Mortgage Broker News Alerts
Stay up to date on breaking news with our free News
Alert Service.
Become A Mortgage Broker In Connecticut
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Connecticut or anyone looking to become a mortgage broker in Connecticut.
The Consumer Credit Division of the Department of Banking handles all aspects of the Mortgage Broker businesses in Connecticut, with the most recent major changes made October, 2002. Connecticut requires a Mortgage Broker license for First Mortgages (FMBO) and a separate Mortgage Broker license for Second Mortgages (SMBO). Both first mortgage lenders may also be Mortgage Brokers (FMLB), and second mortgage lenders may also be Mortgage Brokers (SMLB).
When applying for a First Mortgage Broker License in Connecticut, applicants pay a non-refundable fee of $400 and provide a Surety Bond in the amount of $40,000. They also must provide financial statements and history of their past experience
When applying for a Second Mortgage Broker License, applicants also pay a non-refundable fee of $400 and provide a Surety Bond in the amount of $40,000. They, too, must provide financial statements and a history of their past experience. In addition, those wanting to become a Second Mortgage Broker in Connecticut provide a chronological listing of the business experience of the person who will be supervising them.
Loan Originators may work only for one Mortgage Licensee at a time. However, if the Mortgage Licensee holds a license for both first and second mortgages, the Loan Originators only need to be licensed once and can work on both the first and second mortgages. The registration fee to become a loan originator is $100.
Legislation has been proposed that requires Mortgage Brokers to meet certain educational requirements. This legislation also proposes that the financial statements provided be audited, notarized, and reflect a tangible net worth of at least $25,000. Mortgage Brokers supervising a Loan Originator would need to have at least three years of experience.
The Connecticut Society of Mortgage Brokers (CSMBCT), is an affiliate of the National Association of Mortgage Brokers (NAMB) www.namb.org. The CSMBCT actively supports legislation that promotes a higher quality of professionalism among Mortgage Brokers, and can provide up-to-the-minute information to anyone who wants to become a Mortgage Broker in Connecticut.
