The Connecticut mortgage broker bond is an all around easy bond to obtain. The amount and the bond language should be agreeable with almost all bonding companies. If an applicant can not obtain a low rate on the Connecticut bond, it is due to their own credentials and flaws.
Current Market: The Connecticut mortgage broker bond is easily obtainable. Bonding companies write the bond for those who qualify at standard rates.
Bond Amount: The $40,000 bond requirement is not large enough to scare bonding companies. Most underwriters have the authority to approve bonds this size with minimal information, including: credit reports, personal financials, and business financials or resumes.
Bond Form: The Connecticut bond form has aggregate and cancellation clauses required by most bonding companies. The bond form should not be a problem in obtaining an approval at a good rate. If a high rate is given, it is a reflection on the applicant rather than the risk of the bond.
Additional State Requirements:
The Consumer Credit Division of the Department of Banking processes mortgage broker companies in Connecticut. The state requires separate licenses for first mortgages and second mortgages. Mortgage lenders are also permitted to act as brokers as well. Applicants pay a $400 fee, financial statements, and a resume of their past experience in the industry. Applicants must pay an additional $400 for a second mortgage license. They also must provide financial statement, resumes of managing members. Loan originators must pay a $100 registration fee and may operate under the mortgage licensees first and second mortgage licenses.
Special Programs: We offer an exclusive “Instant Approval Online Program”? for this particular bond. The application takes less than five minutes to complete and the quote is given to you immediately, online. The program is unique, as it is soley based on credit and does not require personal or business financial statements. You can access the program at: Mortgage Broker – Instant Approval Online Program.
The Connecticut bond can be obtained almost anywhere rather easily. However our exclusive online program is the only program that offers immediate approvals using limited information.