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Mortgage licensing / Vermont

Vermont Loan Servicer License

branch licence · NMLS VTSERVICER_B · DFR

Requirements (10)

  1. Step 1

    Other Trade Names: If this branch is 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 both the Branch Form (MU3) and the Company Form (MU1). Vermont Department of Financial Regulation does not allow more than three (3) other trade names. Vermont Loan Servicer Licensees are prohibited from using more than one other trade name for each license obtained.Therefore, please be advised that applicants must hold a Loan Servicer License - Other Trade Name for each other trade name that will be used at the branch. 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 Vermont 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.

    Submitted via: NMLS

  2. Step 2

    Submission of Branch Form (MU3): Complete and submit the Branch Form (MU3) in NMLS. This form serves as the application for the license through NMLS.

    Submitted via: NMLS

  3. Step 3

    Branch Manager: An on-site Branch Manager must be designated for each licensed location. A Branch Manager is an individual whose principal office is physically located in, who is in charge of, and who is responsible for the business operations of the branch office. Note: The Branch Manager’s residential address must be within a reasonable commuting distance of 50 miles from the branch address.

    Submitted via: NMLS

  4. Step 4

    Branch Manager (MU2) Attestation: Complete the Individual Form (MU2) in NMLS. This form must be attested to by the applicable branch manager before it is able to be submitted along with the Branch Form (MU3). Note: The employer’s name as it appears on the Company Form (MU1) must be entered in the Employment History section of the Individual Form (MU2), and the business address must match the branch address on the Branch Form (MU3).

    Submitted via: NMLS

  5. Step 5

    Credit Report: Branch Managers are required to authorize a credit report through NMLS. Individuals will be required to complete an Identity Verification Process (IDV) along with an individual attestation before a license request for your company can be filed through NMLS. This authorization is made when the Individual Form (MU2) is submitted as part of the Branch Form (MU3).

    Submitted via: NMLS

  6. Step 6

    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. 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). This document should be named Credit Report Explanations – Sub Name – Document Creation Date.

    Submitted via: Email to VT: dfr.licensing@vermont.gov

  7. Step 7

    MU2 Individual FBI Criminal Background Check Requirements: The branch manager listed on the Branch Form (MU3) is required to authorize an FBI criminal background check (CBC) through NMLS. 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

  8. Step 8

    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 the last 10 consecutive years, must provide an investigative background report prepared by an acceptable search firm and submitted directly to the Department by the search firm. 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. • A comprehensive credit report/history prepared by an independent third party credit reporting agency in the country where the individual resides/resided. 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

  9. Step 9

    Branch Written Agreement: Upload a copy of any written agreement or contract with the main office. This document should be named [Branch NMLS ID#] Branch Written Agreement.

    Submitted via: NMLS

  10. Step 10

    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

General information

GENERAL INFORMATION Who is required to have this license? Each location of a Vermont licensed loan servicer, whether or not located in Vermont, that engages in the business of residential mortgage loans servicing. See 8 V.S.A. Chapter 72, General Provisions and 8 V.S.A. Chapter 85, Loan Servicers Act, for more information. Vermont Department of Financial Regulation does not issue an electronic license or a paper license for this license type. Approval in NMLS serves as the official record for authority to engage in activity at this location. Activities Authorized Under This License This license authorizes the following activities as defined by NMLS on the Business Activities Definitions chart: • First mortgage servicing - Whole Loan • First mortgage servicing - MSR • Third party first mortgage servicing • Subordinate lien mortgage servicing - Whole Loan • Subordinate lien mortgage servicing - MSR • Interim Servicing • Third party subordinate lien mortgage servicing • Master servicing - Whole Loan • Master servicing - MSR • Short sale • Mortgage loan modification Pre-Requisites for License Applications • The applicant must hold a Company VT Loan Servicer License or VT Combination License. Note: Only print REQUIREMENTS SUBMITTED OUTSIDE OF NMLS page for the submission of the documents lists. There is no need to print out and send all pages of this checklist. All documents must have the applicant’s NMLS ID#.

Other Vermont mortgage 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.

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