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