Mortgage brokers are licensed and regulated by the state’s Department of Banking. While the Department of Banking regulates the licensing of mortgage brokers, your license, application and surety bond are filed through NMLS, the Nationwide Mortgage Licensing System.
If you require a $50,000 Connecticut mortgage broker bond, the bond is issued to you within a matter of minutes by our agency.
There are 3 Connecticut mortgage broker surety bond amounts based on your loan origination volume between July 1 to June 30. They are $50,000, $100,000, or $150,000 surety.
Candidates who require a $50,000 surety bond will complete an application – which we can take from you over the phone – and pay the premium of $375. The bond is thereafter issued to you immediately. There is no credit inquiry nor review for the $50,000 surety bond amount. The bond is an instant issue!
Applicants for either a $100,000 or $150,000 surety bond will complete the same application but also undergo a credit review. Good credit will be required to be able to be approved by our agency.
The breakdown of the loan origination volume and surety required are as follows:
The Connecticut mortgage broker bond is continuous from the date of issuance. You will typically pay for this bond just one time, unless you require a different bond for a different amount.
The bond is a financial guarantee for Connecticut homeowners. The guarantee is that you will honor all contractual obligations to homeowners and account for all funds received. In other words, the bond is a financial guarantee which ensures your compliance with all laws relating to being a mortgage brokerage professional.
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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