Skip to main content

Mortgage Loan Originator

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

Vermont Related/Referenced Statutes and Regulations

Who is required to have this license?

Any natural person who for compensation or gain or in the expectation of compensation or gain:

                 (a)  takes a residential mortgage loan application; 

                 (b)  offers or negotiates terms of a residential mortgage loan;

                 (c)  represents to the public, through advertising or other means of communicating or providing information that such individual can or will perform the services described in (a) & (b).

A sole proprietor licensed as a mortgage broker or mortgage lender by the Vermont Banking Division is required to be licensed as mortgage loan originator in Vermont prior to engaging in mortgage loan origination activities.
A loan processor or underwriter who is an independent contractor.

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).

  • An individual engaged solely as a loan processor or underwriter who performs clerical or support duties as an employee of and at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing under Title 8, V.S.A. chapter 73, and who does not solicit borrowers, accept applications or negotiate terms of residential mortgage loans on behalf of his/her employer.
  • A person who only performs real estate brokerage activities, unless compensated in addition to the payment received for real estate brokerage activity.
  • A person solely involved in extensions of credit relating to timeshare plans.
  • Mortgage loan originators who are employees of: an institution regulated by the Farm Credit Administration, a depository institution, or a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, and who are registered and maintain a unique identifier through the NMLSR.
What are the fees?

Initial Application:

$169.00 (includes a $50.00 Licensing Fee, a $50.00 Investigation Fee; and the $69.00 NMLS processing fee and Federal Criminal Background check)


  • $130.00 (Includes $30 NMLS processing fee)
  • Change in Sponsorship: $80.00 (includes $30.00 NMLS processing fee)
What are the prerequisites for license application?
  • Employed (W2) and sponsored by a company licensed as a lender and/or mortgage broker by the State of Vermont. Dual sponsorship is not permitted.
  • Completion of 20 hours of NMLS approved pre-licensure education courses. Effective July 1, 2013, at least 2 hours of the 20 NMLS approved pre-licensure education courses must be approved VT specific pre-licensure education courses.
  • Passing score on:
    • Both the National and Vermont State components of the S.A.F.E. Mortgage Loan Originator Tests or 
    • Effective July 1, 2013, both the National and stand-alone UST components of the SAFE Test; or
    • National Test Component with Uniform State Content
  • Submission of fingerprints for an FBI criminal history background check
  • Authorization through NMLS to obtain a credit report and credit score
  • Licensed and in good standing in state of residence