Mortgage licensing / Vermont

Vermont Mortgage Broker Sole Proprietor License

company licence · NMLS VTBROKERSP_C · DFR

Requirements (23)

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.

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 Mortgage Broker Sole Proprietor License – Other Trade Name #) is required. Vermont Mortgage Broker Sole Proprietor Licensees are permitted to use only one other trade name. 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 Resident/Registered Agent section of the Company Form (MU1) must list the sole proprietor if the applicant is a resident of Vermont, or a person who qualifies as a registered agent and matches the information currently on record with the Vermont Secretary of State.

   Submitted via: NMLS

5. Step 5

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

   Submitted via: NMLS

6. Step 6

   Bank Account: Bank account information must be completed for the sole proprietor’s Operating and/or Trust Primary accounts in the Bank Account section of the Company Form (MU1).

   Submitted via: NMLS

7. Step 7

   Direct Owner/Executive Officers: The individual below must be listed in the Direct Owner/Executive Officers section of Company Form (MU1). Sole Proprietor

   Submitted via: NMLS

8. Step 8

   Qualifying Individual: The sole proprietor 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

9. Step 9

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

   Submitted via: NMLS

10. Step 10

    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

11. Step 11

    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

12. Step 12

    Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products & services • Target markets • Fee schedule 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 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).

13. Step 13

    Company Staffing and Internal Policies: Upload document including state-required information on staffing and internal organizational policies and procedures. The document must include the following information: • Financial Privacy Policy This document should be named [Name of Policy]. Note: If submitting multiple staffing and internal policies, combine in single document for upload. 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).

14. Step 14

    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 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. • Mortgage Broker/Prospective Borrower Agreement [8 V.S.A. § 2219 & Banking Regulation B-2014-02] This document should be named [Name of Document Sample].

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

15. Step 15

    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)]. Sole Proprietor Business Registration, if applicable

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

16. Step 16

    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 Mortgage Broker Sole Proprietor License Trade Name / Assumed Name.

    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).

17. Step 17

    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 Mortgage Broker Sole Proprietor License]; [last 5 digits of account number]. (e.g. Mortgage Broker, VT, xxxxx).

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

18. Step 18

    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).

19. Step 19

    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).

20. Step 20

    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

21. Step 21

    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 independent third party 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

22. Step 22

    Affidavit of Prior Activity: Please provide an affidavit, signed, and dated by an officer of the firm, indicating whether or not business has been conducted with any Vermont clients. If business has been transacted with Vermont clients, please provide 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. The firm’s response should be sent to the attention of dfr.licensing@vermont.gov.

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

23. Step 23

    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

General information

Other Vermont mortgage licenses

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

Sourced from the NMLS/CSBS state licensing record, last updated August 13, 2026. Requirements change — confirm against the state agency before filing. Not legal advice.