Connecticut Mortgage Broker Bond

Summary

A Connecticut mortgage broker bond is a type of surety bond that is required by the Connecticut Department of Banking for individuals or companies seeking to obtain a mortgage broker license in the state of Connecticut. The bond serves as a form of protection for consumers in case the broker engages in fraudulent or unethical practices during the mortgage application process. In the event of such misconduct, the bond provides financial compensation to affected parties up to the bond's specified limit. The bond amount is determined based on the mortgage broker's loan volume, and it must be renewed annually.

What is an Connecticut Mortgage Broker Bond? 

Connecticut Mortgage Broker Bonds are required by Connecticut's Commissioner of Banking to obtain your Mortgage Broker license. The Connecticut Mortgage Broker Bond amount is set at $50,000. The aggregate dollar amount of all residential mortgage loans originated includes the aggregate dollar amount of all closed residential mortgage loans originated, brokered or made, as applicable. 

The State requires a Mortgage Broker bond for :  

Less than $30 million $50,000

$30 million but less than $50 million $100,000

$50 million or more $150,000

Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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Program:

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 Connecticut Mortgage Broker Bond Information and Requirements:

Less than $30 million $50,000

$30 million but less than $50 million $100,000

$50 million or more $150,000