Mortgage Broker

The State of Vermont participates in the Nationwide Multistate Licensing System (NMLS).  All applications for a lender license must be submitted through NMLS.

Frequently Asked Questions

Who is required to have this license?
Who does not need this license?
What are the fees?
What are the prerequisites for license application?
Frequently Asked Questions for Mortgage Lenders and Mortgage Brokers

Jurisdiction Specific Forms

New company license applications are required to meet all surety bond requirements by completing the electronic surety bond process: 

  • Financial Statement
  • Mortgage Broker Agreement Templates
    Please note: bracketed fields must be completed and revisions made to accurately reflect services and manner and amount of compensation before submission for approval.


A separate Annual Report of Licensee is no longer required for Licensed Mortgage Brokers that file quarterly MCRs through NMLS.

Vermont Related/Referenced Statutes and Regulations

Title 8, V.S.A. Chapter 73
Banking Regulation B-2014-02, Mortgage Brokers
Banking Regulation B-2018-01, Privacy of Consumer Financial and Health Information Regulation
Banking Bulletin 26, Mortgage Broker Issues
Banking Bulletin 29, Guidance on Non-traditional Mortgage Products
Banking Bulletin 32, Statement on Sub-prime Mortgage Lending
Banking Bulletin 44, Advertising and Social Media

Who is required to have this license?

Any company or person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans, other than commercial loans, on real property located in Vermont for others. Each location, whether located in Vermont or not, desiring to engage in the business of mortgage brokering in Vermont must obtain a separate license by filing a Form MU3 through the NMLS.

A loan solicited and made by mail, telephone or electronic means to a Vermont resident is subject to licensing notwithstanding where the loan is legally made. No person may engage in the business of soliciting and making loans by mail, telephone or electronic means in Vermont unless duly licensed.

Who does not need this license?

The following is a partial list of exceptions.  For a complete list of exceptions, please refer to 8 V.S.A. § 2201(d)

  • a depository institution [see the definition of “depository institution” in 8 V.S.A. § 2200(4)]
  • an insurance company
  • a real estate broker or sales person, providied the real estate broker or real estate sales person is not compensated for providing the mortgage informationor assistance in addition to the compendation received from the seller or buyer for a real estate transaction
  • an attorney licensed to practice law in Vermont acting in his/her professional capacity
  • a person engaged in activities solely in connection with the sale, assignment, or other transfer of one or more previously originated loans.
What are the fees?

Initial Application:

$1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee; and the $100 NMLS processing fee)


  • Corporate licenses - $600.00 (Includes $100 NMLS processing fee)
  • Branch licenses - $530.00 (Includes $30 NMLS processing fee)
  • Change in Address: $100.00
What are the prerequisites for license application?
  • The applicant must be licensed to engage in mortgage broker activity in its state of domicile and must be in good standing in its state of domicile with its banking regulator or equivalent financial industry regulator.
  • Bond amount: $ 25,000.00, minimum amount (the required bond amount increases based upon the dollar amount of loans originated in Vermont)
  • Registered Agent recorded with the Vermont Secretary of State.

Contact Information

Department of Financial Regulation
Commissioner Michael Pieciak
89 Main Street, Montpelier, VT 05620 - 3101

Public Information
For public records, media inquiries, and press releases visit our Public Information web page

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