Mortgage licensing / Vermont

Vermont Loan Servicer License

company licence · NMLS VTSERVICER_C · DFR

Requirements (30)

1. Step 1

   Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

2. Step 2

   If applicant is a start-up company, only an initial statement of condition is required. Additional Audited Financial Statements: Upload audited financial statements prepared in accordance with Generally Accepted Accounting Principles for the applicant’s prior two fiscal years. Parent company financial statements (see below) should be submitted directly to the Department and not uploaded in NMLS.

3. Step 3

   Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1) and a separate license type (i.e. VT Loan Servicer License – Other Trade Name #) is required. Vermont Licensees are permitted to use only one other trade name for each license obtained.Therefore, please be advised that applicants must hold a VT Loan Servicer License - Other Trade Name for each other trade name listed in the Other Trade Names section of the Company Form (MU1). Vermont Department of Financial Regulation does not allow more than eight (8) other trade names for VT Loan Servicer Licensees. The Other Trade Name [#] license type should be consistent for all other locations using the same “Trade Name”, “Assumed Name” or “DBA.” For example, if VT Loan Servicer License - Other Trade Name #1 is used to obtain a license using the Trade Name “ABC Entity”, then all future license requests for use of the Trade Name “ABC Entity” should use Other Trade Name #1 license types. Note: If operating under an “Other Trade Name”, upload the Vermont Secretary of State Certificate of Trade Name Registration regarding ability to do business under that trade name (see below).

   Submitted via: NMLS

4. Step 4

   Resident/Registered Agent: The Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with the Vermont Secretary of State

   Submitted via: NMLS

5. Step 5

   Non-Primary Contact Employees: Vermont Department of Financial Regulation requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). • Exam Delivery • Pre-Exam Contact

   Submitted via: NMLS

6. Step 6

   Books and Records: Be sure to add Vermont to the Jurisdiction Section for Books & Records section of the Company Form (MU1).

   Submitted via: NMLS

7. Step 7

   Bank Account: Bank account information must be completed for the company’s Operating, and/or Trust Primary accounts in the Bank Account section of the Company Form (MU1). For Third Party Account Administrators, the account must be a dedicated bank account at an insured financial institution for fees and payments to creditors, debt collectors, debt adjusters, or debt adjusting agencies in connection with the renegotiation, settlement, reduction, or other alteration of the terms of payment or other terms of a debt.

   Submitted via: NMLS

8. Step 8

   Direct Owner/Executive Officers: The individual(s) and person(s) below must be listed in the Direct Owner/Executive Officers section of Company Form (MU1). • All persons who, directly or indirectly, have the right to vote 10% or more of a class of voting security or power to sell or direct the sale thereof. • Members of the applicant’s governing body, including Board of Directors. • Executive Officers – must include at a minimum all individuals who perform, regardless of title, the functions of chief executive officer (CEO), chief financial officer (CFO), chief operations officer (COO), chief compliance officer (CCO), chief information/technology officer (CIO/CTO), bank secrecy act officer (BSA), and other similar positions. An applicant that fails to provide individuals with the aforementioned designations will be deemed incomplete. Note: The applicant’s name as it appears on the Company Form (MU1) must be entered in either the Employment History section or Other Business section of each individual’s MU2 to reflect the individual’s role with the applicant.

   Submitted via: NMLS

9. Step 9

   Indirect Owner: The person(s) below must be listed in the Indirect Officers section of Company Form (MU1). • Corporation - each of the shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25% or more of a class of voting security of that corporation. • Limited Liability Corporation – all elected or appointed managers, if managed by elected or appointed managers, and all members that have the right to receive upon dissolution, or have contributed, 25% or more of the LLC’s capital. • Partnership - all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25% or more of the partnership’s capital. • Trust - the trust and each trustee. Continue up the chain of ownership listing all 25% or more owners at each level of ownership. Only once a public reporting company, a credit union, a bank or a bank holding company regulated by a Federal Banking or Credit Union Regulator, or a natural person is reached, no ownership information further up the chain of ownership need be given.

   Submitted via: NMLS

10. Step 10

    Qualifying Individual: An on-site manager is required for the main corporate location. This individual must be listed in the Qualifying Individual section of Company Form (MU1). Note: The applicant’s name as it appears on the Company Form (MU1) must be entered in either the Employment History section or Other Business section of the individual’s MU2, and the business address must match the applicant’s company address on the Company Form (MU1).

    Submitted via: NMLS

11. Step 11

    Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: NMLS

12. Step 12

    MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: The Individual must grant Vermont authorization to view the CBC results at the time the CBC is requested. Vermont cannot view CBC results that are generated BEFORE Vermont has been granted access. If results are generated before Vermont is granted access, Vermont cannot view the results and the MU2 individual will be required to request and pay for another CBC.

    Submitted via: NMLS

13. Step 13

    Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: Electronic Surety Bond in NMLS

14. Step 14

    Additional Requirements: Upload the following documents specific for Vermont. • Vermont Activity Affidavit:Upload an affidavit, signed and dated by an officer of the firm on official letterhead, indicating whether or not business has been conducted with any Vermont clients. If the applicant has transacted business with Vermont clients, provide directly to DFR.Licensing@vermont.gov a list of accounts including client(s) name, address, telephone number, and the amount(s) involved, as well as any fees earned by the firm. This document should be named Vermont Activity for Vermont. • Remote Worker Attestation:If a company allows employees to work remotely, upload an Attestation of Compliance with Remote Worker Condition. If a company does not allow employees to work remotely upload a signed Notice of No Remote Worker(s). This document should be named Remote Worker Attestation for Vermont.

    Submitted via: Upload in NMLS: under Additional Requirements in the Document Uploads section of the Company Form (MU1).

15. Step 15

    Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products & services • Target markets • Fee schedule • Operating structure the applicant intends to employ. This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be uploaded separately, and the state identified in the comment section.

    Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

16. Step 16

    Certificate of Authority/Good Standing Certificate: Upload a State-issued and approved document (typically by the Secretary of State’s office), dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in the State of Vermont. This document should be named [VT Certificate of Authority].

    Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

17. Step 17

    Company Staffing and Internal Policies: Upload document(s) including state required information on staffing and internal organizational policies and procedures. These document(s) must include the following information: • Financial Privacy Policy [Vermont requires that entities with access to non-public, private information protect that information in an appropriate manner. This policy should describe how the firm protects personal identifiable information] This document(s) should be named [Name of Policy]. Note: Do not include the AML/BSA Policy, which is a separate document and should be uploaded under the Document Type AML/BSA Policy in the Document Uploads section of the Company Form (MU1).

    Submitted via: Upload in NMLS: under the Document Type Company Staffing and Internal Policies in the Document Uploads section of the Company Form (MU1).

18. Step 18

    Document Samples: Upload copies of the following sample documents used in the regular course of business in connection with this license: • Gramm-Leach-Bliley Privacy Notice Please prepare and upload a copy of the firm’s Gramm-Leach-Bliley Privacy Notice under the “Document Samples” section. This is the document that is presented to Vermont consumers. Note: Vermont is an “opt in” state; not an “opt out” state. Non-public personal financial information may not be shared with others except as permitted by law unless the Vermont consumer specifically consents to the disclosure. In addition, Vermont law prohibits the sharing of credit reports and/or creditworthiness information with affiliates unless the consumer has consented to (“opted-in”) to such sharing. This information must be clearly stated in the document, preferably in an “Other Important Information” section. Please refer to Regulation B-2018-01.

    Submitted via: Upload in NMLS: under Document Samples in the Document Uploads section of the Company Form (MU1).

19. Step 19

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Be sure to include the original formation documents and all subsequent amendments, thereto including a list of any name changes. This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)]. Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • statement from a State taxing body or the State attorney general certifying that: (i) the entity is a nonprofit organization operating within the State; and (ii) no part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments).

    Submitted via: Upload in NMLS: under Formation Document in the Document Uploads section of the Company Form (MU1).

20. Step 20

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). The chart must identify the individuals responsible for compliance reporting and internal audit. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Management Chart in the Document Uploads section of the Company Form (MU1).

21. Step 21

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of all natural persons or entities that have a 10% or greater, direct or indirect, ownership interest: • Direct Owners • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart/Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

22. Step 22

    Other Trade Name: If operating under an “Other Trade Name”, upload the Vermont Secretary of State Certificate of Trade Name Registration regarding ability to do business under that trade name. This document should be named VT Loan Servicer License Trade Name / Assumed Name. Note: Operating under an “Other Trade Name” in Vermont requires a separate license.

    Submitted via: Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

23. Step 23

    Trust Account Authorization: Submit authorization allowing examination of trust accounts used for the purpose of holding funds belonging to others. May require multiple documents when more than one account exists. Upload each account authorization separately. Note: Vermont does not have a standard authorization form. You can prepare a letter on the firm's letterhead that identifies the bank (name & address) and account number, and states that the firm is granting authorization to the Vermont Department of Financial Regulation to examine the account. The letter must be signed and dated by an authorized representative of the firm. This document should be named [VT Loan Servicer License]; [last 5 digits of account number]. (eg. Loan Servicer, VT, xxxxx).

    Submitted via: Upload in NMLS: under Trust Account Authorization in the Document Uploads section of the Company Form (MU1).

24. Step 24

    Credit Report Explanations: If applicable, submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: state and federal tax liens, civil judgements, collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. This document should be named Credit Report Explanations – [Sub Name – Document Creation Date]. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2).

    Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

25. Step 25

    Legal Name/Status Documentation: Upload legal documentation of legal name or legal status. This may be certified copies of divorce decree, marriage certificate, copy of driver’s license, passports, birth certificate, etc. This document should be named [Document Name] (Ex. Driver’s License, Marriage Certificate, etc.).

    Submitted via: Upload in NMLS: under the Document Type Legal Name/Status Documentation in the Document Uploads section of the Individual Form (MU2).

26. Step 26

    MU2 Individual Credit Report Requirements: Any natural person who has completed an Individual Form (MU2) and does not or has not resided in the US for at least the last 10 consecutive years, must provide a comprehensive credit report/history prepared by an independent third party credit reporting agency in the country where the individual resides/resided, and submit it directly to the Department. Note: If the report is issued in a language other than English, please attach a translation.

    Submitted via: Email to VT: DFR.Licensing@vermont.gov OR Mail to Vermont Department of Financial Regulation Banking Division

27. Step 27

    MU2 Individual Criminal Background Check Requirements: Any natural person who is required to submit an FBI Criminal Background Check and does not or has not resided in the US for at least 10 consecutive years, must provide an investigative background report prepared by an independent third search firm and submitted directly to the Department. At a minimum, the report must contain the following: • Civil court and bankruptcy court records for the past 10 years, including a search of the court data in the country(ies), states, towns where the individual resided and worked and in contiguous areas • Criminal records for the past 10 years, including felonies, misdemeanors and violations including a search of court data in the countries, states, towns, where the individual resided and worked and in contiguous areas. Note: If the report is issued in a language other than English, please attach a translation.

    Submitted via: Email to VT: DFR.Licensing@vermont.gov OR Mail to Vermont Department of Financial Regulation Banking Division

28. Step 28

    Parent Corporation Financial Statements: Provide the current and prior two years’ financial statements for all persons, excluding natural persons, identified in the Direct Owners & Executive Officers section of Company Form (MU1) that hold 10% or more ownership interest in the applicant. If un-audited, financial statements must be completed in accordance with GAAP, signed under the pains and penalties of perjury, and dated within 90 days of the date of application. Financial statements are not required for parent companies that are currently licensed by the Vermont Banking Division, or are publicly traded. Note: Do not upload parent company financial statements in NMLS.

    Submitted via: Email to VT: DFR.Licensing@vermont.gov OR Mail to Vermont Department of Financial Regulation Banking Division

29. Step 29

    Web Addresses: The company's NMLS ID must be added to the opening web page(s) of the website(s) listed under the Web Addresses section of the Company Form (MU1).

    Submitted via: NMLS

30. Step 30

    Primary Contact Employees: The following individuals must be entered into the Contact Employees section of the Company Form (MU1). • Primary Company Contact - Enter the person the Department should contact for questions regarding the application and licensing issues. • Primary Consumer Complaint Contact - Enter person the Department should contact to process a consumer complaint.

    Submitted via: NMLS

General information

Other Vermont mortgage licenses

• Loan Servicer License
• Mortgage Broker License
• Mortgage Broker License
• Mortgage Broker Sole Proprietor License
• Mortgage Loan Originator License
• All 6 Vermont licenses

Sourced from the NMLS/CSBS state licensing record, last updated July 23, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.