Minnesota Residential Mortgage Originator Bond
In Minnesota, residential mortgage originators are mandated to secure a surety bond as part of their licensing prerequisites through the Department of Commerce. The bond serves as a safeguard for consumers, offering financial recourse in case the originator conducts business in violation of legal and ethical standards.
The bond amount is determined based on the originator's annual loan volume, with minimum requirements ranging from $100,000 to $200,000. This bond must be obtained from a state-approved surety company. It's essential for originators to keep their bonds active and valid throughout their licensing tenure. Licenses expire on December 31 of each year and are renewable on January 1 of each year after that date.
The Simple Bonding Process
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Sign your contract and pay the premium.
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Receive your surety or fidelity bond.
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