The Minnesota residential mortgage originator bond ranges from $100,000 to $200,000. The bond amount is based upon your prior year production volume --- for Minnesota. Please call AmeriPro Surety Bonds now at 844-589-9732.
Residential mortgage loan originators in Minnesota are licensed and regulated by the state’s Department of Commerce. The licensing, requirements, and statutes governing originators are clearly and easily spelled out by the department’s website.
The filing of the license and the surety bond required are accomplished through the Nationwide Multistate Licensing System, also known as NMLS.
The surety bond amount required of you is based upon your prior year’s loan origination volume for the state of Minnesota.
Once purchased through our agency, the surety bond is filed electronically to NMLS. AmeriPro Surety Bonds will file the surety bond on your behalf.
The current breakdown for the Minnesota residential mortgage bond is as follows:
There is always a standard surety bond application, and, particularly for the higher surety values, a financial statement may also be requested (we can provide you the financial statement form, if required).
Additionally, a credit inquiry will be included as part of the underwriting surety bond process. Surety agencies (ours and others) will typically use a soft inquiry which will not adversely affect your credit score; however, if you are concerned, we encourage you to ask!
For the vast majority of clients, the annual premium will typically range from 3/4 of 1% to 2% of the surety bond amount.
Once issued, the bond is active for one year from the date of issuance. A current, active surety bond must always remain on file with the MN Department of Commerce as a condition of licensing.
A residential mortgage loan originator bond is a financial guarantee of your compliance with all laws and regulations governing mortgage loan origination in the Minnesota. The bond exists for the protection of the rights of the consumer.
More specifically, the bond refers to your compliance with the following Minnesota Statute Sections:
The protections afforded by the security bond also apply to any wrongdoing committed by agents, employees, and managers of your loan origination company.
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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