Commercial Surety Bonds

Minnesota Mortgage Broker Bonds

Tweet

Mortgage Brokers in the state of Minnesota are referred to as Mortgage Originators. This was changed in 1999. The Originators in Minnesota are regulated by the Minnesota Department of Commerce. This department regulates both brokers and originators and categorizes them the same. When a license is issued they are allowed to write both First and Second Mortgages.

The applicant for a Mortgage originators license must be a business or corporation. They must meet one of the three requirements listed below:

• Must be an approved mortgagee by either the FNMA or by HUD
• Have a tangible net worth of $250,000
• Supply a $50,000 Surety Bond

You will also have to attend at least 15 hours of pre-licensing which covers state and federal laws that govern Mortgage Loan Origination.

Bad Credit Minnesota Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Minnesota License Requirements

Age: 18

State Residency: No Requirement

Experience: No specific requirement

Education: 15 hours

Continuing Education: No requirement

Net Worth: $250,000 if no Surety Bond is available. None if you have a $50,000 Surety Bond.

Surety Bond: $50,000

Background Check: Credit & criminal checks

Managing Principle:

Minnesota State Licensing Fees

Initial Application: $2,125

Branch Location: None

Renewal Application: $1,125

Branch Offices:

In State Requirements: None required

Licensure Requirements: Physical presence is not required

Exemptions:

Entities: Independent Contractors, and Attorneys

Safe Harbor: 3 loans for a person who is not related to the Mortgage Industry in any way.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Questions? Ask us here!

Choose Another State: