Understanding the Missouri Residential Mortgage Loan Broker Bond
The Missouri Residential Mortgage Loan Broker Bond is a type of surety bond required by the Missouri Department of Finance. Any residential mortgage loan broker operating in Missouri is required to obtain a surety bond, which is a prerequisite for their business license. The License process is managed by the Nationwide Mortgage Licensing System (NMLS) and Surety1 will upload your surety bond directly to the NMLS.
The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a Missouri Residential Mortgage Loan Broker Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is: 
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the surety bond will be filed electronically with the NMLS
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
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Required Surety Bond Amount
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.
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 or Visit the NMLS Website
Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds
APPLY for this bond and get a free quote here
How to Get Your Missouri Residential Mortgage Loan Broker 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.