Residential mortgage broker bond cost
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.
Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why 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.
Mortgage broker bond details
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.
Become a residential mortgage loan broker
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
Apply for your surety bond
Get a FREE Missouri Mortgage Broker Bond Quote Today! Click here to begin
- 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