The State of Connecticut Department of Banking uses the National Mortgage Licensing System (NMLS) to license mortgage lenders, mortgage correspondent lenders, mortgage brokers and mortgage servicers.
Connecticut Statutes Chapter 36a Section 671 – 671d defines the requirements for the mortgage lender and mortgage broker regulations.
The licensing requirements include:
1. Take the written exams after completion of all pre-licensing education.
2. Completion of the required licensing (MU4) through the National Mortgage Licensing System (NMLS) and pay the applicable FBI Criminal Background Check Fee, State Criminal Background Check Fee, processing fee, credit report fee, and the Connecticut License fee.
3. Indicate on the application any trade names or dba’s that will be used.
4. It is required to have an onsite manager or qualifying individual, and must have the following: be physically in the main office location, 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.
5. Provide a balance sheet that is not more than 12 months old and must reflect a tangible net worth of at least $250,000.
6. Complete the Work Experience Form.
7. Obtain a minimum $100,000 surety bond. The bond covers the main office. An addendum is required for additional branch offices. The name of the principal (applicant) must match exactly as the full legal name of the applicant.
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.
Premium for a Connecticut Mortgage Lender Bond is dependent on credit.
Connecticut does not limit the number of dba’s used.
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