Commercial Surety Bonds

Connecticut Mortgage Broker Bonds

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Starting July 1st, 2008 the Connecticut Department of Banking became part of the Nationwide Mortgage Licensing System (NMLS). This provided Connecticut with a uniform licensing format that will eventually be adopted by the entire nation.

Mortgage Brokers in Connecticut are regulated by the Consumer Credit Division of the Connecticut Department of Banking. This department requires all Mortgage Brokers who are writing both First and Second Mortgages to be licensed and provide a $40,000 Surety Bond. This will increase to $80,000 some time in 2009. These must be separate licenses and separate bonds.

Bad Credit Connecticut Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Connecticut License Requirements

Age: None

State Residency: Local

Experience:3 years within the past 5 years

Education: Legislation is proposed

Continuing Education: Legislation is proposed

Net Worth: $25,000 (proposed) currently just a statement is required with no amount.

Surety Bond: $40,000

Background Check: Criminal and credit

Managing Principle: First and Second Mortgage Brokers must physically manage any loan originators. Loan originators may only work for one broker.

Connecticut State Licensing Fees

Initial Application: $500

Branch Location: $420

Renewal Application: $500 and $420 for brach offices

Branch Offices:

In State Requirements: Each branch must have a licensed Mortgage Broker.

Licensure Requirements: Each broker writing both First and Second Mortgages.

Branch Manager: Each Branch Manager must have a designated and licensed broker.

Exemptions:

Entities: Banks, Out of State Banks, Federal Credit Unions, Connecticut Credit Unions, or out of state credit unions providing a mortgage.

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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