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Mortgage Net Branch Missouri
You'll need a clean background check to work as a licensed mortgage broker in Missouri.
Missouri is another state that does not allow mortgage net branches, but you can work as a mortgage broker in the beautiful state of MO. The process for becoming a licensed mortgage broker is a little more involved than that of other states, but if you don't have any "skeletons in your closet", you should have no problems.
In order to obtain a mortgage broker license in Missouri, you must first have a physical office located within the state of Missouri. This means a place where people can actually come to conduct mortgage loan business, and, again, it can't be your home. You cannot call your office a mortgage net branch in Missouri. You must own, operate and properly license your mortgage branch. You can keep rental or leasing costs down, however, by making rate comparisons between the different types of vacant or available office spaces or buildings.
As mentioned in the title, the State of Missouri requires a background check for each applicant. The background check will address your character and general fitness, as well as your experience in the mortgage field. In addition, your financial records will also be checked so that your responsibility in matters concerning money can be determined.
Missouri charges both an investigation fee and a licensing fee (Fees listed are at the time of this writing). The investigation fee must be paid when the application is submitted, and is $300. The licensing fee, also $300, will not be due until the investigation is completed, and then only if final approval is given. This fee goes to the Division of Finance.
Again, you can't operate a mortgage net branch in Missouri, but you can work as a mortgage broker if you meet all requirements and pass the background check. So, get out there and offer your mortgage broker services to Missouri residents.