Minnesota Residential Mortgage Originator Surety Bond
A $100,000 MN Residential Mortgage Originator Surety Bond is required by the Department of Commerce, Financial Institutions Division. Any MN company, who for compensation or gain or in expectation of compensation or gain, solicits or offers to solicit, accepts or offers to accept an application for a residential mortgage loan through any mode of communication from a borrower or makes a residential mortgage loan is required to obtain a license and MN Mortgage Originator Bond. A Residential Mortgage Originator includes both brokers and lenders.
In the State of Minnesota, mortgage brokering means helping to obtain from another person, for a borrower, a residential mortgage loan or assisting a borrower in obtaining a residential mortgage loan in return for consideration to be paid by the borrower or lender or both. Mortgage brokering includes, but is not limited to, soliciting, placing, or negotiating a residential mortgage loan.
Minnesota Mortgage Broker Bond
Acting as a lender or making a residential mortgage loan in the State of Minnesota means for compensation or gain, or the expectation of compensation or gain, to advance funds or make a commitment to advance funds in connection with a residential mortgage.
Give us a call with any questions you may have about obtaining a MN Mortgage Originator Bond. Call toll free (800) 863-3210.