To obtain a Mortgage Broker License in Connecticut, you need to follow specific steps set by the Connecticut Department of Banking. Below are the general requirements and steps you’ll need to take:

1. Meet Eligibility Criteria:

   • Be at least 18 years old.
   • Have a high school diploma or equivalent.
   • Demonstrate financial responsibility and trustworthiness.

2. Pre-Licensing Education:

   • Complete the required pre-licensing education. In Connecticut, this typically involves completing 20 hours of NMLS-approved pre-licensing education courses specific to mortgage lending.

3. Pass the NMLS Exam:

   • Successfully pass the SAFE Mortgage Loan Originator Test administered by the Nationwide Multistate Licensing System & Registry (NMLS).

4. Background Check and Fingerprints:

   • Undergo a criminal background check and provide fingerprints through the NMLS.

5. Register with the NMLS:

   • Create an account and register with the Nationwide Multistate Licensing System & Registry (NMLS). This is where you’ll submit your licensing application and manage your license information.

6. Submit Application:

   • Complete the mortgage broker license application through the NMLS. Provide all required information accurately and ensure that all supporting documents are submitted.

7. Surety Bond:

8. Obtain a surety bond as required by the Connecticut Department of Banking. The bond amount may vary based on factors such as loan volume.

9. Financial Statements:

   • Upload a financial statement prepared within 12 months of application date. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto. If applicant is a start-up company, only an initial statement of condition is required. The financial statement must illustrate a tangible net worth of $50,000, which is required to be maintained at all times.

10. Qualifying Individual:

    • Individual who has supervisory authority over the mortgage broker activities must be listed in the Qualifying Individual section of the Company Form (MU1).

11. Errors and Omissions Insurance:

    • Obtain Errors and Omissions (E&O) insurance coverage for your mortgage broker business. This insurance protects against liability for errors or omissions in professional services provided to clients.

12. Pay Fees:

    • Pay the required application and licensing fees to the Connecticut Department of Banking.

13. Maintain Compliance:

    • Ensure ongoing compliance with all state and federal regulations governing mortgage brokers in Connecticut. This includes maintaining accurate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.