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Any person, corporation, company, limited liability company, partnership or association (unless exempt) intending to operate as a Residential Mortgage Loan Broker in Missouri must obtain a Mortgage Company License. One of the requirements to obtain the license is a Missouri Mortgage Company Bond. This is a type of surety bond and is required by the Missouri Division of Finance, Mortgage Licensing Section. the license administration and application process is managed through the Nationwide Mortgage Licensing System (NMLS), and the surety bond can be filed electronically to the NMLS. The Missouri Division of Finance will review the filing and all required documents and communicate with the applicant through NMLS and/or directly.
Under Missouri law, a “Residential Mortgage Loan Broker” is defined as:
Any person, other than an exempt person, engaged in the business of brokering, funding, servicing, or purchasing residential mortgage loans.
If you are an independent processor or underwriter please contact the Missouri Division of Finance Mortgage Licensing Section to determine if you have a licensing requirement. The Missouri Mortgage Company Bond is just one license requirement. A complete check list of list of the license requirements can be found here. The amount of the required surety bond is $50,000. The cost of the bond (bond premium) will be a small percentage of the bond amount.
How to obtain a Missouri Mortgage Company Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple 3 step process is:
- Complete our easy to navigate and secure online application. 1
- Review your free, no obligation quote from one of our surety bond professional agents, usually within 1 business day.
- Sign some paperwork and make payment (All major credit cards accepted)
After completing these steps, your Missouri Mortgage Company Bond will be filed electronically with the NMLS. (Preferred method of the NMLS, in MO you can request a “hard copy” of the bond and provide that to the state).
1 – The name on the bond application must match exactly the Full Legal Business Name of application for the mortgage broker license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds
How to Get Your Missouri Mortgage Company Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.