Vermont Lender License Bond
AmeriPro Surety Bonds | 844-589-9732
Lender Licensing in Vermont
Vermont mortgage lenders are licensed and regulated by the state’s Department of Financial Regulation. This license authorizes the following categories and duties:
- Commercial mortgages;
- Consumer loan lending;
- First and second mortgage lending and servicing;
- HELOC’s — as a lender only;
- High cost home loans;
- Lead generation;
- Manufactured housing financing;
- Mortgage loan modifications;
- Reverse mortgages.
While the Department regulates your lender license activities, your license and surety bond are filed through NMLS, the Nationwide Mortgage Licensing System.
After its purchase, our agency can electronically file your lender license surety bond on your behalf.
Amount of Surety Required
The amount of your surety bond is based on your loan lender production levels:
- Up to $1 million in loan origination – $50,000 surety bond;
- $1,000,000.01 to $15 million – $100,000 surety bond;
- Above $15 million – $150,000 surety bond.
Since the amounts are statutorily given as “…not less than…”, the Commissioner may have the authorization to increase the surety amount required in any given instance.
Qualifying and the Premium
You are automatically approved for the $50,000 Vermont lender license bond. There is no credit check nor underwriting and the premium is $375 annually, ¾ of 1%.
Other amounts will require a completed and signed application, which we’ll begin with you over the phone, and a credit inquiry (good credit, of course is required).
Approval for the other two amounts will be at the following amounts:
- $100,000 surety bond – $750 premium;
- $150,000 surety bond – $1125 premium
When you call us, we’ll ask you the following:
- The name, exactly as it should appear on your surety bond. We’ll also need your address, email, and phone number;
- The name of the county where your business is located;
- And the NMLS unique identifier.
After payment of the premium, your bond is issued to you immediately. Again, we’ll electronically file it on your behalf to NMLS, along with the Power of Attorney form.
Premium Prepayment Options
The premium associated with your Vermont lender license bond will renew on the anniversary of its issuance. Our agency also offers you the ability to prepay your bond’s premium up to 3 years, offering you a savings over annual renewals.
If you choose this option, you should bear in mind that the amount of surety required of you may change from one year to the next.
Vermont Lender Bond Obligee Address
The obligee’s (i.e. the entity which requires your surety bond of you) address is:
State of Vermont
Commissioner of Banking, Insurance, & Securities
89 Main Street, Drawer 20
Montpelier, VT 05620
Purpose Of Your Bond
Your bond is a financial guarantee of your compliance with Title 8 Vermont Statutes Annotated, Chapter 73, as amended.
AmeriPro Surety Bonds provides lender mortgage surety bonds nationwide. As a surety bonds-only agency, we are a provider of license and permit, probate, and court surety bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contract you…