Connecticut State Licenses and Regulator Costs

Mortgage Broker License (Company)

  • NMLS Cost: $600

  • Additional Costs: $15 per credit report, $36.25 per criminal background check

  • Qualifying Individual: must have CT LO license, hold physical employment at main office, have at least three (3) years of mortgage experience in past five (5) years

  • Minimum Net Worth: $50,000

  • Surety Bond Requirement: $50,000 (must list each branch office)

Mortgage Correspondent Lender License (Company)

  • For lenders who sell their loans on the secondary market w/in 90 days and use warehouse or similar funding

  • NMLS Cost: $1,100

  • Additional Costs: $15 per credit report, $36.25 per criminal background check

  • Qualifying Individual: must have CT LO license, hold physical employment at main office, have at least three (3) years of mortgage experience in past five (5) years

  • Minimum Net Worth: $50,000

  • Surety Bond Requirement: $100,000 (must list each branch office)

Mortgage Lender License (Company)

  • NMLS Cost: $1,100

  • Additional Costs: $15 per credit report, $36.25 per criminal background check

  • Qualifying Individual: must have CT LO license, hold physical employment at main office, have at least three (3) years of mortgage experience in past five (5) years

  • Minimum Net Worth: $250,000

  • Surety Bond Requirement: $100,000 (must list each branch office)

  • Additional requirements for servicers: $100,000 servicer surety bond per servicing location, Fidelity bond minimum varies - $300,000 and up (contact us for more details) minimum, E&O insurance minimum varies - $300,000 and up (contact us for more details)

Mortgage Servicer License (Company)

  • NMLS Cost: $1,100

  • Additional Costs: $15 per credit report, $36.25 per criminal background check

  • Qualifying Individual: must have CT LO license, hold physical employment at main office, have at least three (3) years of mortgage experience in past five (5) years

  • Surety Bond Requirement: $100,000 for main office; $100,000 each additional office

  • Fidelity bond: minimum varies- $300,000 and up (contact us for more details)

  • E&O insurance: minimum varies- $300,000 and up (contact us for more details)

Mortgage Broker Branch License (Branch)

  • NMLS Cost: $520

  • Additional Costs: $15.00 per credit report, $36.25 per criminal background check

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  • Branch manager must: hold CT LO license, physically work at branch office, have at least three (3) years of mortgage experience in past five (5) years

  • Surety bond: rider needed to add branch address to main company bond

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Mortgage Correspondent Lender Branch License (Branch)

  • NMLS Cost: $1,020

  • Additional Costs: $15.00 per credit report, $36.25 per criminal background check

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  • Branch manager must: hold CT LO license, physically work at branch office, have at least three (3) years of mortgage experience in past five (5) years

  • Surety bond: rider needed to add branch address to main company bond

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Mortgage Lender Branch License (Branch)

  • NMLS Cost: $1,020

  • Additional Costs: $15.00 per credit report, $36.25 per criminal background check

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  • Branch manager must: hold CT LO license, physically work at branch office, have at least three (3) years of mortgage experience in past five (5) years

  • Surety bond: rider needed to add branch address to main company bond

  • Servicing: requires $100,000 surety bond for the location

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Mortgage Servicer Branch License (Branch)

  • NMLS Cost: $1,020

  • Additional Costs: $15.00 per credit report, $36.25 per criminal background check

  • Branch manager must: hold CT LO license, physically work at branch office, have at least three (3) years of mortgage experience in past five (5) years

  • Surety bond: $100,000 surety bond for the location

Loan Processor/Underwriter License (Individual)

  • Required for independent contractors or employees of non-CT licensed entities

  • NMLS Cost: $330

  • Additional fees: $15 NMLS credit report fee, $36.25 NMLS criminal background check fee

  • Education: must include a one (1) hour CT-DOB defined elective

Mortgage Loan Originator (individual)

  • NMLS Cost: $330

  • Additional Costs: $15.00 NMLS credit report fee, $36.25 NMLS criminal background check fee

  • Education: must include one (1) hour CT-DOB defined elective

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Lynx Licensing charges a flat rate of $625 per state license, $120 per branch license, and $85 per individual license.

Located in Raleigh, North Carolina

ryan at lynxlicensing dot com

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