Vermont Mortgage Broker Bonds

You have to post a surety bond, so that you can obtain a Vermont mortgage broker license. The purpose of the bond is to ensure you will follow Title 8 of the Vermont Statutes, as well as other applicable laws.

You need to submit your documents through the Nationwide Multistate Licensing System & Registry (NMLS). The Vermont Department of Financial Regulation, however, is the licensing authority that oversees the financial field in the state.

The bond amount for Vermont mortgage brokers is between $25,000 and $100,000 and depends on your yearly volume of processed loans. To get bonded, you need to cover a fraction of it, which is known as the bond premium. It depends on the strength of your finances.

In order to determine your surety bond cost, the surety that you apply with considers your personal credit score, business finances, and any fixed and liquid assets you may have. By examining them, it assesses the bonding risk involved. The more stable your overall profile is, the smaller price you are likely to pay for your bonding.

Yes, with Lance Surety Bonds' Bad Credit Surety Bonds program you can get bonded even if your finances are not stellar. It is designed for applicants facing low credit scores, tax liens, bankruptcies, and civil judgments.

As the risk is higher, the rates you can expect range between 5% to 10%. As we work with a number A-rated, T-listed surety companies, you can still count on a top bonding option from us.

To get started with your bonding, you can fill out our online application form (it takes 5min). We are able to issue an exact quote for you once you submit a full set of documents. You can then buy your bond online and will receive a digital and a paper version.

Would you like to delve into the details of the bonding process? Make sure you consult our extensive How to Get Bonded page.

To speak with our bonding experts, you can call us at (877) 514-5146.

Your Vermont mortgage broker bond doesn't protect your business, but rather your customers. Thus, if you transgress from your legal obligations, they can file a claim against the bond. The compensation that can be sought is up to the bond amount that you provided.

If the case is proven, you are liable to pay the reimbursement to the harmed parties. At first, your surety may cover it. However, the costs remain your responsibility, as this is set in the bond indemnity. Thus, bond claims are to be avoided, since they can harm your business and prevent you from getting bonded in the future.