4-Tier Volume Schedule
Originator bonds: $125K / $150K / $200K / $300K based on prior-year closed MN loan volume. Servicer bonds also tier from $125K to $300K based on unpaid principal balance. Updated August 2024.
MN Dept. of CommerceMN Stat. § 58.08Same-Day Issuance
Minnesota Mortgage Originator Surety Bond
Secure your Minnesota residential mortgage originator or servicer license with a surety bond from Surety One, Inc. — the nationwide leader in mortgage industry surety bonds. Originator and servicer bonds from $125,000. Premiums individually determined by credit and financial review.
MN Mortgage Originator / Servicer Bond
$125K – $300K
By MN closed loan volume • Covers all sponsored MLOs • Premium based on credit
Originator (up to $10M)$125,000
Originator (over $100M)$300,000
Servicer Bond$125,000 – $300,000
PremiumBased on Credit
ObligeeMN Dept. of Commerce
TurnaroundSame Day
Get Your Free Quote
Understanding Your Bond
What Is a Minnesota Mortgage Originator Surety Bond?
A Minnesota residential mortgage originator surety bond is a three-party agreement required by the Minnesota Department of Commerce as a condition of licensure under Minnesota Statutes § 58.08. The bond covers both brokers and lenders, as Minnesota defines a "residential mortgage originator" to include both brokering and lending activities.
Minnesota uses a four-tier volume-based bond schedule ranging from $125,000 to $300,000 based on the total dollar amount of closed residential mortgage loans originated in Minnesota in the preceding year. These tiers were updated effective August 1, 2024. The bond must cover all mortgage loan originators who are employees or independent agents of the licensee — no separate individual MLO bonds are required.
The bond provides uniquely broad protection: it covers recovery of Commissioner expenses, fines, and fees, as well as borrower losses from noncompliance with Chapter 58, the Uniform Deceptive Trade Practices Act, the Prevention of Consumer Fraud Act, and breach of contract related to licensed activities.
The Three Parties
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PrincipalThe residential mortgage originator (broker or lender) who purchases the bond and must comply with MN Statutes Chapter 58.
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ObligeeThe Minnesota Commissioner of Commerce — the regulator requiring the bond and overseeing mortgage originator and servicer licensure.
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SuretySurety One, Inc. — the company that underwrites and issues the bond, guaranteeing the principal's compliance with Minnesota licensing law.
Single Bond Covers All MLOs
Unlike many states that require separate individual MLO bonds, Minnesota's originator bond covers all mortgage loan originators who are employees or independent agents of the licensee under a single bond. This simplifies compliance for companies with large origination teams.
Bond Amount Schedule
Minnesota Mortgage Bond Amounts by License Type
Originator bond tiers were updated effective August 1, 2024. Bond amounts are adjusted upon filing the Mortgage Call Report per § 58.141. Licensees may increase or decrease their bond to match the required tier.
Residential Mortgage Originator (Effective August 1, 2024)
| Closed MN Residential Mortgage Loan Volume (Prior Year) | Bond Amount |
|---|---|
| $0 – $10,000,000 | $125,000 |
| $10,000,001 – $25,000,000 | $150,000 |
| $25,000,001 – $100,000,000 | $200,000 |
| Over $100,000,000 | $300,000 |
Residential Mortgage Servicer
| Unpaid Principal Balance of MN Serviced Loans (Prior Quarter) | Bond Amount |
|---|---|
| Volume-based tiers (per § 58.08, subd. 1a(c)) | $125,000 – $300,000 |
| Alternative: Irrevocable letter of credit | Accepted in lieu of bond |
Accelerated Mortgage Payment Provider
| License Type | Bond Amount |
|---|---|
| Accelerated mortgage payment provider | $100,000 |
Bond Adjustments via Mortgage Call Report
Upon filing the Mortgage Call Report per § 58.141, licensees must maintain or increase their bond to reflect the prior year's closed loan volume. Licensees may also decrease their bond if the required amount is less than the bond on file. Any bond change must be submitted to the Commissioner for approval within 10 days of execution. Apply now or call (800) 373-2804.
Minnesota Licensing Requirements
Key Bond & Licensing Requirements
Minnesota's $125,000 minimum bond is among the highest initial requirements in the nation, reflecting the state's strong consumer protection framework.
Department of Commerce
The obligee is the Minnesota Commissioner of Commerce. The bond must be issued by an insurance company authorized to do business in Minnesota and filed electronically through the NMLS.
MN Statutes Chapter 58
Bonding requirements under § 58.08. Licensing under § 58.04. Mortgage Call Reports under § 58.141. MLO licensing additionally governed by Chapter 58A and § 58A.13.
Broad Statutory Coverage
The bond covers Chapter 58 violations plus the Uniform Deceptive Trade Practices Act (§§ 325D.43–325D.48) and the Prevention of Consumer Fraud Act (§§ 325F.67–325F.69) — uniquely broad cross-statutory coverage.
NMLS Electronic Filing
All bonds are filed electronically through the NMLS. The bond must be submitted with the originator's license application. Evidence of continued coverage is required at each annual renewal.
December 15 Renewal Deadline
Minnesota mortgage licenses must be renewed annually by December 15. The bond is continuous until canceled. The surety must provide 30 days' written notice before cancellation. Records must be retained for 60 months.
Consumer Protection
What Does This Bond Protect Against?
The Minnesota mortgage originator surety bond provides uniquely broad cross-statutory protection. The bond covers:
Chapter 58 Noncompliance
Losses incurred by borrowers as a result of the licensee's noncompliance with any requirement of Minnesota Statutes Chapter 58 (Residential Mortgage Originators and Servicers).
Deceptive Trade Practices
Violations of the Uniform Deceptive Trade Practices Act (§§ 325D.43–325D.48) — extending bond protection beyond mortgage-specific laws to general consumer protection statutes.
Consumer Fraud & Breach
Violations of the Prevention of Consumer Fraud Act (§§ 325F.67–325F.69) and breach of contract relating to activities regulated by Chapter 58.
Commissioner Recovery
Recovery of expenses, fines, and fees levied by the Commissioner of Commerce under Chapter 58 — providing direct regulatory enforcement support through the bond.
How It Works
Get Your Minnesota Mortgage Originator Bond in 4 Steps
Surety One makes obtaining your Minnesota residential mortgage originator surety bond fast and straightforward. Most bonds are issued the same business day.
Apply Online
Complete our mortgage originator bond application online or call us at (800) 373-2804. There's no cost and no obligation.
Get Your Quote
Our underwriters review your application and provide a competitive premium quote, typically within hours. We work with all credit profiles.
Purchase & Sign
Accept your quote, complete the indemnity agreement, and pay your premium. We prepare the bond in the form prescribed by the Commissioner.
Filed via NMLS
Surety One files your Electronic Surety Bond through the NMLS. Your bond immediately satisfies the licensing requirement for your MN originator or servicer application.
Understanding Your Premium
How Is My Premium Determined?
Your premium — the actual amount you pay — is a percentage of your required bond amount. You do not pay the full bond amount. Your rate is individually determined through underwriting review.
| Underwriting Factor | How It Affects Your Premium |
|---|---|
| Required Bond Amount | Your MN closed loan volume determines the tier ($125K–$300K). Higher amounts result in higher premiums. |
| Personal Credit Score | Your FICO score is a primary factor. Stronger credit profiles generally qualify for lower premium rates. |
| Financial Statements | Given MN's high bond minimums starting at $125,000, personal and business financial statements are typically required for underwriting. |
| Industry Experience | Your professional history in the mortgage industry may be considered as part of the risk assessment. |
| Claims History | Any prior surety bond claims or regulatory actions may influence the terms offered. |
Every Applicant Receives a Personalized Quote
Because premiums are individually determined, the only way to know your exact cost is to apply. Surety One provides free, no-obligation quotes — and we decline no application. We offer non-standard programs for applicants with impaired or limited credit. Apply now or call (800) 373-2804 for your personalized quote.
Common Questions
Minnesota Mortgage Originator Bond FAQ
MN originator bonds range from $125,000 to $300,000 based on prior-year closed MN loan volume. Servicer bonds also range $125K–$300K. Your premium is a percentage of the required amount, individually determined by credit, financials, and underwriting review. Apply for a free, no-obligation quote from Surety One.
The Minnesota Department of Commerce requires the bond under MN Statutes § 58.08. The bond must be issued by an insurance company authorized to do business in Minnesota. It is filed electronically through the NMLS and must be submitted with the originator's license application.
Yes. The originator bond must cover all mortgage loan originators who are employees or independent agents of the licensee. This means one company bond covers your entire origination team — no separate individual MLO bonds are required in Minnesota.
For servicer licenses, yes — Minnesota allows an irrevocable letter of credit in lieu of a surety bond. The letter must be clean (not conditioned on other documents), irrevocable, and contain an evergreen clause. For originator licenses, a surety bond is specifically required by § 58.08.
The current originator bond tiers took effect August 1, 2024. The updated schedule sets four tiers: $125,000 (up to $10M), $150,000 ($10–25M), $200,000 ($25–100M), and $300,000 (over $100M) based on closed MN residential mortgage loan volume in the preceding year.
Yes. Surety One declines no application. Given Minnesota's high $125,000 minimum bond, our non-standard programs are especially valuable for applicants with impaired credit. Premium rates will be higher, but we work to find terms that fit each applicant's situation.
Yes. Minnesota explicitly allows licensees to decrease their bond if the required amount is less than the bond currently on file. This is determined upon filing the Mortgage Call Report. Surety One can issue a rider decreasing your bond to the appropriate tier, potentially reducing your annual premium.
Minnesota mortgage licenses must be renewed annually by December 15. The bond is continuous until canceled, with 30-day written cancellation notice required from the surety. All loan records and advertising materials must be retained for a minimum of 60 months.
The Surety One Advantage
Why Choose Surety One, Inc.?
Surety One is a national surety leader specializing in the bonding needs of mortgage professionals across all 50 states, Puerto Rico, and the U.S. Virgin Islands.
MN High-Amount Specialists
Minnesota's $125,000+ bond requirements demand experienced surety underwriting. Our team specializes in high-amount mortgage originator and servicer bonds and knows the MN Department of Commerce filing process inside and out.
Same-Day Issuance
Most Minnesota mortgage originator bonds are issued the same business day. Our 24/7/365 underwriting team provides guaranteed same-day feedback on every submission.
A+ BBB Rated
Surety One carries an A+ rating with the Better Business Bureau in both our U.S. and Puerto Rico offices, reflecting our commitment to client satisfaction and ethical practices.
All Credit Accepted
We decline no application. Given MN's high bond minimums, our non-standard programs are critical for applicants who may face challenges with other surety providers.
Multi-State Expertise
Operating in multiple states? We streamline your bonding across all 50 states with a single point of contact, ensuring compliance with each state's unique requirements.
Free Quotes, No Obligation
Application review and quoting are always free. There is no obligation to purchase. Contact us by phone, email, or live chat to explore your options.
