The Connecticut Banking Commission oversees the licensing and regulation of mortgage lenders in the state.
While the Commission is the regulatory body of mortgage companies, the licensing of mortgage lenders is facilitated by the NMLS, the Nationwide Mortgage Licensing System.
A condition of licensing is that the appropriate surety bond be obtained and furnished to the Commission. The amount of surety is based on your loan origination levels in Connecticut, from July 1st to June 30th (the 4th quarter ending on June 30th).
The Connecticut mortgage lender bond is in one of 4 amounts. The amount of surety you require will be based on the following:
Qualifying for the mortgage lender bond is by completion of a surety bond application. Our agency can complete a portion of the application with you over the phone. A completed application, signed and witnessed, must also be submitted before an underwriter can take it under consideration.
A recent financial statement is also required to be submitted along with the application.
Finally, as part of the underwriting process, a credit score review is standard. Applicants will need to have good credit; otherwise, our agency will simply be unable to get you qualified.
If approved for the mortgage lender bond, the premium will be as follows:
The Connecticut mortgage lender bond is issued to run continuously. Unless you require a different surety bond, the bond once issued is always active, unless canceled for some reason.
The mortgage lender bond is a financial guarantee that a lender will be in compliance with all contractual agreements with buyers and prospective buyers; and that an accounting and proper use of all funds received by the lender will be handled in accordance with the law.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Connecticut. Our agency also provides surety bonds nationwide.
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