Mortgage brokers who wish to conduct business in the State of Vermont are required to be licensed with the Vermont Department of Financial Regulation (DFR). License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Vermont can be found on the NMLS – Vermont webpage.
As part of the licensing process, brokers are required to submit an Electronic Surety Bond (ESB) via the NMLS. Per Title 8, V.S.A. Chapter 73, new license applicants are required to post a $25,000 bond, but amounts will increase based upon the amount of loans originated in Vermont. Below is a list of loan volumes and the bond amounts associated with them:
|Loan Volume||Bond Amount|
|$0 – $2,000,000||$25,000|
|$2,000,000.01 – $5,000,000||$50,000|
|$5,000,000.01 – $15,000,000||$75,000|
|$15,000,000.01 or more||$100,000|
Verification of bond amounts by contacting the DFR is always recommended.
Total licensing costs are $1,100, including NMLS fees. Additionally, the cost for the credit report for control persons is $15 per person and $36.25 per person for any FBI criminal background checks that are needed. All NMLS processing fees are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Mortgage Broker Surety Bonds – Vermont
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