What is an Alabama Mortgage Broker Bond?
Vermont Mortgage Broker Bonds are required by Vermont’s Department of Financial Regulation to obtain your Mortgage Broker license. The Vermont Mortgage Broker Bond amount is set at $25,000. This license is required of any company or sole proprietorship, 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 for others.
The State requires a Mortgage Broker bond for :
a minimum surety bond requirement of $25,000.
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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Vermont Mortgage Broker Bond Information and Requirements:
Every mortgage broker must obtain a $25,000 surety bond to start off and bond amount will rise as loan volume goes up.