Missouri Mortgage Broker Bond
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How Much Do Residential Mortgage Broker Bonds Cost?
Bond requirements for mortgage brokers in Missouri vary based on the dollar amount of loans brokered in the prior year. Check the Missouri Department of Finance Surety Bond Schedule for your required bond amount.
Most qualified individuals can expect to pay just 0.85–2% for their mortgage broker bond on SuretyBonds.com. Get a free quote now:
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide.
How Does a Missouri Residential Mortgage Broker Bond Work?
A Missouri residential mortgage broker bond binds three parties in a legal contract:
- Principal: The residential mortgage broker purchasing the bond
- Surety: The provider issuing the bond to the principal
- Obligee: The Missouri Division of Finance (DOF) requiring the bond
The obligee or broker clients can file a claim to recover damages if the contract terms are broken. The surety company will pay claims to harmed parties up to the full bond amount, which you would need to reimburse.
How Do I Get a Residential Mortgage Broker Bond in Missouri?
With SuretyBonds.com, you can get your Missouri mortgage broker bond in just four easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Sign your documents with DocuSign
- Checkout on our secure, online portal
We’ll upload the bond directly to the NMLS on your behalf and email you a copy for your records.
What Is a Missouri Residential Mortgage Broker Bond?
Missouri residential mortgage broker bonds are required by the DOF as part of the licensing process. These bonds ensure that mortgage brokers adhere to all provisions of the Revised Statutes of Missouri, Section 443.849 and conduct business honestly and lawfully.
How Do I Renew My Missouri Residential Mortgage Broker Bond?
Missouri residential mortgage broker bonds require annual renewal. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends. To cancel a bond, the principal or surety must send 30-day’s written notice to the DOF.
Can I Finance My Bond Premium?
SuretyBonds.com offers financing options for Missouri mortgage broker bonds. This allows you to break up one upfront payment into smaller, more manageable payments. Ask about bond premium financing options when you apply.
How to Become a Residential Mortgage Broker in Missouri?
To become licensed as a residential mortgage loan broker in Missouri, applicants must:
- Have an in-state, full-service, staffed office that is open to the general public
- Post a surety bond in the proper amount
- Have mortgage broker or lender experience
- Submit a background criminal and credit investigation
- Pay the $300 application/investigation fee
- Pay the $600 annual license fee upon approval
To get your required surety bond, submit a quote request now or call 1 (800) 308-4358.
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