MN Residential Mortgage Servicer Bond
Minnesota Mortgage Servicer Bonds are available from NFP Surety. In lieu of this MN Mortgage Servicer Bond, the State of Minnesota will allow you to post $100,000 in an irrevocable letter of credit, or if the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation approves licensees as seller/servicers, a bond is not required.
Any company that engages in the activity of servicing a residential mortgage in the State of Minnesota is required to have a Residential Mortgage Servicer license. Servicing a MN residential mortgage loan means through any mode of communication the collection or remittance of, or the right or obligation to collect or remit for a lender, mortgagee, note owner, note holder, or for a person’s own account, payments, interest, principal, and escrow items such as insurance and taxes for property subject to a residential mortgage loan.
If you are interested in possibly obtaining a MN Mortgage Servicer Bond, feel free to contact us at (800) 863-3210, or complete an online application on our Application Page.