Who may need this license

Detailed scope guidance is being verified against the current NMLS checklist.

Estimated filing costs

Application fee

$1,000

License fee

$1,000

NMLS fee

$120

Financial requirements

Financial statement (new application)

Audited or Unaudited if certified

Annual financial statement

Audited or Unaudited if certified

Net worth

Not on file

Bonding

Surety bond required

Yes

Minimum bond amount

$50,000

Control-person and background requirements

Credit report roles

Direct Owners: Yes; Qualified Individuals: Yes; Indirect Owners: Yes

Criminal background check roles

Direct Owners / Executive Officers: Natural persons who, directly or indirectly, own 10% or more of the applicant and those under do not.; Indirect Owners: Natural persons who own 25% or more of a direct or indirect owner and those under do not.; Qualified Individuals: All Qualifying Individuals and Branch Managers unless licensed as a Vermont mortgage loan originator.

Ongoing reporting

MCR — Mortgage Call Report

Required

A periodic report of loan origination and servicing activity filed through NMLS.

SSSF — State-Specific Supplemental Form

Not required

A state-specific form filed alongside standard NMLS reporting to satisfy that state's additional requirements.

UAAR — UAAR

Not required

A state reporting requirement. The full definition has not yet been verified against NMLS or state-regulator source documentation — treat as provisional pending confirmation. (definition pending verification)

Advance-change notice timing

Legal name change notice

0 days (no advance notice window)

Main address change notice

30 days