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:
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.
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.
Your surety bond is a financial guarantee of your compliance with Title 8, Vermont Statutes Annotated, Chapter 73, as amended.
We also provide license and permit, probate, and court bonds in Vermont and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you...