How much does a residential mortgage broker bond cost in Missouri?
According to section 443.849 of the Missouri Revised Statutes, the required amount of Missouri mortgage broker bonds should reflect the dollar amount of loans originated by the broker in the last year. Applicants for new licenses must post a minimum $50,000 bond. The required bond amount may increase annually. Applicants should verify their required bond amount with the state.
These bonds are subject to underwriting, and the price you’ll pay depends on your required bond amount and a review of your personal credit report. Applicants with strong financial credentials could pay as low as 1% of the bond amount. Get a free, personalized surety bond quote by submitting a bond request or calling 1 (800) 308-4358 now!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Residential Mortgage Broker Bond||$50,000||Starts at $500||$2,500-5,000||$5,000+||Apply Now|
|Residential Mortgage Broker Bond||$100,000||Starts at $1,000||$5,000-10,000||$10,000+||Apply Now|
|Residential Mortgage Broker Bond||$150,000||Starts at $1,500||$7,500-15,000||$15,000+||Apply Now|
|Residential Mortgage Broker Bond||$200,000||Starts at $2,000||$10,000-20,000||$20,000+||Apply Now|
|Residential Mortgage Broker Bond||$300,000||Starts at $3,000||$15,000-30,000||$30,000+||Apply Now|
|Residential Mortgage Broker Bond||$400,000||Starts at $4,000||$20,000-40,000||$40,000||Apply Now|
|Residential Mortgage Broker Bond||$500,000||Starts at $5,000||$25,000-50,000||$50,000||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. One of our surety experts will personally contact you to walk you through our clear-cut bonding process. It’s that easy!
Why do I need this bond?
Missouri residential mortgage broker bonds ensure that principals (residential mortgage brokers) adhere to all provisions of sections 443.701-443.893 of the Missouri Revised while conducting business and honestly and faithfully apply all funds received while on the job.
Our team of surety experts is just a call away and ready to help. Click here to get started!
What’s the fine print?
Missouri residential mortgage broker bonds are required by the Commissioner of Finance for the State of Missouri. These bonds are annually renewed automatically and remain continuous until canceled. The surety must file written notice of cancellation with the Commissioner of Finance 60 days prior to the date of termination.
How to become a residential mortgage loan broker in Missouri
To become licensed as a residential mortgage loan broker in Missouri, applicants must:
- have an in-state, full-service staffed Missouri office that is open to the general public
- post a surety bond in the proper amount
- have mortgage broker or lender experience
- submit to a background criminal and credit investigation
- pay the one-time application/investigation fee of $300
- pay the annual license fee of $600 upon license approval
Ready to get bonded? Click here or call 1 (800) 308-4358. Our experts will work hard to get you bonded quickly, easily and accurately.
Ready to get started?