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New Articles:
- Hawaii delays NMLS Mortgage Company and LO Licensing
- Colorado Mortgage Companies must now be Licensed
- The SAFE Mortgage Licensing Act
- California DRE now requires Mortgage Loan Originator Endorsement through NMLS
- Washington Adds Servicing Licensing Through NMLSR
Contact Us
For assistance with mortgage licensing, contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
steven@imlicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Missouri Mortgage Licensing
Mortgage Banker or Broker
Mortgage Broker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $25,000
Surety Bond: $20,000
State Initial Fee: $600
Branch Licensing: No
Loan Officer Licensing: No
Education/Experience: Must have experience
Exemptions: HUD Approval
RE: In-State Office Requirement
The in-state office requirement is flexible. There must be a Missouri office, open to the public with reasonable business hours, phone lines, etc. We believe the law and regulation regarding staffing indicate, eventually, that the staff will need to include a licensed mortgage loan officer. As to where closing takes place, there are no requirements. We have companies operating out of executive suites and residential locations (if allowed by local zoning). I’m certain closing often occurs elsewhere. We license Missouri locations only, so documents will need to reflect that location and, eventually again, include the identifier of a Missouri loan officer. Our evaluation of whether compliance with the office requirement is met includes evaluation of complaints received, if any.
Hopefully, I have adequately addressed this issue for you. If not, please do not hesitate to contact me for further clarification. If I am following you correctly, I believe you will have no problem with compliance.
Jerry Janes
Supervisor of Mortgage Licensing
Missouri Division of Finance
573 751-4243
jerry.janes@dof.mo.gov
Regulated by:
Division of Finance
Harry S Truman State Office Building, Room 630
301 W. High St.
P. O. Box 716
Jefferson City, Missouri 65102
Telephone: (573) 751-3242
Fax: (573) 751-9192
http://www.missouri-finance.org/
http://www.ded.mo.gov/