Minnesota Mortgage Broker Bond

Minnesota Mortgage Broker Bond

Minnesota Mortgage Broker Bond


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What is an Minnesota Mortgage Broker Bond? 

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.


The State requires a Mortgage Broker bond for :  


$0 - $5,000,000

$100,000

$5,000,000.01 to $10,000,000

$125,000

$10,000,000.01 to $25,000,000

$150,000

Over $25,000,000

$200,000


Different parts of a bond:


 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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You can buy your Minnesota Mortgage Broker Bond (Apply) online immediately


Minnesota Mortgage Broker Bond Information and Requirements:


The left is the loan amount and the right is the surety amount required for that specific loan amount.


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$0 - $5,000,000

$100,000

$5,000,000.01 to $10,000,000

$125,000

$10,000,000.01 to $25,000,000

$150,000

Over $25,000,000

$200,000