Rule 5-2-1.4 - Surety Bond Requirements1. 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 |
Miss. Code Ann. § 81-18-29; Effective date August 30, 2013