Mississippi Mortgage Brokers Surety Bonds
Mississippi Mortgage Brokers are required to apply for a license by the State of Mississippi Department of Banking & Consumer Finance through the National Mortgage Licensing System (NMLS) and to obtain a Mississippi Mortgage Broker Surety Bond in the amount of $25,000 as a condition of licensure.
Surety Bond and License Requirements:
- Complete the mortgage broker license application and pay the license fee, FBI criminal background check fee, and NMLS processing fee.
- Applicants, directors, officers, and qualifying individuals must be able to pass a criminal background check.
- If any questions are answered "yes" on the disclosure statements, provide an explanation for each.
- A $25,000 surety bond is required for licensure. Branch locations require an additional $25,000 surety bond. The surety bond will be directly uploaded in the NMLS ESB system.
- Mortgage brokers must employ at least one loan originator at a licensed location for the company.
- Provide an organizational chart, proof of commercial zoning, a copy of the company policies and procedures, and a business plan.
- If a corporation, limited liability company, or partnership, provide copies of formation documents and a Certificate of Good Standing.
How Much Will This Bond Cost?
The premium that you pay for a Mississippi Mortgage Broker Surety Bond is dependent on credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
Mississippi mortgage brokers must renew their surety bonds annually by December 31st.
Related Links:Mississippi Department of Banking and Consumer Finance Mortgage License InformationMississippi NMLS Mortgage Broker License Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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