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Connecticut Mortgage Broker Bond

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  • Bad credit program
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Connecticut Mortgage Broker Bonds Overview

If you want to launch your operations as a mortgage broker in Connecticut, you have to obtain a state license that permits your activities. This entails posting a mortgage broker bond.

The surety bond that you provide serves as an additional layer of protection for the state and for your customers. It guarantees you will follow the law in your mortgage brokering business.

The bond constitutes a contract between your company as the principal, together with two more parties. The Connecticut Department of Banking is the obligee that requires you to get a bond. The surety is the third entity providing the bonding.

Questions about Mortgage Broker Bonds in Connecticut

In which cases do you need to post this bond?

Any person that wants to engage in mortgage brokering in the state needs a Connecticut mortgage broker license. The Connecticut Department of Banking requires a minimum of a $50,000 bond to issue the license, with bond amounts going all the way up to $150,000 depending on your yearly volume of loans. The licensing is handled via the Nationwide Multistate Licensing System & Registry (NMLS). The bond that you obtain ensures your compliance with the Banking Law of Connecticut.

What is the Connecticut mortgage broker bond cost?

The cost of your bond depends on the bond amount that you have to post, which is between $50,000 and $150,000. You will need to pay only a small percentage of it, called the bond premium. If your finances are stable, you can expect to pay between 1% and 5% of the bond amount.

Connecticut mortgage broker bond amount
Yearly business volume Bond amount required
Less than $30 million $50,000
Between $30 million and $50 million $100,000
Above $50 million $150,000

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

The surety bond cost depends on many factors, including but not limited to your personal credit score, company finances, and any assets as well as liquidity you may be able to demonstrate. When you apply, your surety has to examine these indicators to evaluate how risky or not it is to get you bonded. The more stable your finances are, the lower your bond cost is likely to be, and vice versa.

Connecticut Mortgage Broker Bond Cost Based on Credit Score
Mortgage broker bonds based on yearly business volume Bond amount Credit Score
Above 700 Between 650-699 Between 600-649 Below 599
Volume below $30 million $50,000 $250-$625 $375-$750 $1,000-$2,500 $2,500-$5,000
Volume between $30 million and $50 million $100,000 $500-$625 $750-$1,500 $2,000-$5,000 $5,000-$10,000
Volume on or above $50 million $150,000 $750-$1,875 $1,125-$2,250 $3,000-$7,500 $7,500-$15,000

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

What happens if I have problematic finances?

Getting a bond while having bad credit is more difficult, but not impossible. With our Bad Credit Surety Bonds program, you can get bonded even if you have a low credit score, tax liens, bankruptcies, or civil judgements.

Since the bonding risk is increased, the rates are slightly higher - in the range of 5%-10%. We are still able to offer you a top bonding option due to our partnerships with a number of A-rated and T-listed surety companies.

How do I get bonded?

Interested in learning more about the way the bonding process works? Don't hesitate to delve deeper into the extensive guide on our How to Get Bonded page.

In case you have any further inquiries, we are here to help. Just call us at (877) 514-5146 to get in touch with one of our bonding experts.

What is the process if I get a bond claim?

The surety bond that you acquire as a mortgage broker protects your customers in Connecticut against potential illegal activities you may engage in. In such cases, if a party suffers damages due to your actions, they can file a claim against the bond.

At first, the surety that bonded you may step in to cover the costs and thus ensure the claimant receives a fast compensation. However, you will need to repay all sums, as this is declared in the bond indemnity clause. Claims are a serious threat to your business, and they can hamper you from getting bonded in the future.

Additional Resources

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

Kimberlee Ables
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!
Andrew Poincot
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!
Margie Martinez
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!

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