Also known as Mortgage Broker Bond, Mortgage Broker Surety Bond, Minnesota Mortgage Broker Bond
Don’t wait for a quote. Your answer is here.
Minnesota mortgage brokers are required to carry a Minnesota mortgage broker bond. It ensures that a mortgage broker complies with state regulations. Rates are listed below.
The Surety Group has in-house underwriting authority. This enables us to discount bond programs and waive the spousal indemnity and collateral requirements for mortgage brokers. Please call us at 1-800-486-8211 if you have any questions. You will speak directly to an underwriter.
|
PROGRAMS
|
RATES/BOND AMOUNTS
|
REQUIREMENTS
|
I
Spousal Indemnity Waived
No Collateral Required
|
|
-
Minimum Equifax score of 700 for anyone who owns more than 10% of the business
-
5 years of related experience
-
Real estate ownership
-
Minimum DNB of 70
-
Minimum adjusted corporate net worth of $500,000
-
No liens or judgments
|
II
No Collateral Required
|
|
-
Minimum Equifax score of 699 for anyone who owns more than 20% of the business
-
3 years of related experience
-
Real estate ownership
-
No judgments, liens, bankruptcies, bond claims or declines from other sureties
-
Financial statements must exhibit evidence of positive working capital equal to bond amount
|
III
No Collateral Required
|
|
-
Minimum Equifax score of 640 for anyone who owns more than 20% of the business
-
3 years of related experience
-
Real estate ownership
-
No judgments, liens, bankruptcies, bond claims or declines by other sureties
-
Financial statements must exhibit evidence of positive working capital equal to bond amount
|
IV
Spousal Indemnity Waived
No Collateral Required
|
|
-
Minimum Equifax score of 500 for anyone who owns more than 10% of the business
-
3 years of related experience
-
Real estate ownership
-
Late payments are acceptable
-
Closed bankruptcies, liens or judgments within the last 10 years are acceptable
-
No unpaid child support, unpaid claims, or government investigations
|
If you do not see a program/plan that fits your needs, we have others available.
Call to learn more.
|