Vermont Mortgage Broker Bond Requirements

If you want to start a business as a mortgage professional in Vermont, you need to get a mortgage broker bond. It is one of the main criteria for obtaining a Vermont mortgage broker license.

The Department of Financial Regulation sets the requirements for mortgage brokers in the state. You have to go through the licensing procedure through the Nationwide Mortgage Licensing System (NMLS) website.

Why Do I Need This Bond?

All Vermont mortgage brokers have to get a surety bond. It ensures you will comply with Chapter 73, Title 8 of the Vermont Statutes, and all other applicable regulations.

The bond works as a security mechanism for your customers. If you don’t follow the law in your operations as a mortgage broker, they can demand reimbursement for any damages. The penal sum of your bond is the maximum compensation in proven cases.

Want to learn more about the bonding process? You can consult our in-depth ‘What is a surety bond’ guide.

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

For more information, you can reach our bonding specialists at 866.450.3412.

What Is the Vermont Mortgage Broker Bond Cost?

To get bonded, you have to pay a premium. It is the actual surety bond cost, which is a small percentage of the required amount.

The bond amounts set by the Department of Regulation is $25,000.

Factors Determining Your Bond Premium

When you apply for a mortgage broker bond, your surety needs to examine your personal and business finances to assess your premium. The most important factor it considers is your credit score.

Applicants with a FICO score of more than 700 usually get rates between 0.75%-1.5% of the bond amount.

The other factors that affect the price of your Vermont mortgage broker bond include:

  • Personal and business finances
  • Any fixed and liquid assets
  • Know-how and experience as a mortgage professional

You can check out an estimate of your bond cost by credit score in the table below.

Mortgage Broker Bond Cost By Credit Score In Vermont
License Type Bond Amount Bond Cost By Credit Score
Above 700 650-699 600-649 Below 599
Vermont mortgage broker bond $25,000 $188-$375 $250-$750 $375-$1,000 $750-$1,750

How to Apply For a Bond

Want to get your mortgage broker bond? You can click on the banner below to obtain a free quote. Then you can buy your bond online.

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

If you want further details about the Vermont mortgage broker bond requirements, you can reach us 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.