Mortgage Broker - Sole Proprietor

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

Mortgage Broker License Bond
Financial Statement
Mortgage Broker Prospective Borrower Agreement

Reports

Annual Report of LIcensee for YE
Annual Report of Licensee for YE

Vermont Related/Referenced Statutes and Regulations

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


Who is required to have this license?

A sole proprietor 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. No person, other than the sole proprietor, is authorized to act as a mortgage broker under a Mortgage Broker – Sole Proprietor License.  If the sole proprietor authorizes other persons to act as a mortgage broker under the license, or if the sole proprietor originates more than 5 mortgage loans in a calendar year, then a Mortgage Broker Company License is required.

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 real estate broker or salesperson, provided the real estate broker or real estate salesperson is not compensated for providing the mortgage information or assistance in addition to the compensation 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:

$600.00 (includes a $250.00 Licensing Fee, a $250.00 Investigation Fee; and the $100 NMLS processing fee)

Renewal:

  • If originated 5 or fewer mortgage loans in calendar year - $350.00 (Includes $100 NMLS processing fee)
  • If originated more than 5 mortgage loans in calendar year - $600.00 (Includes $100 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 his/her state of domicile and must be in good standing in his/her state of domicile with his/her 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
802-828-3301

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

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