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Connecticut Mortgage Broker License: Step-by-Step Guide

In the state of Connecticut, all mortgage brokers, lenders and servicers are required to obtain a license. The licensing is regulated by the state Department of Banking: Consumer Credit Division.

The license applications are processed by the Nationwide Mortgage Licensing System (NMLS). NMLS allows companies and individuals to apply, update or renew their mortgage licenses online.

Types of Mortgage Licenses in Connecticut

Connecticut has three major license types: Company, Branch, and Individual. Each license category depends on the work you will perform. Mortgage licenses are generally divided into three sub-categories: for Mortgage Brokers, Mortgage Lenders, and Mortgage Servicers.

In this guide, we’ll only cover the most common license types. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Broker License - allows taking residential mortgage loan applications, as well as offering and negotiating the terms of residential mortgage loans.
  • Mortgage Correspondent Lender License - allows making residential mortgage loans and issuing credit extensions in cases where the loans are not held longer than 90 days by the licensee and are funded by another entity/person.
  • Mortgage Lender License - permits licensees to make residential mortgage loans and issue credit extensions utilizing their own funds.
  • Mortgage Servicer License - allows servicing mortgage loans by receiving and recording payments, as well as other administrative duties when necessary.

Most Common Branch Licenses

  • Mortgage Servicer Branch License - allows locations, other than the main office indicated on the Mortgage Servicer License, to service mortgage loans.

Connecticut State Requirements

All CT mortgage license applications must be submitted via NMLS. All licenses expire on December 31st each year. You can request a license renewal through NMLS before the end of the calendar year.

Note that you cannot engage in any mortgage brokering, lending, or servicing activities without having your license. Detailed license requirements information can be found on the Connecticut NMLS page.

Education and Exams

Passing an exam is obligatory for some, but not all license types in Connecticut. In order to obtain a CT Mortgage Broker, Lender, or Servicer License you don’t need to complete a pre-license course or pass an examination.

CT Mortgage Broker Bonds

Note: All surety bonds (original and fully executed) must be uploaded o n the NMLS and mailed t o the CT Department of Banking. You can submit your bond to Connecticut Department of Banking, Consumer Credit Division, 260 Constitution Plaza, Hartford, CT 06103-1800.

Bonds for Company Licenses

  • Mortgage Broker - Mortgage Broker applicants are required to furnish a surety bond in the amount of $50,000. All Mortgage Loan Originators sponsored by the Mortgage Broker must be covered in the bond.
  • Mortgage Correspondent Lender - All Mortgage Correspondent Lenders are required to submit a $100,000 surety bond. All Mortgage Loan Originators sponsored by the Mortgage Correspondent Lender must be covered in the bond.
  • Mortgage Lender - To obtain this license, applicants must submit a surety bond of $100,000 that covers all Mortgage Loan Originators sponsored by the Mortgage Lender.
  • Mortgage Servicer - Applicants for a Mortgage Servicer License are required to furnish a $100,000 surety bond.

Bonds for Branch Licenses

  • Mortgage Servicer Branch - Each branch office must submit a bond rider to the original Mortgage Servicer surety bond. The bond coverage must increase by $100,000 for each additional office.

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Licensing Fees

Fees for Company Licenses

The fees are non-refundable and must be submitted via NMLS.

  • Mortgage Banker License
  • $600 total license costs
  • Mortgage Correspondent Lender License
  • $ 1,100 total license costs
  • Mortgage Lender License
  • $ 1,100 total license costs
  • Mortgage Servicer License
  • $ 1,100 total license costs

Fees for Branch Licenses

  • Mortgage Servicer Branch License
  • $1,020 total license costs

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