To broker, fund, service, or purchase residential mortgage loans in Missouri, you must obtain a mortgage broker license. This license, also known as a Missouri mortgage company license, is issued, regulated, and renewed by the Division of Finance.
To get licensed, though, you must register in the Nationwide Mortgage Licensing System (NMLS) and apply there. To complete the application process, you will need to complete several forms within NMLS as well as provide supporting documents.
Want to get licensed as a mortgage broker in Missouri? Follow our step-by-step guide below!
1. Register Your Business in Missouri
Your first step is to register your business in the state. Later on, when applying for your license, you will need to provide your formation documents as part of your application packet.
To register your business, visit the Missouri Secretary of State website and follow the steps outlined there. When you are ready, you can continue with your license application.
2. Meet the Missouri Mortgage Broker License Requirements
To begin your license application, you must first create an NMLS company account. Once you have completed the account registration process, you can proceed with fulfilling the licensing requirements. For the purpose, you need to submit the following forms in NMLS:
- Company form MU1 (to be completed in NMLS)
- Individual form MU2
- Branch form MU3 (for your main office in Missouri, as well as an additional MU3 form for every branch office)
- Application averment & release form (you must submit this form directly to the Missouri Division of Finance)
- Detailed explanations for any “Yes” responses to the disclosure questions in MU1
- Authorized FBI criminal background check and credit report through NMLS for all of the following individuals: Directors & influencers of management, direct owners, indirect owners
- Business entity formation documents
- Ownership chart
- Management chart
- A $50,000 Missouri mortgage broker bond
The above are the main licensing requirements that you need to meet in order to become a Missouri mortgage broker. For a more detailed overview of the requirements, see the official NMLS Missouri mortgage company licensing requirements checklist.
3. Get a Missouri Mortgage Broker Bond
The mortgage broker bond is a central licensing requirement for mortgage companies in Missouri. Without it, you cannot operate legally in the state.
The bond must be in the amount of $50,000. Its purpose is to guarantee that licensed mortgage brokers will comply with the provisions of the Revised Statutes of Missouri (RSMo). In particular, licensees must comply with section 443.849 RSMo.
The cost of getting bonded is equal to only a small fraction of the total amount of your bond. Applicants who have a high credit score are typically offered a low rate on their bond, one between 0.75% and 1.5% of the total amount of their bond. Those with an average or low credit score are bonded at rates upward of 1.5%.
Do you want to know how much your bond will cost? Complete the short form below and we will contact you shortly to provide you with a free quote on your bond!
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4. Submit Your Application and Pay a Licensing Fee
When you have met all of the requirements for your license application, you can proceed with submitting it to the Division via NMLS. Along with your documents, you will need to include a $1,000 licensing fee. This fee includes a:
- $300 Missouri investigation fee
- $600 Missouri first year license fee
- $100 NMLS processing fee
- an additional $15 fee per credit report authorized through NMLS and
- $36.26 fee per FBI criminal background check authorization
The Division will then review your application to determine if you meet all of the licensing requirements, and notify you of the result of its review. Shortly after that, unless something is missing, you will receive your Missouri mortgage broker license.
Do you have any additional questions about how to become a Missouri mortgage broker? Please contact the Division at (573) 751-3242 for more information.
If you want to know more about getting bonded in Missouri, call us at 866.450.3412 anytime!