion of a surety bond application.

As preparation for the application process, you will be asked all or some of the following:

  • If you have ever been convicted of a felony;
  • If you have any unsatisfied judgments or liens against you;
  • Whether or not you have ever filed bankruptcy (if you are currently in bankruptcy, we will not be able to get you bonded);
  • Whether or not you have any outstanding collection items or liens against you;
  • Whether or not you have ever had a surety bond denied or canceled;

If any of these answers are affirmative, be prepared to provide a written explanation in addition to your application. A yes answer typically does not automatically disqualify you.

You will also undergo a standard credit inquiry. Our agency utilizes a “soft pull” which will not adversely affect your credit score.

 

 

 

Estimated Premium Amount

 

 

 

Premiums may range widely for the $100,000 Minnesota residential mortgage loan servicer bond.

You may pay an estimated premium of ¾ of 1% to 2% for this bond; however, our agency will work to find you the fairest surety bond premium pricing.

In some cases, you will also have the option to prepay your surety bond for 2 or 3 years. If this option is presented to you, prepayment allows you a savings over year over year renewal of your surety bond premium.

 

 

 

The Purpose of Your Surety Bond

 

 

 

The residential mortgage loan surety bond is a financial guarantee which ensures your compliance with Sections 58.01 through 58.19 of the Minnesota Statutes.

The bond is also a financial guarantee for the state of Minnesota which allows the state to collect for any fees, fines, penalties, and expenses which you may incur.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota. We also provide surety bonds nationwide.

Please call our agency today:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will call you…

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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