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Are Mississippi Mortgage Lenders Required to Have a Bond?

A

Mississippi Mortgage Lenders are required to apply for a license through the National Mortgage Licensing System (NMLS) and to obtain a Mississippi Mortgage Lender Bond in the amount of $150,000 as a condition of licensure.

Applicants are required to do the following:

Complete the application and pay the license, FBI Criminal Background Check, and NMLS processing fee.

Applicants, officers, directors, and qualifying individuals must be able to pass a criminal background check.

Provide and explanation for any questions that were answered "yes" on the disclosure statements.

Provide a business plan, proof of commercial zoning, a copy of the company policies and procedures, and an organizational chart.

A $150,000 surety bond is required for licensure. Branch locations require an additional bond. Bonds will be directly uploaded in the NMLS ESB system.

Mortgage lenders must employ at least one loan originator at a licensed location for the company.

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 Lender Bond is dependent on credit and personal and business financial statements.

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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