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Below you will find information on the following
topics for Missouri: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Missouri
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
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Missouri Mortgage License and Education Information |
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The Missouri State Division of Finance regulates the Mortgage Broker Licensing in the state of Missouri. According to sections 443.800 to 443.893 of the Missouri Revised Statutes, no person shall engage in the business of brokering, funding, originating, servicing or purchasing of residential mortgage loans without first obtaining a license from the director except those entities that are exempted by the law.
Following information is required to obtain a Missouri State Mortgage Broker License:
- Submit a completed and signed application along with the required documents and non-refundable investigation fee to the department for consideration.
- The application must contain the name and complete business and residential address or addresses of the applicant.
- A recent business as well as personal financial statement of the applicant must be submitted along with the application. Refer to the website for more information and laws governing this requirement.
- The applicant must attach a copy of Articles of Incorporation or Articles of Organization, if applicable.
- The applicant is required to maintain a full-service office within the state of Missouri. Also, the applicant must maintain staff reasonably adequate to meet the requirements of Section 443.857.
- Mortgage brokers are required to maintain a net worth of at least $25,000 and a surety bond for $20,000.
- Each applicant for a renewal of a Missouri Residential Mortgage Brokers License shall file a renewal application. Pursuant to the Residential Mortgage Broker's License Act, each renewal application must be sent to the Commissioner no later than sixty (60) days prior to such licensee's renewal date. Licenses shall be renewed on the first anniversary of the date of issuance and every two years thereafter. Each renewal license is for a period of two (2) years. A license which is not renewed by the date, automatically become inactive.
- An inactive license may be reactivated by filing a completed reactivation application with the director, payment of the renewal fee, and payment of a reactivation fee equal to the renewal fee.
- A license which is not renewed within one year of becoming inactive expires and the applicant has to start the application process all over again.
- Currently, there are no specific education or experience requirements to obtain a Mortgage Broker License in Missouri.
For more information, visit Missouri Division of Finance. You can download applications and forms for residential mortgage broker licenses at Applications - Missouri Division of Finance.
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Major Cities Include: Kansas City, St. Louis, Springfield, Independence, Columbia, St Joseph, Lees Summit, St Charles, Florissant, Blue Springs, Chesterfield, Joplin, Jefferson City, University City, Cape Girardeau, Ballwin, Liberty, Hazelwood, Maryland Heights, Grandview, Webster Groves, Belton, Sedalia, Arnold, Hannibal, Sikeston, Kirksville, Overland, Poplar Bluff, Rolla, Warrensburg, Bridgeton, Farmington, Fort Leonard Wood, Washington, Carthage, Marshall, Lebanon, Fulton, Nixa, Jackson, Moberly, Mexico, Bellefontaine Neighbors, Kennett, Raymore, Town And Country, West Plains, Excelsior Springs, Maryville, Neosho, Webb City, Ozark, Festus, Clinton, Bolivar, Chillicothe, Harrisonville, Ladue, Nevada, Des Peres, Republic, Cameron, Sunset Hills, Boonville, Park Hills
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