Any sole proprietor or company who conducts business as a mortgage broker in the State of Mississippi must be licensed through the Department of Banking and Consumer Finance (DBCF). License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Mississippi can be found on the NMLS website. Licensing costs are $1,601, including the NMLS processing fees, and all fees paid through the NMLS are not refundable.
As part of the licensing requirements, brokers must submit a $25,000 Electronic Surety Bond through the NMLS website. This bond guarantees that the principal (mortgage broker) complies with all provisions of the Mississippi S.A.F.E. Mortgage Act and protects individuals and the state from loss or damages. If a consumer or the state incurs any losses or damages due to the principal’s failure to comply with Mississippi law, a claim may be filed against the surety bond. All damages paid out by the surety must be reimbursed by the principal.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting of Mississippi Mortgage Broker bonds. Feel free to complete our simple application to obtain an approval within hours.
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Mortgage Broker Surety Bonds – Mississippi
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