Minnesota Finance and Mortgage Broker Bonds

Minnesota mortgage broker bonds are required for mortgage professionals to operate in the state. Learn more about these bonds and find the best rates online.
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Minnesota Finance and Mortgage Broker Bonds

Ownership of Electronic Financial Terminal Bond

Ownership of Electronic Financial Terminal Bond

The Minnesota Ownership of Electronic Financial Terminal Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
MN
Bond Terms
Ownership of Electronic Financial Terminal Bond
Bond Premium
Bond Amount:
$5,000
Bond Duration
Bond Term:
12
Months
State of Minnesota Credit Services Organization Bond

State of Minnesota Credit Services Organization Bond

The Minnesota Credit Services Organization Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
MN
Bond Terms
State of Minnesota
Bond Premium
Bond Amount:
$10,000
Bond Duration
Bond Term:
12
Months
State of Minnesota Investment Adviser Bond

State of Minnesota Investment Adviser Bond

The Minnesota Investment Adviser Bond starts at $375 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
MN
Bond Terms
State of Minnesota
Bond Premium
Bond Amount:
$25,000
Bond Duration
Bond Term:
12
Months
State of Minnesota Residential Mortgage Originator Bond

State of Minnesota Residential Mortgage Originator Bond

The Minnesota Residential Mortgage Originator Bond starts at $1000 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
MN
Bond Terms
State of Minnesota
Bond Premium
Bond Amount:
$100,000-$200,000
Bond Duration
Bond Term:
12
Months
United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond

United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond

The United States Trustee US Trustee Program Nonprofit Budget and Credit Counseling Agency Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
US
Bond Terms
United States Trustee
Bond Premium
Bond Amount:
$1-$100,000
Bond Duration
Bond Term:
12
Months

What are Minnesota finance & mortgage broker bonds?

Finance and mortgage broker bonds are legally binding agreements between three parties:

The bonds provide a guarantee that licensed finance professionals conduct business in compliance with the regulations set forth in the Minnesota Statutes.

If the finance professional fails to comply with the regulations, the surety company will pay out financial losses to damaged parties up to the full bond amount. The finance professional is liable to reimburse the surety for any damages paid under the bond.

How much do Minnesota finance & mortgage broker bonds cost?

The Minnesota Department of Commerce requires residential mortgage loan originators to post a surety bond worth at least $100,000 as part of the licensing process. The bond requirements for other finance bonds in Minnesota are as follows:

  • Minnesota Investment Adviser surety bond: $25,000 and upwards
  • Minnesota Credit Services Organization Surety Bond: $10,000

The surety company issuing the bond determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for the Minnesota finance and mortgage broker bonds typically cost between 1% and 5% of the total bond amount. EZSurety has issued mortgage originator bonds in Minnesota for premiums as low as $1,000.

During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a Minnesota mortgage broker bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.

How to get your mortgage broker license in Minnesota?

The Minnesota Department of Commerce requires all mortgage brokers and mortgage lenders to receive a Residential Mortgage Originator License. Here are the licensing requirements you’ll need to meet to get your license:

  1. Complete the criminal background check
  2. Submit your personal financial statements
  3. Provide a copy of your Certificate of Authority
  4. Submit your business plan
  5. Submit your application through the Nationwide Multistate Licensing System & Registry (NMLS)
  6. Post the appropriate surety bond
  7. Pay $1,000 in licensing fees and a $36.26 background check fee

For information on obtaining other finance licenses in Missouri, you can visit the NMLS Resource Center.

How to Know if You Need a Surety Bond

You’ll know if you need a surety bond because some entity will have required you to obtain one. They must also inform you of which specific bond type you’ll need. There are thousands of bonds across the country, all of which vary by state and industry.

Visit EZSuretyBonds.com to browse hundreds of bonds by state, type, or industry.

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