The Connecticut Mortgage Broker Bond ensures the principle will abide by all Connecticut state laws and regulations along with the provisions of Section 36a-485 to 36a-498f (inclusive), 36a-534a and 36a-534b of the Connecticut General Statutes.
The amount of a Connecticut Mortgage Broker Bond is between $50,000 and $150,000 depending on the loan volume of the applicant. The required bond amount for first time applicants is $50,000.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Bond Valid: Continuous – Renewable
Since this bond is continuous, it remains in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified of the cancellation at least 30 days before the cancellation date.
Licensing Fees and Requirements:
- Connecticut Mortgage Broker Bond
- Application through NMLS
- Qualifying Individual: must have at least three years of experience in the mortgage business, within
the five years immediately preceding the application.
- Financial Statements demonstrating a net worth of at least $50,000
- Certificate of Authority
- Formation Document
- $600 licensing fee
CLICK HERE to read more about the licensing requirements from the CT Department of Banking
All licensing fees are required by the obligee, not the surety company.
Click Here to Visit our State by State Guide to Mortgage Industry Bonds
How to apply for the bond
At surety1.com, we make it easy to apply for this and all your surety bond needs. Simply complete our easy to navigate, Online Mortgage Industry Application. Usually within 1 business day one of or professional agents will contact you with a firm quote for the bond. All quotes are free and carry no obligation to purchase.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003.
Apply for your Connecticut Mortgage Broker Bond today.