A Missouri Mortgage Company Bond 
is a type of surety bond required by the Missouri Division of Finance.
Getting a Missouri Mortgage Company Bond is a mandatory step for any business or individual seeking a residential mortgage loan broker license in the state. This surety bond is required by the Missouri Division of Finance to protect consumers from financial harm resulting from a licensee’s fraudulent or unethical behavior.
A “Residential Mortgage Loan Broker” in Missouri is defined as any person, other than an exempt party, engaged in the business of brokering, funding, servicing, or purchasing residential mortgage loans. This includes independent processors and underwriters who may need to contact the Missouri Division of Finance to confirm their licensing requirements.
The application and bond filing process is primarily handled through the Nationwide Mortgage Licensing System (NMLS). Once you’ve secured the bond, it’s electronically filed with the NMLS for review by the Missouri Division of Finance.
How Much Does a Missouri Mortgage Bond Cost?
The total cost of your bond, known as the premium, is a small percentage of the total bond amount. This rate is typically between 1% and 3% of the bond’s face value, and it’s largely determined by your personal credit score, financial history, and business experience. For example, if your required bond amount is $50,000, your premium could be as low as $500 to $1,500.
The bond amount itself is not a cost you pay; it’s the maximum financial protection available to the public. If a claim is made against your bond, and it’s found to be valid, the surety company will pay the claimant up to the bond amount. You would then be legally obligated to reimburse the surety for the full amount paid out.
What is the Required Bond Amount?
The Missouri Division of Finance sets the bond amount based on your company’s loan volume. A minimum bond amount of $50,000 is required for all new licensees.
At the time of annual license renewal, the bond amount is adjusted based on the total volume of loans brokered, funded, and serviced in the previous year.
| Amount of loans brokered, funded and serviced | Bond amounts for loans brokered | Bond amounts for loans funded | Bond amounts for loans serviced |
|---|---|---|---|
| $7,500,000 or less | $50,000 | $50,000 | $50,000 |
| $7,500,001-$15,000,000 | $50,000 | $100,000 | $100,000 |
| $15,000,001-$22,500,000 | $75,000 | $150,000 | $150,000 |
| $22,500,001-$30,000,000 | $100,000 | $200,000 | $200,000 |
| $30,000,001-$45,000,000 | $150,000 | $300,000 | $300,000 |
| $45,000,001-$60,000,000 | $200,000 | $400,000 | $400,000 |
| $60,000,001 or more | $250,000 | $500,000 | $500,000 |
This tiered structure ensures the bond’s protection aligns with the scale of your business operations. You can consult the Missouri Division of Finance website for the most current bond schedule.
How to Get a Missouri Mortgage Company Bond
Securing your surety bond is a straightforward process, often completed online. The steps are generally as follows:
- Complete an Application: Fill out a secure online application. It’s crucial that the full legal business name on your application matches the one on your NMLS license application exactly.
- Receive a Quote: A surety bond professional will review your application and provide a free, no-obligation quote, typically within one business day.
- Finalize the Bond: If you accept the quote, you’ll sign the necessary paperwork and make a payment. Most major credit cards are accepted.
- Electronic Filing: Surety1 will then electronically file the bond directly with the NMLS, the preferred method of the Missouri Division of Finance.
By completing these steps with a trusted surety provider, you can fulfill a critical licensing requirement and ensure your business is protected while operating in compliance with Missouri state law.
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.
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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.