Bond amount changes for Connecticut Mortgage Brokers, Lenders and Originators
With bill will revise the existing licensing laws for mortgage lenders, brokers and originators. Under existing law a surety bond was required to be posted in the minimum amount of $40,000. This was enlisted to regulate the bond amount by the licensee’s loan origination volume. The revised bill will require mortgage lenders and correspondent mortgage lenders to post a the minimum of $100,000 surety bond and mortgage brokers would be required to post a minimum $50,000 bond. The licensee would have to obtain a bond that covers all loan originators that the licensee sponsors at all locations after the initial bond that covers the license for the main office.
Latest posts by Victor J. Lance, President/Owner (see all)
- How to Get a Mortgage Broker License in Florida [2021 Guide] - February 19, 2021
- How Much Does a Florida Liquor License Cost? [2021 Guide] - February 17, 2021
- How to Get an Alabama Dealer License [2021 Guide] - January 11, 2021