Surety Bond Requirements

Surety Bond Requirements 1. The following chart contains the surety bond requirement for the renewal of all mortgage broker licenses based on the volume of Mississippi residential mortgage loans originated by the licensed mortgage broker in the previous licensing/calendar year. This only includes loans that were closed by a lender or exempt company. The amounts shown are the minimum amount of surety bond coverage required. If the licensee wishes to renew their initial bond amounts ($50,000) and forward an original Continuation Certificate for renewal to the Department, that will be acceptable. Volume * Amt Surety Bond Coverage $1,000,000 or less $25,000 More than $1,000,000 but less than $5,000,000 $35,000 More than $5,000,0000 $50,000 2. The following chart contains the surety bond requirement for the renewal of all mortgage lender licenses based on the volume of Mississippi residential mortgage loans originated, brokered, funded, serviced, and/or owned by the licensed mortgage lender in the previous licensing/calendar year. This only includes loans that were closed by a lender or exempt company. The amounts shown are the minimum amount of surety bond coverage required. If the licensee wishes to renew their initial bond amounts ($250,000) and forward an original Continuation Certificate for renewal to the Department, that will be acceptable. Volume ** Amt Surety Bond Coverage $10,000,000 or less $150,000 More than $10,000,000 but less than $25,000,000 $200,000 More than $25,000,0000 $250,000