The Connecticut Mortgage Correspondent Lender Bond is required by the Connecticut Commissioner of Banking. According to Connecticut General Statute 36a-485 (2012), a “mortgage correspondent lender” is a person engaged in the business of making residential mortgage loans in such person’s own name. The loans are not held by such person for more than 90 days and are funded by another person through a warehouse agreement, table funding agreement, or some similar agreement. In order to be a licensed as a Mortgage Correspondent Lender in the State of Connecticut, the applicant must file a surety bond with the Connecticut Commissioner of Banking.
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The surety bond is required to be in the sum of between $100,000 and $500,000 dependent upon the loan volume in Connecticut; $100,000 minimum for first time applicants. Surety Bond must be mailed to the Department with original signatures.
The Connecticut Mortgage Correspondent Lender Bond ensures that the Principal will faithfully conduct business with or for the benefit of borrowers and prospective borrowers, truly and faithfully account for all written agreements or commitments for the benefit of borrowers, and comply with Sections 36a-485 to 36a498f and 36a-534a and 36a-534b of the Connecticut General Statutes. The bond also protects borrowers and prospective borrowers who may be damaged by wrongdoing of the Principal.
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The nature of the surety bond is continuous; therefore, it remains in full force and effect unless cancelled. The bond may be cancelled at any time by the Surety with written notice 30 days prior to the date of cancellation.
Licensing Requirements and Fees:
- Surety Bond
- Other Trade Names
- Resident / Registered Agent
- Qualifying Individual
- Disclosure Questions
- Financial Statements
- Certificate of Authority
- Formation Document
All fees are required by the obligee, not the Surety Company.
How do I apply for a Connecticut Mortgage Correspondent Lender Bond?
At surety1.com we make it easy to apply for this surety bond. Simply complete our easy to navigate and secure online application. Usually within one business day, one of our professional surety bond agents will reach out to you either with a free, no obligation quote or discuss with you additional information required by the surety. The larger the bond amount, the more likely additional information will be required. One you receive your competitive quote from the lowest of the 15 surety markets we represent, sign some paperwork and make payment (all major credit cards accepted). Your bond will be delivered to you via traceable mail, overnight shipping is also available. You will need to sign the bond mail it to:
Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103-1800
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.
Click here to visit our state-by-state guide to mortgage industry bonds
CLICK HERE for more licensing information from the National Mortgage Licensing System.
APPLY TODAY for your Connecticut Mortgage Correspondent Lender Bond!