Connecticut Mortgage Broker Requirements
Mortgage brokers in Connecticut are regulated and licensed by the Department of Banking, Consumer Credit Division.
Brokers and lenders seeking a Connecticut mortgage license must have a person act as a supervisor authority (broker of record) with three (3) years of experience in the past five (5) years. This supervisory authority may only be over one location. Licensees are required to maintain a surety bond in the amount of $40,000 per location, this amount will increase in 2009 to $80,000. They must also submit financial statements and maintain a minimum tangible company net worth in the amount of $25,000.
Loan originators must be registered and can only be registered with one license at a time, and must be registered out of the licensed location. Corporate Officers are not required to be registered as Loan Originators. Connecticut does not require a physical office within the state, but out of state companies must obtain a Certificate of Authority from the Connecticut Secretary of State prior to being licensed in order to do business in the state.
Connecticut Mortgage Licensing Fees
The state of Connecticut charges a mortgage broker license fee of $500 for the company license. Each additional branch much pay an annual fee of $420. The loan originator registration fee is $130. All licenses are renewable each year, expiring on December 31st. Mortgage lenders (bankers) require a $250,000 company net worth and pay an annual license fee of $900.
To begin your Connecticut mortgage license application, fill out the form below and we will contact you today.