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How Much Does a Vermont Mortgage Broker Bond Cost?
In Vermont, the cost of a mortgage broker bond is between $250 to $2,500. This is based on the state’s requirement for a $25,000 bond. Bonds are also required for loan lenders, servicers and solicitors. These bond amounts range from $25,000 to $100,000. The cost is between $250 and $10,000.
You do not need to pay the full bond amount, however. Our authorized Vermont surety company offers all of these bonds at a premium. The premium rates range from 1% to 10% based on several qualifying factors. These include your professional resume, your assets and your credit scores.
We consider applicants with all credit scores. A premium rate of 1% to 3% is offered to applicants with a 700 or higher credit score. A 3% to 5% rate is available with a 600 to 699 score. Applicants with a lower credit score will receive a rate between 5% and 10%.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Vermont Lender License Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Vermont Loan Servicer License Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Vermont Mortgage Broker License Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Vermont Mortgage Broker License Bond (sole proprietor) |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Vermont Loan Solicitation License Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
How to Get a Vermont Mortgage Broker Bond
1. Apply for Your New Surety Bond Online
We make it easy for our customers to set up their new surety bonds. Regardless of the type of bond that you need, you can get started by filling out the online application. Most of our valued Vermont customers can complete this easy step in a few minutes.
Charlie had plans to open a mortgage business in Montpelier and contacted us recently for his surety bond. Despite having a lower credit score, Charlie got a fast quote from us and finalized his purchase easily by making an online payment. Now, he’s busy growing his new business in Vermont.
2. Review Your Bond Quote
You can receive your bond quote immediately after submitting the application online. More complicated applications, however, require an in-depth review. For these applications, we will provide a quote in 48 hours or less.
3. Pay Your Bond Premium Online
Paying your bond premium and finalizing your purchase is quick and easy. Once we receive your payment, we will process the bond and email it directly to you. We are also happy to mail the bond to you upon request.
We are available to answer your questions and assist you with any challenges you stumble upon. For personalized assistance from our bond experts, please contact us or call us at tel:8775145146.
Mortgage Broker Bond Requirements in Vermont
The Vermont Department of Financial Regulation is the responsible authority for licensing mortgage brokers, lenders, servicers and solicitors. Licensing and bond requirements are established under 8 VA Chapters 72, 73 and 85.
The surety bond requirement for mortgage brokers and loan solicitors is $25,000. A loan lender is required to have a $50,000 bond, and a loan servicer needs a $100,000 bond.
The applications and renewals for these licenses are processed by the NMLS, or the Nationwide Multistate Licensing System. To meet the bond requirement, the applicant must submit an electronic surety bond.
To comply with licensing laws, the required bond must remain valid. Failure to comply with this requirement may result in a license suspension.
Because the bond is a licensing requirement, it must be maintained at all times. To assist you with your bond’s maintenance, we will connect with you annually with premium payment and renewal instructions.
Our bond experts are happy to answer your questions as you learn how to get a mortgage broker license. You can also reach the Vermont Department of Financial Regulation at (802) 828-3307.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
