Missouri Residential Mortgage Loan Broker Bond

The Missouri Residential Mortgage Loan Broker Bond is required by the State of Missouri Division of Finance.

The Missouri Residential Mortgage Loan Broker Bond states that the bond holder and agents will faithfully conform to and abide by the provisions of Division 1140 Chapter 30 of the Missouri Code of State Regulations and will honestly and faithfully apply all funds received and perform all obligations.

The amount required for the Missouri Residential Mortgage Loan Broker Bond depends on the dollar amount of loans brokered for the previous year.

• If the loan volume is between $0 and $15,000,000, the required bond amount is $50,000.
• If the loan volume is between $15,000,001 and $22,500,000, the required bond amount is $75,000.
• If the loan volume is between $22,500,001 and $30,000,000, the required bond amount is $100,000.
• If the loan volume is between $30,000,001 and $45,000,000, the required bond amount is $150,000.
• If the loan volume is between $45,000,001 and $60,000,000, the required bond amount is $200,000.
• If the loan volume is $60,000,001 or more, the required bond amount is $250,000.

Bond amounts may increase annually which is a requirement of the obligee, not the surety company.

The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

Valid: 1 year – Continuous – Renewable

Licensing Fees and Requirements:

• Surety bond
• $600 annual license fee
• Background criminal and credit investigation
• $300 application/investigation fee

All licensing fees are required by the obligee, not the surety company.

CLICK HERE for additional licensing information from the State of Missouri Division of Finance 

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