Vermont Mortgage Brokers Surety Bonds
Mortgage Brokers in Vermont that offer first or second mortgage brokering, short sales, home equity loans and lines of credit, foreclosure consulting or saving a home from foreclosure, reverse mortgages or other mortgage activities are required to obtain a license. The Vermont Department of Financial Regulation oversees the licensing of the mortgage brokers through the National Mortgage Licensing System (NMLS).
Surety Bond and License Requirements:
- Applicants must complete the application through the NMLS website and pay the applicable license, application, NMLS processing, credit report and criminal background check fees.
- Provide copies of financial statements that include a balance sheet, income statement, and statement of cash flows and any notes. Include any additional audited financial statements for the past two years. If the applicant has a parent company, a copy of the financial statements will need to be sent directly to the Vermont Department of Financial Regulation.
- Obtain a minimum $25,000 surety bond. The surety bond amount may be increased based on the dollar amount of loans that are written in Vermont. The surety will upload the bond directly into the NMLS ESB system.
- Provide a business plan, management chart, organizational chart, copies of document samples of forms, notices, and agreements, and internal policies and staffing plans.
- Additional information is required for qualifying individuals, direct owners, executive officers, indirect owners and business formation.
- Branch locations require a separate application
How Much Will a Vermont Mortgage Broker Bond Cost?
The premium that you pay for a Vermont Mortgage Broker License Surety Bond is dependent on credit and the bond amount required.
More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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