Mississippi Mortgage Broker or Lender Bond
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How much does the Mississippi mortgage broker or lender bond cost?
Mississippi mortgage broker or lender bond costs start at $187.50 annually. Your personal premium will be provided after a quick application review.
How do I get a mortgage broker or lender bond in Mississippi?
You can apply for your mortgage broker or lender license bond online 24/7. Simply select the surety bond required for your license type and provide your name, address, and NMLS license number for Department of Banking and Consumer Finance and NMLS filing approval. Once your order has been processed, SuretyBonds.com will file your Mississippi mortgage license bond directly with the NMLS.
How fast can I get a mortgage broker or lender bond?
Our industry-leading technology and responsive customer service team allow us to file your official Mississippi mortgage broker or lender bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about a Mississippi mortgage bond requirement or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business.
What is the purpose of the Mississippi mortgage lender or broker bond?
Mississippi S.A.F.E Mortgage Act Section 81-18-11 requires individuals file a $25,000 surety bond to be licensed as a mortgage broker and a $150,000 surety bond to be licensed as a mortgage lender. This bond requirement specifically benefits the state and its citizens who suffer any damage or loss as a result of a licensed mortgage professional's breach of contract or other legal violation. The state's official form is titled “SURETY BOND: Mississippi S.A.F.E. Mortgage Act State of Mississippi” but is more commonly known as the “mortgage broker bond” or “mortgage lender bond.”
What does the Mississippi mortgage lender or broker bond cover?
By filing one of these electronic surety bonds, you agree to provide mortgage service according to state law. If you fail to do so, your issuing surety company will pay valid claims to the state or other harmed individuals up to your full bond amount, which you must reimburse.
Who regulates Mississippi mortgage brokers and lenders?
The Mississippi Department of Banking and Consumer Finance enforces licensing requirements for brokers and lenders in the state. You can contact the Department by calling 1(800)844-2499 or by emailing [email protected].
The Mississippi Department of Banking and Consumer Finance requires this bond for state mortgage lender or broker licensing. If you work as a mortgage professional in other states, we also offer mortgage license bonds nationwide.
What is my Mississippi mortgage license bond amount?
The Mississippi S.A.F.E Mortgage Act sets the mortgage broker bond amount at $25,000 and the mortgage lender bond amount at $150,000.
How do mortgage brokers and lenders file your bond?
SuretyBonds.com files these electronic surety bonds directly with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and NMLS to be sure your bond is filed quickly and accurately to meet all Mississippi state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
How do I update or change my mortgage broker surety bond?
If the Department of Banking and Consumer Finance requires your bond or NMLS filing to be updated for any reason, contact your surety company to explain the needed change. The most common changes requested are updating your name, address, or NMLS ID number so your state licensing and NMLS filing information match.
How do I renew my Mississippi mortgage lender bond?
You must renew your Mississippi mortgage broker or lender bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next NMLS license term.
How do mortgage lenders and brokers apply for a license in Mississippi?
Complete the following steps to apply for your Mississippi mortgage broker or lender license through the Nationwide Multistate Licensing System (NMLS).
- Verify whether you need a Mississippi mortgage broker license or Mississippi mortgage lender license.
- Answer all application questions and provide all required information and documentation.
- Pay the $1,601 license fee.
- Purchase and file a surety bond in the bond amount required for your license type.
- Undergo a criminal background check that includes a $36.26 fee.
- Upload your business organization chart.
- Verify zoning for your business location, if applicable.
- Submit a descriptive business plan.
- Upload a duplicate document containing all business policies.
- Upload business structure documents as required for the Mississippi Secretary of State.
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Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
