Commercial Surety Bonds

Missouri Mortgage Broker Bonds

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Mortgage Brokers in the state of Missouri are regulated by the Missouri Division of Finance. Missouri is a “Brick and Mortar” state which means that brokers are required to have a physical location in the state. This location must be open to the public, full service, and have adequate hours of operation for walk in clientele. The license once approved will allow the broker to sell both First and Second Mortgages.

Missouri has a $20,000 Surety Bond requirement or may post a letter of credit equal to $20,000. Annually Mortgage brokers are required to provide the state with a CPA audited report within a 120 day time frame after the renewal of their bond. If they can not provide this report they are required to also obtain a $100,000 Surety Bond in Lieu of this audit. An extensive background, criminal, and credit investigation will be performed on the broker along with directors, owners, trustee, or anyone else who might influence the way the company is managed.

Bad Credit Missouri Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Missouri License Requirements

Age: 18

State Residency: Required

Experience: Must have broker or lender experience (term not defined)

Education: N/A

Continuing Education: N/A

Net Worth: $25,000

Surety Bond: $20,000 if audited financials are available, $20,000 and $100,000 if no audited financials are available

Background Check: Credit & criminal

Missouri State Licensing Fees

Initial Application: $300

Branch Location: $300

Renewal Application: $300

Branch Offices:

In State Requirements: Must be “Brick and Mortar”

Licensure Requirements: Same as individual Mortgage Broker

Exemptions:

Entities: Attorney, Banks, Credit Union, or State and Federal Institutions

Safe Harbor: N/A

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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