Missouri Mortgage Broker Bond

Missouri Mortgage Broker Bond

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A Missouri mortgage broker bond is a type of surety bond that mortgage brokers in Missouri are required to obtain as a licensing requirement. The bond serves as a form of protection for consumers who work with mortgage brokers, ensuring that the broker operates within the state's regulations and ethical standards. In the event that a consumer is harmed by the broker's actions, such as fraud or misrepresentation, 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 Missouri Mortgage Broker Bond? 

Missouri Mortgage Broker Bonds are required by Missouri's Division of Finance to obtain your Mortgage Broker license. The Missouri Mortgage Broker Bond amount is set at $50,000. This license is required of any individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan, unless the individual is exempt from licensure by Section 443.706.3 RSMo.

The State requires a Mortgage Broker bond for :  

a minimum requirement of a $50,000 surety bond for a license. 


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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Missouri Mortgage Broker Bond Information and Requirements:

There is a minimum requirement of a $50,000 surety bond for a license.

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