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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 qualifications. Applicants with strong financial credentials could pay as little as 1% of the bond amount.
What is a Missouri residential mortgage broker 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.
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
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.