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Vermont Mortgage Broker Bond

The Vermont mortgage broker bond is offered without a credit check up to $50,000; and for higher amounts at less than 1%. Please call AmeriPro Surety Bonds today at 844-589-9732.

Vermont Mortgage Broker Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Licensing of Vermont Mortgage Brokers; Surety Bond Amounts

 

 

 

The Vermont Department of Financial Regulation, Banking Division, licenses and regulates mortgage brokers.

The licensing process is facilitated through NMLS, the Nationwide Mortgage Licensing System. This process is required of mortgage brokers and mortgage brokers who are sole proprietors.

Our agency will electronically file your mortgage broker surety bond on your behalf after its purchase to NMLS.

For first time brokers the amount of surety bond required is a $25,000 surety bond.

Amounts are then broken down based upon loan production levels:

  • $0 – $2 million —- $25,000 surety bond requirement;
  • $2,000,000.01 to $5 million —- $50,000 surety bond requirement;
  • $5,000,000.01 to $15 million —- $75,000 surety bond requirement;
  • Above $15 million —- $100,000 surety bond requirement.

 

 

 

Qualifying and the Premium

 

 

 

Applicants who require a $25,000 or $50,000 Vermont mortgage broker bond will be approved immediately, as there is no credit check. The premium will be $188 or $375, respectively.

For either of these two lower amounts, the application will be taken from you over the phone; and your bond will be electronically filed for you after payment.

Applicants who require a $75,000 or $100,000 surety bond will need to complete, sign, and have witnessed (it does not need to be notarized), a surety bond application.

As part of the underwriting process, a credit review is required. Good credit will be required to obtain approval.

The premiums for these two higher amounts are $563, and $750, respectively. And, again, after payment of the premium, our agency will electronically file your bond on your behalf to NMLS.

 

 

 

Premium Prepayment Options

 

 

 

Your Vermont mortgage broker bond is issued with a standard premium for one year. We also offer the prepay your bond’s premium up to 3 years, which offers you a savings over annual renewals.

Since the amount of surety required is based on annual production levels, you may wish to consider, however, whether or not this would be a feasible option for you, as the amount of surety required may change from one year to the next.

 

 

 

Purpose of Your Surety Bond Requirement

 

 

 

Your surety bond is a financial guarantee of your compliance with Title 8, Vermont Statutes Annotated, Chapter 73, as amended.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds provides mortgage broker surety bonds nationwide, in addition to providing other licenses related to the mortgage industry.

We also provide license and permit, probate, and court bonds in Vermont and all 50 states.

Please call our agency today at:

 

844-589-9732

 

Or, you may fill out the form below and a Surety Agent will contact you…

 

Request a Callback

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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Office: 1 (844) 589-9732

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Monday – Friday 6 am to 5 pm (PST)