Missouri Mortgage Company License Bond
This bond is required by any person, corporation, company, limited liability company, partnership or association (unless exempt) intending to operate as a Residential Mortgage Loan Broker.The bond amount is determined based on factors such as the broker's loan volume and financial standing, with minimum requirements ranging from $50,000 to $500,000. See following table:
| Amount of Loans Brokered, Funded & Serviced | Bond Amounts for Loans Brokered/Annual Premium | Bond Amount for Loans Funded/Annual Premium | Bond Amount for Loans Serviced/Annual Premium |
| $0-$7,500,000 | $50,000 / $300 | $50,000 / $300 | $50,000 / $300 |
| $7,500,001-$15,000,000 | $50,000 / $300 | $100,000 / $600 | $100,000 / $600 |
| $15,000,001-$22,500,00 | $75,000 / $450 | $150,000 / $900 | $150,000 / $900 |
| $22,500,001-$30,000,000 | $100,000 / $600 | $200,000 / $1,200 | $200,000 / $1,200 |
| $30,000,001-$45,000,000 | $150,000 / $900 | $300,000 / $1,800 | $300,000 / $1,800 |
| $5,000,001- -$60,000,000 | $200,000 / $1,200 | $400,000 / $2,400 | $400,000 / $2,400 |
| Exceeds $60,000,001 | $250,000 / $1,500 | $500,000 / $3,000 | $500,000 / $3,000 |
Overview
Residential mortgage loan brokers are required to obtain a surety bond as part of their licensing process through the Division of Finance. The bond is intended to provide a level of financial protection to consumers who engage with the broker's services.
The bond amount is determined based on factors such as the broker's loan volume and financial standing, with minimum requirements ranging from $50,000 to $500,000. The bond must be obtained from a state-approved surety company. It's essential for brokers to maintain an active and valid bond throughout their licensing period to ensure ethical and lawful practices within the state.
No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) is $6 per $1,000 of the bond amount.