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How Much Does a Missouri Residential Mortgage Loan Broker Bond Cost?
In Missouri, the cost of a residential mortgage loan broker bond ranges from $500 to $50,000. The bond amounts vary from $50,000 to $500,000, depending on the total value of loans brokered in the previous year.
Instead of paying the full bond amount, your bond can be purchased through a surety company at a premium. Our authorized Missouri surety company offers bond rates between 1% and 10%. The applicant’s credit rating, fixed and liquid assets, and professional resume determine the rate.
With a credit score of 700 or higher, the applicant qualifies for a rate of 1% to 3%. With a 600 to 699 score, the premium rate ranges between 3% and 5%. A premium rate of 5% to 10% applies to lower credit scores.
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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 |
|
Missouri Residential Mortgage Loan Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Missouri Residential Mortgage Loan Broker Bond |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Missouri Residential Mortgage Loan Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Missouri Residential Mortgage Loan Broker Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Missouri Residential Mortgage Loan Broker Bond |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
|
Missouri Residential Mortgage Loan Broker Bond |
$250,000 |
$2,500 - $7,500 |
$7,500 - $12,500 |
$12,500 - $25,000 |
How to Get a Missouri Residential Mortgage Loan Broker Bond
1. Apply Online for Your Bond
With our short online application, applying for your new surety bond only takes a few minutes. We just need some basic information about yourself and your business to get started. It only takes a couple of minutes to fill out the form.
Sophia needed a residential mortgage loan broker bond to get licensed in Missouri, and she recently reached out to us because of our fast, hassle-free process. From applying online and instantly receiving her bond quote to making the premium payment online, Sophia quickly set up her bond and finalized her mortgage broker license application.
2. Review Your Bond Quote
Typically, we can provide a premium quote quickly. However, in some more complex cases, the quote may take up to 24 or 48 hours to process. We guarantee the best rate possible for your business.
3. Pay Your Bond Premium
Once you pay the premium, we’ll send you the bond via email. If requested, we can also mail a hard copy for your records.
We’re committed to supporting our valued customers throughout their bond purchase. Whether you need help with your application or have other questions, we’re here to assist. For expert guidance, please contact us or call (877) 514-5146.
Start your surety bond application. 100% money-back guarantee!
Mortgage Broker Bond Requirements in Missouri
A Missouri Residential Mortgage Loan Broker Bond must be maintained in an amount between $50,000 and $1,000,000, based on the broker’s activity volume as determined by the director (section 443.849.2). Under Missouri law, a “Residential Mortgage Loan Broker” is defined as any person, excluding exempt individuals, who is engaged in brokering, funding, servicing, or purchasing residential mortgage loans.
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Missouri Residential Mortgage Loan Broker Bond |
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Loan Amount |
Surety Bond Amount for Loans Brokered |
Surety Bond Amount for Loans Funded |
Surety Bond Amount for Loans Serviced |
|
$7,5M or less |
$50,000 |
$50,000 |
$50,000 |
|
$7,500,001 to $15M |
$50,000 |
$100,000 |
$100,000 |
|
$15,000,001 to $22,5M |
$75,000 |
$150,000 |
$150,000 |
|
$22,500,001 to $30M |
$100,000 |
$200,000 |
$200,000 |
|
$30,000,001 to $45M |
$150,000 |
$300,000 |
$300,000 |
|
$45,000,001 to $60M |
$200,000 |
$400,000 |
$400,000 |
|
$60,000,001 or more |
$250,000 |
$500,000 |
$500,000 |
The surety may reduce coverage by amending the bond’s effective date or amount, or cancel the bond with sixty days’ notice delivered electronically through NMLS to the Principal and the Commissioner of Finance. However, such amendments or cancellations will not affect liability for actions or omissions that occur before the end of the sixty-day period.
We can assist you on how to get a mortgage broker license. For additional help contact the Missouri Division of Finance at:
Missouri Division of Finance
Truman State Office Building
Room 630
Jefferson City, MO 65102
(Phone) (573) 751-3242
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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!
