Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 30 - Mortgage Broker and Originator Rules
Section 20 CSR 1140-30.310 - Bonding Requirements
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This rule establishes bonding procedures and requirements for residential mortgage loan brokers to follow.
(1) Annual Review and Initial Schedule. The principal amount of the surety bond shall be determined annually by the information contained in the broker's Annual Report of Residential Mortgage Loan Broker Activity and shall be based on the dollar amount of loans brokered, funded, and serviced in the state of Missouri for the previous year. In the event a broker brokers, funds, and services residential mortgage loans, or any combination thereof, the principal amount of the surety bond shall be based on the category that results in the highest bonding amount. The initial bonding schedule is as follows:
| Dollar Amount of Loans Brokered/Funded/Serviced For Previous Year | Bond Amounts For Loans Brokered | Bond Amounts For Loans Funded | Bond Amounts For Loans Serviced |
| $7,500,000 or less | $50,000 | $50,000 | $50,000 |
| $7,500,001-$15,000,000 | $50,000 | $100,000 | $100,000 |
| $15,000,001-$22,500,000 | $75,000 | $150,000 | $150,000 |
| $22,500,001-$30,000,000 | $100,000 | $200,000 | $200,000 |
| $30,000,001-$45,000,000 | $150,000 | $300,000 | $300,000 |
| $45,000,001-$60,000,000 | $200,000 | $400,000 | $400,000 |
| $60,000,001 or more | $250,000 | $500,000 | $500,000 |
*Original authority: 443.731, RSMo 2009; 443.849, RSMo 1994, amended 1995, 2001, 2009; 443.869, RSMo 1994, amended 1995, 2001, 2009; and 443.887, RSMo 1994, amended 1995, 2001, 2009.
