Get a Free Quote for Your Missouri Mortgage Broker Bond Today
Can't find what you need?
Let our bond experts help!
Get Started »
No obligation, takes 2 minutes
If you'd prefer, call us at
Who is Required To Purchase a Missouri Mortgage Broker Bond?
The Missouri Division of Finance is responsible for determining how mortgage professionals will be licensed in the state.
And Missouri is unique among many states because while there is only one license, there are different bond amounts based on what your companies responsibilities are.
These responsibilities breakdown as:
- Brokering loans
- Funding loans
- Servicing loans
You will need a separate bond for each of these services you provide.
You'll learn the bond amounts for each service in the tables below.
Get Your Bond Pricing Today
You can get instant pricing for your Missouri mortgage surety bond. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Why is a Missouri Mortgage Broker Bond Required?
As we've mentioned, a surety bond is a legal contract that guarantees your performance as a licensed mortgage professional in the state.
The Department of Finance sets the initial licensing requirements for legally conducting business in the state.
This licensing process is a set of standards and regulations you're committing yourself and your business to follow so you can conduct business in Missouri.
However, even with this licensing process, every year there will be a few mortgage companies that purposefully choose to financially harm their customers so they can increase profits or embezzle money.
Examples of fraudulent actions can include:
- Approving a borrower for a loan they can't afford
- Helping a borrower get approved for a loan by providing false information
- Hindering a borrower from getting approved by providing false information
- Pressing a borrower to enter a high commission loan to make more money
- Creating and charge fabricated fees
Because these situations occur on a yearly basis, the Division requires the surety bond as the primary method to hold mortgage companies accountable.
If a customer is financially harmed, they can make a claim against the mortgage bond for financial compensation. The total compensation available only extends to the amount of the bond.
What are the Missouri Mortgage Surety Bond Amounts?
As you've learned above, there are three services you can provide for your customers:
- Brokering
- Funding/lending
- Servicing
Each has its own requirement. Keep in mind this means if you perform multiple services you will need to have separate bonds for each.
Mortgage Brokering
Brokers help customers find the right mortgage loan that fits their personal financial goals and the goals for the property they're purchasing.
Here are the bond amounts for mortgage brokers:
| Loan Amount Range | Bond Amount |
|---|---|
| Less than $7,500,00 | $50,000 |
| $7,500,001 to $15,000,000 | $50,000 |
| $15,000,001 to $22,500,000 | $75,000 |
| $22,500,001 to $30,000,000 | $100,000 |
| $30,000,001 to $45,000,000 | $150,000 |
| $45,000,001 to $60,000,000 | $200,000 |
| $60,000,001 or more | $250,000 |
Mortgage Funding/Lending
A mortgage funder/lender is a company that actually issues the loan itself.
Here are the bonds amounts for mortgage funders/lenders:
| Loan Amount Range | Bond Amount |
|---|---|
| Less than $7,500,00 | $50,000 |
| $7,500,001 to $15,000,000 | $100,000 |
| $15,000,001 to $22,500,000 | $150,000 |
| $22,500,001 to $30,000,000 | $200,000 |
| $30,000,001 to $45,000,000 | $300,000 |
| $45,000,001 to $60,000,000 | $400,000 |
| $60,000,001 or more | $500,000 |
Mortgage Servicing
A mortgage servicer is a company that manages the day to day and month to month accounting of the loan including collecting payments and/or issuing late payments.
The bond amounts are the same as mortgage lenders, but here's the table just in case:
| Loan Amount Range | Bond Amount |
|---|---|
| Less than $7,500,00 | $50,000 |
| $7,500,001 to $15,000,000 | $100,000 |
| $15,000,001 to $22,500,000 | $150,000 |
| $22,500,001 to $30,000,000 | $200,000 |
| $30,000,001 to $45,000,000 | $300,000 |
| $45,000,001 to $60,000,000 | $400,000 |
| $60,000,001 or more | $500,000 |
These bond amounts are the total available financial coverage available to a customer if they fall victim to purposeful fraud.
The price to purchase this bond is a small fraction but you are able to save hundreds, even thousands of dollars.
How Much Does a Missouri Mortgage Surety Bond Cost?
Mortgage surety bonds in Missouri are credit driven bonds. This means the price you pay will be custom based primarily on the following factors:
- Personal credit of the individual or business owner or owners
- Mortgage and financial lending experience
- Prior bond claims if the individual or owner has been licensed in the past
Based on these factors a surety will quote a unique rate for you.
A surety is an insurance company who chooses to underwrite mortgage broker bonds.
Your rate multiplied by your specific bond amount is the price you pay.
How To Save Hundreds - Even Thousands - of Dollars Purchasing Your Bond
At Surety Bonds Direct, we are a specialized surety agency. It's our job to find you the lowest possible price for your mortgage bond.
- We work with the top A-rated sureties that underwrites mortgage bonds
- Collect the base rate they can offer
- And deliver that rate and price to you
Every surety is different in how they assess an applicant. We regularly see rates come back one, two, even three percentage points different.
Missouri Mortgage Bond Price Example
Let's look at the $100,000 bond amount for mortgage brokers.
Pay attention to the rates and how one percentage point can make huge difference in the price, saving you hundreds of dollars.
| Bond Amount | Premium Rate | Total Cost |
|---|---|---|
| $100,000 | 0.05% | $500 |
| $100,000 | 1% | $1,000 |
| $100,000 | 1.5% | $1,500 |
| $100,000 | 2% | $2,000 |
| $100,000 | 3% | $3,000 |
You can see the rate you're quoted can make a huge difference.
Take the money we can help you save and use it to pay the application fees and/or exam fees.
Go request your price quote today. Remember, this is free information for you. There's no obligation to purchase. Quotes are good for 30 days.
- We price shop for you
- Find the lowest possible price
- And help you purchase your surety bond.
It costs you nothing to have us find you the lowest price and once you get your pricing, you're under no obligation to purchase. Obtaining pricing is free information.
There's no reason to request your free quote right now or call a bond specialist at 1-800-608-9950.
How To File Your Mortgage Broker or Lender Bond?
After you agree to a price, purchasing your bond is as easy as completing an online checkout form.
The entire licensing process is managed through the National Multi-State Licensing Service or NMLS.
You're probably already familiar with the NMLS. Once you purchase your bond, our issuance team will prepare your bond with the:
- Correct bond form
- Required signatures and seals
- Power of attorney
We'll even file your bond with the NMLS for you. We provide you with detailed instructions to help us file your bond. The process takes only a few minutes.
How Long Does a Missouri Mortgage Surety Bond Last?
Each mortgage surety bond (broker, funder, servicer) has a bond term or 12 months from the effective date.
The effective date is a date you choose when you purchase your bond. This is the "activation" date of your bond.
12 months from this date, your bond will have to be renewed.
Renewing a mortgage broker and lender bond is easy. As your bond expiration date approaches, your bond specialist will contact you 30 to 45 days in advance to ensure you don't miss paying the renewal premium.
Your bond specialist will have renewal pricing already quoted allowing this process to get finished with little headache or effort.
Once you pay the renewal premium, your bond remains active. You don't have to do anything.
Get Your Bond Pricing Today
You can get instant pricing for your Missouri mortgage surety bond. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Mortgage Broker Bonds And Getting Your Missouri Business License/Registration
Here are the high level steps to obtain your license. If you have not already, use the NMLS checklist compiler. This will walk you through the process in more detail with the correct links to each page of the process.
Choose Your Location
Each mortgage company must have at least one office located in Missouri meeting the following requirements:
- A commercial space
- A local or toll-free phone number
- Staffed by at least one individual licensed originator who lives within one hour of the office
Additional locations - if any - must be registered with the appropriate paperwork.
Formation Documents
The appropriate company documents must be attached. These must already be on file with the Missouri Secretary of State.
Appoint the Correct Personnel
You must appoint a :
- Registered agent
- Control person for background check requirements
- Control person for credit report requirements
Organizational and Management Charts
You must outline all of the direct and indirect equity owners in the business, including the control persons with at least a 10% stake.
The management chart needs to outline the board of directors, managers, the lines of authority in the business.
New Business Forms And Application
Finally, complete your full application on the NMLS and your company license forms.
Can't find what you're looking for? Let us help!
Get Started » or, if you'd prefer, call us at
(No obligation, takes 2 minutes)