A Missouri Residential Mortgage Loan Broker Bond is a type of surety bond required by Commissioner of Finance for the State of Missouri on for the benefit of any borrower sustaining financial damages arising from the licensed mortgage business. Applicants for new licenses must post a bond in an amount of at least $50,000 and the Commissioner may increase the bond amount annually.
The surety bond schedule is based on the amount of loans brokered and can be found at Missouri Division of Finance. The bond requires the obligor and agents to conform to and abide by the provisions of this statute, apply all monies received, perform all obligations in accordance with Missouri statutes, and pay to the state or any person all money due or owed in accordance with the statutes.
