Minnesota Residential Mortgage Originator Bond
Flat Rates & No Credit Check
| Preceding-Year Loan Volume | Bond Amount Required | Bond Term | Annual Premium |
| $0-$10,000,000 | $125,000 | 1 Year | $750 |
| $10,000,001-$25,000,000 | $150,000 | 1 Year | $900 |
| $25,000,001-$$100,000,000 | $200,000 | 1 Year | $1,200 |
| Over $100,000,000 | $300,000 | 1 Year | $1,800 |
This bond is required by any person who, directly or indirectly, for compensation or gain or in expectation of compensation or gain, solicits or offers to solicit, or accepts or offers to accept an application for a residential mortgage loan through any medium or mode of communication from a borrower, or makes a residential mortgage loan.
| Preceding Year Aggregate Loan Amounts | Bond Amount Required | Annual Premium |
| $0- $10,000,000 | $125,000 | $750 |
| $10,000,001- $25,000,000 | $150,000 | $900 |
| $25,000,001- $100,000,000 | $200,000 | $1,200 |
| Exceeds $100,000,000 | $300,000 | $1.800 |
Residential mortgage originator license applicants in Minnesota must file a surety bond with the state. Required by the State of Minnesota, the bond helps ensure compliance with applicable residential mortgage laws and provides financial protection for covered borrower losses, expenses, fines and fees.
Cost of the Minnesota Residential Mortgage Originator Bond
The cost of the Minnesota Residential Mortgage Originator Bond is based on the required bond amount, which is determined by the applicant’s preceding-year loan volume. The $125,000 bond costs $750 per year, the $150,000 bond costs $900 per year, the $200,000 bond costs $1,200 per year, and the $300,000 bond costs $1,800 per year. Secure this surety bond today.
How the Minnesota Residential Mortgage Originator Bond Works
The Minnesota residential mortgage originator bond covers mortgage loan originators who are employees or independent agents of the license applicant. The required amount is based on the total dollar amount of closed residential mortgage loans originated in Minnesota during the preceding year.
- $0 to $10,000,000: $125,000 bond
- $10,000,000.01 to $25,000,000: $150,000 bond
- $25,000,000.01 to $100,000,000: $200,000 bond
- Over $100,000,000: $300,000 bond
The bond involves three parties:
- Principal: Residential mortgage originator licensee
- Obligee: State of Minnesota
- Surety: Bonding company
A claim against the bond may arise from covered noncompliance or breach of contract that causes borrower losses or other recoverable amounts. The principal is responsible for reimbursing the surety for valid covered claims.
How to Get the Minnesota Residential Mortgage Originator Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Pay the applicable bond premium.
- Receive the bond form via email.
- Download and file the bond as required for your Minnesota residential mortgage originator license.
Learn more about your Minnesota surety bond options across the state.
Secure Your Minnesota Residential Mortgage Originator Bond
Keep your Minnesota licensing requirements on track by securing the bond amount required for your loan volume. Complete this form or call 855-457-2196 to get bonded.