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 Bond.
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).
The license requirements are as follows:
Provide a management chart, organizational chart, and a copy of formation documents if a partnership, corporation or limited liability company.
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.
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.
The premium that you pay for a Missouri Residential Mortgage Loan Broker Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 will require business and personal financials.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday