Does the state require a physical location within the state?
A licensee must maintain at least one full-service office within the state.

Is there individual loan officer licensing?
No.

What are lenders, brokers and loan officers called?
Only mortgage brokers are defined in the Residential Mortgage Broker License Act, but the definition of mortgage broker is very broad.

What is the cost of a license? Surety bond? Are there net worth requirements?
A broker license under the Missouri Residential Mortgage Broker License Act must be obtained in order to originate, broker, and service residential mortgage loans, regardless of lien position.

The license is issued by the Missouri Department of Economic Development, Division of Finance.

Branch offices do not have to be licensed separately.

A nonrefundable investigation fee of $300 must be submitted with the application.

A licensing fee of $500 will be charged upon approval.

A surety bond in the amount of $20,000 and a net worth of $25,000 must be maintained.

Licenses must be renewed on the first anniversary date after issue and renewed every two years thereafter.

Each licensee must have its books and accounts audited by an independent certified public accountant each year. The audit must be certified by the CPA conducting the audit.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?)
Missouri only licenses mortgage brokers, however the definition of mortgage broker is very broad.

Are there any state specific high cost loan provisions?
No.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
Missouri is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
The Missouri Residential Mortgage Broker License Act covers residential mortgage loans regardless of lien position.

Who is the regulator and what is their contact information?
Division of Finance
Harry S. Truman State Office Building
301. W. High Street Room 630
P.O. Box 716
Jefferson City, MO 65102-0836
Phone number: (573) 751-3242
Fax number: 573 751-9192
www.missouri-finance.org

DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.

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