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How Much Does a Mississippi Mortgage Broker or Lender Bond Cost?
A Mississippi mortgage broker bond can cost as little as $250, depending on factors like your credit score, business experience, and both fixed and liquid assets. All mortgage brokers are required to carry a $25,000 bond to do business within the state of Mississippi. While the bond amount is high, you only pay a fraction of it (typically between 1% and 3%) as a bond premium.
Mortgage lenders are required to carry a $150,000 bond, which can cost as little as $1,500 with a good credit score. Here’s a table outlining the different costs and how they change based on your credit.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Mississippi Mortgage Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Mississippi Mortgage Lender Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
How to Get a Mississippi Mortgage Broker or Lender Bond
Apply for a Bond Online
We make it easy to get bonded as a mortgage broker in Mississippi. Simply fill out the required information on our online application form, and we can process your request promptly.
We recently helped a new mortgage broker in Mississippi obtain their required surety bond. Despite their expertise in the mortgage industry, they found the bonding process daunting and were concerned about its impact on their ability to operate smoothly. Understanding their dedication to providing exceptional service to clients, we supported them through each step of the bond application process. By breaking down the requirements and simplifying the paperwork, we ensured they met Mississippi's bonding regulations with ease. This not only paved the way for a successful start to their business but also strengthened their reputation as a dependable and credible mortgage broker in the local community.
Get a Bond Quote
We can process most Mississippi mortgage broker bonds quickly, so you can expect a quote soon after submitting your application. However, in some more complex cases, the quote may take up to 24 or 48 hours to process.
Regardless of the length of time, you can be sure that we’re providing the best quote possible for your business.
Pay Your Bond Premium
Once you’ve paid the premium, we’ll send your bond via email. Mississippi uses an electronic file submission system, so you can easily upload a digital version of the bond. We can also send a hard copy if necessary.
Mortgage Broker Bond Requirements in Mississippi
If you know how to get a mortgage broker license in Mississippi, you know you must get a $25,000 bond for your license to be approved. You must also be registered with the Nationwide Multistate Licensing System (NMLS) first.
Mortgage broker and lender licenses are handled by the Mississippi Department of Banking and Consumer Finance, and you can find out more about licensing on the department’s website.
When it comes to renewing your bond, the amount varies based on the number of closed loans from the previous year. Since 2020, the state has used a tiered bonding system, so your bond amount may change accordingly. Here’s a table outlining each bond.
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety Bond Amount |
|
Mississippi Mortgage Broker Bond ($1M or less of closed loans) |
$15,000 |
|
Mississippi Mortgage Broker Bond ($1M to $5M of closed loans) |
$20,000 |
|
Mississippi Mortgage Broker Bond ($5M or more of closed loans) |
$25,000 |
Mortgage lenders also have a tiered bonding system for renewals, which is as follows:
|
Surety Bond Cost Based on Credit Score |
|
|
Surety Bond Name |
Surety Bond Amount |
|
Mississippi Mortgage Lender Bond ($10M or less of closed AND serviced loans) |
$75,000 |
|
Mississippi Mortgage Lender Bond ($10M to $25M of closed AND serviced loans) |
$100,000 |
|
Mississippi Mortgage Lender Bond ($25M or more of closed AND serviced loans) |
$150,000 |
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
