Overview of Connecticut Mortgage Broker Bond Requirements

If you wish to start a business as a mortgage broker in Connecticut, you have to post a mortgage broker bond. This is one of the main criteria for qualifying for a Connecticut mortgage broker license.

The state Department of Banking sets the requirements that mortgage applicants have to fulfill. The process is handled via the website of the Nationwide Mortgage Licensing System (NMLS).

Why do I need this bond?

The purpose of the Connecticut mortgage broker bond is to ensure your legal compliance. The bond guarantees you will follow the Banking Law of Connecticut and all relevant laws.

The bond protects the interests of your customers. It is a mechanism through which they can demand compensation if they have suffered damages due to your unlawful actions. The amount of the surety bond that you have provided is the maximum reimbursement they can seek.

In the detailed ‘What is a surety bond’ guide, you can get to know more about how bonding works.

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

Need further information? Don’t hesitate to call us at 866.450.3412!

What Is the Connecticut Mortgage Broker Bond Cost?

The bond premium is the actual cost that you have to pay to get bonded. It is set on the basis of the required bond amount in the state. You have to submit the bond on the official form.

In Connecticut, this amount depends on your dollar amount of origination volume:

  • Less than $30 million - $50,000
  • Between $30 million and $50 million - $100,000
  • More than $50 million - $150,000

The premium is a percentage of the required amount, which depends on a number of factors.

Factors that determine your bond premium

The most significant indicator that your surety considers is your personal credit score. For applicants with FICO score above 700, the rates are between 0.75%-1.5% of the bond amount. If your score is lower than 599, the rates can be as high as 7%.

The additional factors that shape your premium include:

  • Personal and business finances
  • Fixed and liquid assets
  • Business experience

You can check an estimate of your bond cost in the following table.

Connecticut Mortgage Broker Bond Cost Based on Credit Score
Amount of origination volume Bond Amount Credit Score
Above 700 650-699 600-649 Below 599
Less than $30 million $50,000 $375-$750 $500-$1,500 $750-$2,000 $1,500-$3,500
Between $30 million and $50 million $100,000 $750-$1,500 $1,000-$3,4000 $1,500-$4,000 $3,000-$7,000
More than $50 million $150,000 $1,125-$2,250 $1,500-$4,5000 $2,250-$6,000 $4,500-$10,500

* The table provides a bond cost ballpark estimate based on the applicant's credit score. Actual bond prices can differ due to a number of factors. For an exact quote, please complete our online application. It's fast and 100% free!.

How to Apply For a Bond

To apply for a mortgage broker bond, just click on the banner below. When you complete the application form, we will send you a free quote. You can buy your bond online afterwards.

Not ready to apply? Then simply get a free no-obligations quote, so you can see our low prices!

Have more queries about the bonding process? You can speak to our bonding experts at 866.450.3412.

About us:
Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.