If you are a residential mortgage loan broker in Missouri you are required by the Mississippi Division of Finance Mortgage Licensing Section 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 Missouri Company Bond Form
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 of Loans||Surety Bond Amount for Loans Brokered||Surety Bond Amount for Loans Funded||Surety Bond Amount for Loans Serviced|
|Less than $7,500,000 million||$50,000||$50,000||$50,000|
|$7,500,001 to $15,000,000||$50,000||$100,000||$100,000|
|$15,000,001 to $22,500,000||$75,000||$150,000||$150,000|
|$22,500,001 to $30,000,000||$100,000||$200,000||$200,000|
|$30,000,001 to $45,000,000||$150,000||$300,000||$300,000|
|$45,000,001 to $60,000,000||$200,000||$400,000||$400,000|
|More than $60,000,001||$250,000||$500,000||$500,000|
The premium that you pay for a Missouri Residential Mortgage Loan Broker Surety Bond is dependent on credit and the bond amount required. Premiums start at .75% of the bond amount with good credit. Bond amounts over $50,000 will require business and personal financials. Contact our Surety Bond Specialists to get a free quote that fits your specific situation.
The original bond form and the original power of attorney must be submitted with an application. Copies will not be accepted.
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