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Are Mississippi Mortgage Brokers Required to Have a Bond?

A

Mississippi Mortgage Brokers are required to apply for a license through the National Mortgage Licensing System (NMLS) and to obtain a Mississippi Mortgage Broker Bond in the amount of $25,000 as a condition of licensure.

Applicants are required to do the following:

Complete the application and pay the FBI Criminal Background Check, license, 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 bond. Bonds 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 Bond is dependent on credit.

Have Questions?

Our Surety Bond Specialists are ready to assist you with your bonding needs.

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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