Minnesota Mortgage License Bonds

To qualify for a residential mortgage originator, residential mortgage servicer, or accelerated mortgage payment provider license within the State of Minnesota, either a Residential Mortgage Originator Bond, Residential Mortgage Servicer Bond, or Accelerated Mortgage Payment Provider Bond is required by the Department of Commerce. 

The surety bonds listed above provide financial protection to the public. This means that if the licensee violates state mortgage regulations (e.g. commits negligence, misrepresentation, a breach of contract, and/or fraud), funds from the appropriate license bond may act as a means of restitution for the damaged claimant.

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Minnesota Mortgage License Bond Rates

Jet has partnered with Lexington National Insurance Corporation to compare bond rates and find the best price for you. The cost of each Minnesota Mortgage License Bond is a small percentage of the state-required bond limit and is based on a soft credit check of the bond applicant.

View the charts below for details on the preferred tier rates and various bond terms available. 

You’ll notice that the limit for the Residential Mortgage Originator Bond is determined by the company’s prior year’s loan origination volume. Whereas both the Residential Mortgage Servicer Bond and Accelerated Mortgage Payment Provider Bond require a standard $100,000 limit. 

Dollar Amount of Closed Loan VolumeBond LimitMonthly1-Year
$0 to $5,000,000$100,000$38$375
$5,000,000.01 to $10,000,000$125,000$47$469
$10,000,000.01 to $25,000,000$150,000$56$563
Over $25,000,000$200,000$75$750
MN Residential Mortgage Originator Bond Pricing*

*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.

Bond TermCost
Monthly$38
1-Year$375
2-Years$656
3-Years$938
MN $100,000 Residential Mortgage Servicer Bond Pricing*

*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.

Bond TermCost
Monthly$38
1-Year$375
2-Years$656
3-Years$938
MN $100,000 Accelerated Mortgage Payment Provider Bond Pricing*

*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.

The Minnesota Department of Commerce utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage licenses, as well as the filing of surety bonds. So once you purchase one of the available Mortgage License Bonds, it must be filed with the NMLS. 

If you require further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, look at Jet’s comprehensive Mortgage License Bonds Guide.

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: