The Vermont Loan Servicer Bond is required by the State of Vermont in the amount of $100,000. The bond states that the bondholder shall faithfully conform and abide by the provisions of Title 8 Vermont Statutes. As well as the rules, regulations, and orders made by the Commissioner.
A Loan Servicer is a company that receives a scheduled periodic payment from a borrower following the terms of a residential mortgage loan. Including amounts for escrow accounts. In addition, they make payments to the owner of the loan or other third party of principal and interest and other payments.
Individuals working as a Loan Servicer in Vermont must be licensed with the State Commissioner of Banking, Insurance, Securities & Health Care Administration. The Loan Servicer bond is one of the licensing requirements.
The State of Vermont participates in the National Multistate Licensing System (NMLS). All applicants for a Loan Servicer license should submit their applications through the NMLS. Additional items to be submitted include:
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your Vermont Loan Servicer bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been in the business since 2003. We are licensed in all 50 states and our services have earned an A+ rating from the Better Business Bureau.
