Connecticut Mortgage Licensing

Connecticut has four different licenses; a mortgage Broker, mortgage Lender, Correspondent Lender and mortgage Servicer license. Tangible net worth requirement for a broker and a correspondent lender  is $50k, a lender is $250k and a servicer only requires a positive net worth. All license types require a bond that may increase depending on your licensed locations or your total loan volume in CT. All licenses require a named QI that is located at the corporate office that has 3 out of the last 5 years of experience, resides within 100 miles driving distance from the corporate office and shows capability of full time supervision over CT activity.

The lender and the servicer licenses do have some additional requirements such as a Fidelity Policy, E&O coverage, as well as the state will review the companies past MCR's for accuracy and require any errors to be correct prior to approval.

**The Correspondent Lender License is intended for companies engaged in the business of making residential mortgage loans in such company's own name where the loans are not held by such company for more than 90 days and are funded by another person through a warehouse agreement, table funding agreement or similar agreement. If you are funding the loans with your own funds you will need the lender license.