A Minnesota mortgage broker bond is a type of surety bond that mortgage brokers in Minnesota are required to obtain as a licensing requirement. The bond serves as a form of protection for consumers who work with mortgage brokers, ensuring that the broker operates within the state's regulations and ethical standards. In the event that a consumer is harmed by the broker's actions, such as fraud or misrepresentation, the bond can be used to provide financial compensation to the affected parties. The bond amount varies depending on the broker's volume of business and other factors, and it must be obtained from a licensed surety bond provider.
Minnesota Mortgage Broker Bonds are required by Minnesota's Department of Commerce to obtain your Mortgage Broker license. The Minnesota Mortgage Broker Bond amount is set at $100,000. This license is required of any company that engages in the business of selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instrument, wire, facsimile, or electronic transfer.
$0 - $5,000,000
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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The left is the loan amount and
the right is the surety amount required for that specific loan amount.