The following information is required to obtain a Mortgage Broker License in Vermont:

• Submit a completed and signed application on the prescribed form along with stipulated investigation and license fees and other required documents to the department.
  
• The license year is from January 1 to December 31. On or before December 1 of each year, every licensee is required to pay to the commissioner a renewal of license fee for the next succeeding calendar year, and at the same time the licensee must also file with the commissioner a bond in the same amount and of the same character as required by section 2203 of Title 8 Chapter 73 of Vermont Statues or as required by the commissioner under section 2207 of the same title.
  
• A certified copy of the Articles of Organization or Certificate of Incorporation must be enclosed with the application. If the applicant is a foreign corporation or LLC, then the date of qualification to do business in Vermont must be provided.
  
• The applicant must attach a copy of the Certificate of Authority or a Certificate of Good Standing issued by the Vermont Secretary of State dated no more than six months prior to application date.
  
• Applicants are also required to include a copy of the Broker/Prospective Borrower Agreement as required by Regulation B-96-1.
  
• Submit audited financial statements prepared in accordance with the Generally Accepted Accounting Principles as of the close of the last fiscal year.
  
• Mortgage Brokers must maintain a surety bond in the amount of $10,000.
  
• Currently, there are no specific educational or experience requirements to obtain a mortgage broker license.
  
• In advance of taking any fee or collecting any charges, or at the time the prospective borrower submits a signed application, a written agreement in a form approved by the commissioner must be prepared by the mortgage broker, and must be signed by both the mortgage broker and the prospective borrower.

For more information, visit State of Vermont, Banking Division - Department of Banking, Insurance, Securities & Health Care Administration.

Application forms can be downloaded at Licenses Application Procedures & Forms for Lenders, Mortgage Brokers & Finance Companies.

Additional information on Regulation B-96-1 on Mortgage Brokers can be found at Vermont Banking Division REGULATION B-96-1 Mortgage Brokers.