A Vermont mortgage loan solicitor bond and a license are now required under a newly passed state law. Pursuant to the Vermont Department of Financial Regulation, any company or individual who for compensation offers, solicits, brokers, directly or indirectly arranges, places, or finds a loan for a prospective Vermont borrower, engages in any activity intended to assist a prospective Vermont borrower in obtaining a loan, including lead generation, arranges, in whole or in part, a loan through a third party, regardless of whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method, including mail, telephone, Internet, or any electronic means, or advertises or causes to be advertised in Vermont a loan or any of the services described in the pertinent statutory section. There are exemptions for entities and persons licensed under other mortgage loan profession classes.
As with other license classes, initial applications are made through the NMLS portal. The Vermont mortgage loan solicitation business surety bond is electronically filed by a surety company with an active link to the same. A surety bond form is not publicly available however the obligation follows legacy bond forms and guarantees compliance with the general duties and responsibilities imposed upon the licensee. Pursuant to § 2203. (c), A loan solicitation licensee shall maintain a surety bond in an amount not less than $25,000.00 or in such other amount as the Commissioner may require. Each licensee should review the licensing chapter for further detail.
Vermont surety leader, Surety One, Inc. is a specialist in the bonding needs of the mortgage loan brokers, servicers, solicitors and originators. We offer both the surety and fidelity bonds required of mortgage professionals in all fifty states, Puerto Rico, Canada and the U.S. Virgin Islands. Do you operate in multiple states? Special programs are available to you. Call (800) 373-2804, email us at Underwriting@SuretyOne.com, or click here to open a live chat with an underwriter.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.