Missouri Mortgage Broker Company Surety Bond
If you are a Residential Mortgage Broker in Missouri you are required to apply for a license as a either a Missouri Company Registration or a Missouri Company License through the National Mortgage Licensing System (NMLS) and file a Missouri Residential Mortgage Loan Broker Surety Bond.
Surety Bond Requirements:
A surety bond is required for a broker company. Bond amounts can range from $50,000 to $500,000 and the bond amount is determined by the volume of either the loans brokered or funded and serviced.Volume for loans brokered, funded and serviced less than $7,500,000 the surety bond amount is $50,000.Volume for loans funded and serviced more than $7,500,001 and less than $15,000,000 the surety bond amount is $100,000. For loans brokered the bond amount is $50,000Volume for loans funded and serviced more than $15,000,001 and less than $22,500,000 the surety bond amount is $150,000. For loans brokered the bond amount is $75,000.Volume for loans funded and serviced more than $22,500,001 and less than $30,000,000 the surety bond amount is $200,000. For loans brokered the bond amount is $100,000.Volume for loans funded and serviced more than $30,000,001 and less than $45,000,000 the surety bond amount is $300,000. For loans brokered the bond amount is $150,000.Volume for loans funded and serviced more than $45,000,001 and less than $60,000,000 the surety bond amount is $400,000. For loans brokered the bond amount is $200,000.Volume for loans funded and serviced more than $60,000,001 and more the surety bond amount is $500,000. For loans brokered the bond amount is $250,000.
- Applicants must complete the application and pay the required investigation fee, license fee, NMLS processing fee, credit report fee (for each person in control) and FBI Criminal Background Check fee (for each director and any direct or indirect owner with 10% or more interest in the company).
- Provide a management chart, organizational chart, and a copy of formation documents if a partnership, corporation or limited liability company.
- If any of the disclosure statements were answered "yes," provide an explanation for each, as well as any back-up documentation to support each answer.
- Branch locations with require a separate branch license (in-state and out-of-state) and requires a mortgage loan originator for each Missouri location.
- Complete the Averment & Release Forms and submit them directly to the Missouri Division of Finance.
How Much Will This Bond Cost?
The premium that you pay for a Missouri Residential Mortgage Loan Broker Surety Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 will require business and personal financials.
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.
For a downloadable application