MN residential mortgage servicer bonds.
0.6% of the bond amount.
Minnesota licenses residential mortgage servicers through the Department of Commerce in NMLS, and Minn. Stat. § 58.08, subd. 2 requires a surety bond or irrevocable letter of credit of not less than $125,000, tiered up to $300,000 as the unpaid principal balance you service grows. Ours is 0.6% of the bond amount, $100 minimum, the bond issues the moment you pay, and any credit screen is a soft credit pull only — it never affects your score.
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Three steps. One sitting.
The servicer bond is checkout-rated — enter your amount, pay, and post it to your NMLS record. Here is the whole process:
Apply online
Company details, any other trade names, your bond amount, an effective date, and a term. That is the entire application — any credit screen is a soft pull that never shows as a hard inquiry.
Pay & e-sign
The premium is 0.6% of the bond amount, $100 minimum — checkout-priced, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.
Post it to your NMLS record
Minnesota tracks the servicer bond in NMLS for the Department of Commerce. Your executed bond arrives by email, ready to associate with your company record — wet-ink original mailed on request.
What it is and who needs it.
What the servicer bond guarantees
Minnesota licenses residential mortgage servicers under Minn. Stat. ch. 58, administered by the Department of Commerce through NMLS. Section 58.08, subd. 2 requires a servicer applicant or licensee to submit a surety bond or irrevocable letter of credit in an amount not less than $125,000, and to keep it in force for the life of the license.
The penal sum is tiered to the unpaid principal balance of the residential mortgage loans you service: $125,000 for up to $10 million, $200,000 above $10 million, and $300,000 above $50 million. Cross a tier and the bond has to be increased to match.
The bond secures recovery of expenses, fines, and fees levied by the commissioner, along with losses or damages incurred by borrowers or other aggrieved parties from a servicer's noncompliance. It is not insurance for you — if the surety pays a claim, you repay the surety. We track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
One application, issued instantly.
These are the actual issuing fields — company details, trade names, your bond amount, an effective date, and a term. That is the entire application.
Start the application →Common questions.
Other Minnesota bonds.
Servicer bond on your NMLS record today.
0.6% of the bond amount, $100 minimum, issued the moment you pay. Soft pull only. Free until issued.