The Vermont Department of Financial Regulation, Banking Division, oversees the licensing and regulating of loan servicer companies.
A condition of licensing is that you furnish a $100,000 surety bond. Upon its purchase, our agency can electronically file your bond for you to NMLS, the Nationwide Mortgage Licensing System.
According to the Department, the bond amount is a minimum $100,000 amount; the Commissioner has the right to increase the bond amount required.
What we write here as far as the procedure to obtain your bond will be applicable to higher surety bond requirements as well.
Qualifying for the $100,000 Vermont loan servicer bond involves the completion of a short surety bond application. While our agency will begin the application process with you over the phone, you’ll need to complete, sign and have witnessed your application for review.
Note that it needs to be witnessed, but not notarized.
As part of the underwriting process, a credit inquiry is required. Approval is based on having good credit, and the rate is ¾ of 1%, $750 annually.
Upon payment of your bond’s premium, our agency will electronically file it on your behalf to NMLS.
At $750, your premium is for one year; and your bond will renew on the anniversary of its issuance. Our agency also offers you the option to prepay your bond’s premium up to 3 years.
Prepayment of the premium offers you a savings over annual renewals.
The premium prepayment option and savings are as follows:
The VT loan servicer surety bond is for the benefit of any person or entity having a cause of action against a loan servicer company due to non-compliance with any regulations or legal statutes.
Chapter 85 of the Vermont Statutes Annotated is the legislation which deals with loan servicers.
AmeriPro Surety Bonds provides loan servicer surety bonds nationwide. We are also a provider of all mortgage related surety bonds in Vermont and all 50 states.
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Or, you may fill out the form below and a Surety Agent will contact you...