The Missouri Division of Finance regulates and licenses mortgage brokers and requires them to maintain a surety bond under Section 443.849.
The surety bond amounts will be based on the aggregate dollar amount of residential mortgage loans originated by the licensee in the preceding calendar year:
| Loans Originated | Bond Amount |
|---|---|
| $7,500,000 or less | $50,000 Bond |
| $7,500,001-$15,000,000 | $50,000 Bond |
| $15,000,001-$22,500,000 | $75,000 Bond |
| $22,500,001-$30,000,000 | $100,000 Bond |
| $30,000,001-$45,000,000 | $150,000 Bond |
| $45,000,001-$60,000,000 | $200,000 Bond |
| $60,000,001 or more | $250,000 Bond |
New license applicants are required to post a $50,000 bond, but amounts can increase with volume. Verification of bond amounts is always recommended by contacting the Division of Finance.
License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Missouri can be found on the NMLS – Missouri Checklist. Total license cost is $1,000. All NMLS processing fees are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.