Mississippi Mortgage Broker Bond

Mississippi Mortgage Broker Bond

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A Mississippi mortgage broker bond is a type of surety bond that mortgage brokers in Mississippi are required to obtain as part of their licensing process. The bond is designed to protect consumers by ensuring that mortgage brokers operate within state laws and regulations, and follow ethical practices. If a broker violates these laws and regulations, resulting in financial harm to a consumer, the bond can be used to provide financial compensation to the affected parties. The bond amount varies depending on the broker's business volume and other factors, and it must be obtained from a licensed surety bond provider.

What is an Mississippi Mortgage Broker Bond? 

Mississippi Mortgage Broker Bonds are required by Mississippi's Department of Banking and Consumer Finance to obtain your Mortgage Broker license. This license is required by an company, individual or sole proprietor who directly or indirectly or by electronic activity solicits, places or negotiates mortgage loans for others, or offers to solicit, place or negotiate mortgage loans for others that does not close mortgage loans in the company name, does not use its own funds, or who closes mortgage loans in the name of the company, and sells, assigns or transfers the loan to others within forty-eight hours of the closing.

The State requires a Mortgage Broker bond for :  

a minimum of a $25,000 surety bond for a Mortgage Broker Bond


Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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 Mississippi Mortgage Broker Bond Information and Requirements:

A $25,000 surety bond is the minimum requirement for a license at a main location but each individual location requires another $25,000 surety bond.

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