Connecticut Mortgage Lender Bond

The Connecticut mortgage lender bond is required in one of four amounts, between $100,000 to $500,000. With good credit and a health financial statement, an approved applicant will pay less than 1%. Please call AmeriPro Surety Bonds today at 844-589-9732.

Connecticut Mortgage Lender Bond |

AmeriPro Surety Bonds | 844-589-9732

Mortgage Lenders – Connecticut

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 1^st to June 30^th (the 4^th quarter ending on June 30^th).

Qualifying and the Premium

The Connecticut mortgage lender bond is in one of 4 amounts. The amount of surety you require will be based on the following:

• If loan origination is less than $30 million, a $100,000 surety bond is required;
• Loan origination between $30 million but less than $100 million, $200,000 surety bond is required;
• Loan origination between $100 million but less than $250 million, $300,000 surety bond is required;
• Any amount of loan origination greater than $250 million requires a $500,000 surety bond.

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:

• $100,000 surety bond - $750 premium;
• $200,000 surety bond - $1500 premium;
• $300,000 surety bond - $2250 premium;
• $500,000 surety bond - $3750 premium.

Duration of the Surety Bond

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.

Purpose of the Surety Bond

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.

About Us

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Connecticut. Our agency also provides surety bonds nationwide.

Please contact our agency today at:

844-589-9732

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