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.