5 Miss. Code. R. 2-1.4 - Surety Bond Requirements
1. The following
chart will be the Surety Bond Requirement for the renewal for all Licensed
Mortgage Brokers based on the volume of Mississippi residential mortgage loans
originated by the licensed mortgage broker from the previous licensing /
calendar year. This only includes loans that were closed by a Lender or exempt
company. The amounts shown will be the minimum amount required of Surety Bond
Coverage. If the company wishes to renew their initial bond amounts (Mortgage
Broker $25,000) 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 | $15,000 |
| More than $1,000,000 but less than $5,000,000 | $20,000 |
| More than $5,000,0000 | $25,000 |
2.
The following chart will be the Surety Bond Requirement for the renewal for all
Licensed Mortgage Lenders based on the volume of Mississippi residential
mortgage loans originated, brokered, funded, serviced and / or owned by the
licensed mortgage lender from the previous licensing / calendar year. This only
includes loans that were closed by a Lender or exempt company. The amounts
shown will be the minimum amount required of Surety Bond Coverage. If the
company wishes to renew their initial bond amounts (Mortgage Lender $150,000)
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 | $75,000 |
| More than $10,000,000 but less than $25,000,000 | $100,000 |
| More than $25,000,0000 | $150,000 |
Notes
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No prior version found.