Debt negotiators in Connecticut are regulated by the state’s Department of Banking. A Connecticut debt negotiator is one who, for compensation, assists a debtor in the negotiation of debt with a creditor’s mortgage company, including the attempt to negotiate short sales or foreclosures.
Debt negotiators also assist in the resolution of non-secured debt.
While the Department of Banking regulates the licensing and surety bond requirement of debt negotiators, your license and surety bond are filed through NMLS, the Nationwide Mortgage Licensing System.
A $50,000 mortgage bond is also required as a prerequisite for licensing.
Candidates for the $50,000 Connecticut debt negotiator bond will want to specify if the bond form they require (both are the same amounts) are for a secured or non-secured negotiator.
The former bond type refers to those who perform negotiations on behalf of mortgagors; the latter bond refers to those who do not.
Applying consists of calling our agency and completing a short application. A credit check is also standard for this bond. Once the application is submitted, an underwriter will review your application and credit. Well qualified candidates can expect to pay approximately 1.5% annually, or about $750 for this bond.
After the bond is issued, it will be sent to you by mail. A copy of the bond can also be sent to you by email for no additional charge; however, you will want to make sure that you sign your bond as Principal before filing through NMLS.
The Connecticut debt negotiator bond is active for one year from the date of issuance. The bond has an annual renewal on the anniversary of its issuance. An active surety bond must remain on file with the Department as a condition of licensing.
Whether you are a negotiator for secured or unsecured debtors, the purpose of this bond includes:
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Connecticut.
Our agency also provides surety bonds nationwide.
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