Connecticut Mortgage Correspondent Lender
Mortgage Correspondent Lender Surety Bond
| Dollar Amount of Origination Value | Bond Amount Required | Bond Term | Annual Premium |
| $0-$30,000,000 | $100,000 | 1 Year | $600 |
| $30,000,000-$100,000,000 | $200,000 | 1 Year | $1,200 |
| $100,000,000-$250,000,000 | $300,000 | 1 Year | $1,800 |
| Exceeds $250,000,000 | $500,000 | 1 Year | $3,000 |
Cost of the Connecticut Mortgage Correspondent Lender Bond
NNA Surety currently lists annual premiums of $600 for $100,000 coverage, $1,200 for $200,000, $1,800 for $300,000, and $3,000 for $500,000. The supplied $600 premium is correct for the initial/minimum $100,000 tier. Complete this form.
How the Bond Works
Connecticut requires each licensed mortgage correspondent lender to file a single surety bond with the Banking Commissioner. The bond covers the licensee's main office and branch offices and covers all mortgage loan originators sponsored by the licensee.
Principal: Connecticut mortgage correspondent lender applicant/licensee
Obligee: Connecticut Banking Commissioner / State of Connecticut
Surety: Surety authorized to write such bonds in Connecticut
The bond is conditioned on faithful performance of covered agreements and commitments with borrowers and prospective borrowers, proper accounting for funds received, and conducting mortgage business consistently with Connecticut mortgage law.
How to Get the Connecticut Mortgage Correspondent Lender Bond
1. Determine the required bond amount from the applicant's Connecticut residential mortgage loan origination volume. Initial applicants use the $100,000 tier.
2. Complete the online application through the NNA/Propeller affiliate link.
3. Select the required $100,000, $200,000, $300,000, or $500,000 coverage and confirm the corresponding annual premium.
4. Complete the required surety bond and Connecticut/NMLS licensing filing.
5. Review origination volume as required and maintain the appropriate penal sum while licensed.
Review the Connecticut Department of Banking Mortgage Surety Bond Coverage Chart, Mortgage Correspondent Lender licensing information, and Connecticut mortgage surety bond statute for current requirements.
Get Your Connecticut Mortgage Correspondent Lender Bond
Start your Connecticut Mortgage Correspondent Lender Bond application online.
For assistance, call 855-215-2160.