5 Miss. Code. R. § 2-1.4 - Surety Bond Requirements

Current through April 7, 2022

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

5 Miss. Code. R. § 2-1.4
Miss. Code Ann. § 81-18-29; Effective date August 30, 2013

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