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Missouri Mortgage Broker Bond

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 low as 1% of the bond amount.

Bond Type Bond Amount Cost*
$50,000 Mortgage Broker Bond Up to $15,000,000 in annual loans brokered $50,000 Starts at $500 Apply Now
$75,000 Mortgage Broker Bond Between $15,000,001-$22,500,000 in annual loans brokered $75,000 Starts at $750 Apply Now
$100,000 Mortgage Broker Bond Between $22,500,001-$30,000,000 in annual loans brokered $100,000 Starts at $1,000 Apply Now
$150,000 Mortgage Broker Bond Between $30,000,001-$45,000,000 in annual loans brokered $150,000 Starts at $1,500 Apply Now
$200,000 Mortgage Broker Bond Between $45,000,001-$60,000,000 in annual loans brokered $200,000 Starts at $2,000 Apply Now
$250,000 Mortgage Broker Bond More than $60,000,000 in annual loans brokered $250,000 Starts at $2,500 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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.

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:

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Mortgage Industry Surety Bonds Avaiable 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.

NH VT RI NJ DE MD DC MA CT HI AK FL ME NY PA VA WV OH IN IL WI NC TN AR MO GA SC KY AL LA MS IA MN OK TX NM KS NE SD ND WY MT CO UT AZ NV OR ID CA MI

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Additional Resources

Missouri Revised Statutes Chapter 443 Mortgages, Deeds of Trust and Mortgage Brokers

Missouri Residential Mortgage Loan Broker Bond form and instructions

Missouri Residential Mortgage Loan Broker Application

Missouri Division of Finance Mortgage Licensing Forms & Requirements

Missouri Division of Finance Surety Bond Schedule