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Vermont Mortgage Broker License: Step-by-Step Guide

In Vermont, anyone engaged in the mortgage brokerage and mortgage loan servicing business must be licensed with the state. The Vermont Department of Financial Regulations (DFR) - Banking Division regulates and issues all mortgage licenses.

The license application process is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage entities and individuals to apply or renew a license online.

Types of Mortgage Licenses in Vermont

Vermont has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform.

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

Most Common Company Licenses

  • Loan Servicer License - allows companies and sole proprietorships to make payments to owners and receive payments from borrowers following the terms of residential mortgage loans.
  • Mortgage Broker License - allows entities to place, find, and negotiate non-commercial mortgage loans.
  • Mortgage Broker - Sole Proprietor License - authorizes sole proprietors to engage in mortgage brokerage activities.

Most Common Branch Licenses

  • Loan Servicer Branch License - required of all locations in addition to the main Loan Servicer license address, that engages in servicing residential mortgage loans.

Vermont State Requirements

All license applications are to be submitted online in NMLS. Please note that some agency-specific documents, such as financial statements and tax certification forms, need to be mailed directly to DFR at [email protected] or Vermont Department of Financial Regulation, Banking Division, 89 Main Street, Montpelier, VT 05620-3101.

For assistance and additional information regarding the license requirements, please contact DFR at (802) 828-3307 or [email protected].

For NMLS-related questions, you may contact their call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all license types. In the state of Vermont, you don’t need to complete a pre-license course or pass an examination in order to obtain a company or branch mortgage license.

VT Mortgage Broker Bonds

Bonds for Company Licenses

  • Loan Servicer License - All applicants are required to submit a surety bond in the amount of $100,000 via NMLS.
  • Mortgage Broker License - Mortgage Broker applicants must provide a $25,000 surety bond. Note that the bond amount may increase depending on the dollar amount of loans originated in VT.
  • Mortgage Broker - Sole Proprietor License - Each applicant for this license is required to submit a surety bond in the amount of $25,000. This amount may increase depending on the dollar amount of the originated loans.

Bonds for Branch Licenses

  • Loan Servicer Branch License - Applicants must submit a surety bond rider and increase the Loan Servicer License bond by $100,000 for each additional location.

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Licensing Fees

All fees must be submitted in NMLS and are not refundable.

Fees for Company Licenses

  • Loan Servicer License
    • $1,000 license fee.
    • $1,000 application fee.
    • $100 NMLS processing fee.
    • $15 credit report.
    • $36.25 background check.
  • Mortgage Broker License
    • $500 license fee.
    • $500 application fee.
    • $100 NMLS processing fee.
    • $15 credit report.
    • $36.25 background check.
  • Mortgage Broker - Sole Proprietor License
    • $250 license fee.
    • $250 application fee.
    • $100 NMLS processing fee.
    • $15 credit report.

Fees for Branch Licenses

  • Loan Servicer Branch License
    • $1,000 license fee.
    • $1,000 application fee.
    • $20 NMLS processing fee.
    • $15 credit report.
    • $36.25 background check.

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