Missouri Mortgage Broker, Lender or Servicer Bond
Missouri Mortgage Broker, Lender or Servicer Bond Information
A Missouri Residential Mortgage Loan Broker, Lender or Servicer Bond are types 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 based on the amount of loans brokered, funded and serviced can be found at Missouri Division of Finance. The surety 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.