The State of Connecticut Department of Banking administers through the National Mortgage Licensing System (NMLS), the licensing of Mortgage Correspondent Lenders, mortgage brokers, mortgage servicers and mortgage lenders.
Connecticut Statutes Chapter 36a Section 671 – 671d defines the requirements for the mortgage servicer and mortgage lender regulations.
The requirements for licensing include:
1. Complete all pre-licensing education and take the written examinations.
2. Completion of the required licensing (MU4) through the National Mortgage Licensing System (NMLS) and pay the applicable credit report fee, Connecticut License fee, processing fee, FBI Criminal Background Check Fee and State Criminal Background Check Fee.
3. Indicate on the application the Resident Agent.
4. Indicate on the application any trade names or dba’s that will be used.
5. Follow a requirement to have an onsite manager or qualifying individual, along with the following: must be licensed as a mortgage loan originator with Connecticut, have worked in the mortgage business industry for a minimum of three of the last five years, and be physically in the main office location.
6. Complete the Work Experience Form.
7. Provide a balance sheet that is not more than 12 months old and must reflect a tangible net worth of at least $50,000.
8. Provide Formation Documentation such as a Corporate Charter or Articles of Incorporation, Partnership Agreement, or Articles of Organization and Operating Agreement if applicable.
9. If applicant answers "Yes" to any of the Disclosure Questions, provide complete details and any applicable documents.
10. Obtain a certificate of authority from the Connecticut Secretary of State.
11. A minimum $100,000 surety bond is a license requirement. The surety bond covers the main office and an addendum is required for any branch offices. The name of the principal (applicant) must match exactly as the full legal name of the applicant.
The premium that you pay for a Connecticut Mortgage Correspondent Lender Surety Bond is based on credit and business and personal financials.
Connecticut mortgage correspondent lender licenses must be renewed by December 31 of each year.
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