Mortgage lenders conducting business in Mississippi are regulated by the state’s Department of Banking and Consumer Finance.
A requirement for licensing is that you obtain a $150,000 surety bond, which thereafter is filed through NMLS, the Nationwide Mortgage Licensing System. Once purchased, our agency can also electronically file the bond on your behalf.
Your mortgage lender bond will have an expiration date of December 31st and the premium may therefore be prorated as to price depending on when during the year it’s purchased. The premium that we discuss assumes a full year term.
Qualifying for the $150,000 Mississippi mortgage lender bond involves:
Applicants will need to have good credit to qualify. If approved, the bond’s premium is $1125 for a full year term.
Once the premium has been paid, we can either provide you the original bond to file through NMLS, or we will electronically file it for you.
The $1125 premium is for a full year term. Your bond renews annually. With our agency, the Mississippi mortgage lender bond can also be prepaid for up to 3 years, thereby offering you a savings over renewing your bond each year.
The premium prepayment options and savings are as follows:
The purpose of this surety bond is to ensure your compliance with the Mississippi S.A.F.E. Mortgage Act, and any future amendments to this legislation. The bond protects the Mississippi consumer from any harm which occurs due to the failure of a licensee to comply with any statutes by malfeasance or gross negligence.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Mississippi. Our agency also provides surety bonds nationwide.
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