Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year.
The earlier legislation streamlines Vermont's licensing schematic and is available here. The press release for that legislation is available here.
Effective July 1, 2019, the following application fees apply in Vermont:
- Lender license: a $1,000 license fee and a $1,000 application/investigation fee for the initial license. For each additional license for the same applicant – a $500 license fee and a $500 application/investigation fee;
- Lender license (commercial only): a $500 license fee and a $500 application/investigation fee;
- Mortgage broker: a $500 license fee and a $500 application/investigation fee;
- Mortgage broker (individual sole proprietor with no other person authorized to act as a broker under the license): a $250 license fee and a $250 application/investigation fee;
- Mortgage loan originator: a $50 license fee and a $50 application/investigation fee;
- Loan solicitation: a $500 license fee and a $500 application/investigation fee;
- Loan servicer: a $1,000 license fee and a $1,000 application/investigation fee; and
- For any combination of lender license, mortgage broker license, loan solicitation license, or loan servicer license: a $1,500 license fee and a $1,500 application/investigation fee.
- Renewal fees are as follows:
- Lender license: $1,200;
- Lender license (commercial only): $500;
- Mortgage broker: $500;
- Mortgage broker (individual sole proprietor with no other person authorized to act as a broker under the license and originating five or fewer loans within the last calendar year): $250;
- Mortgage loan originator: $100;
- Loan solicitation: $500;
- Loan servicer: $1,000; and
- For any combination of lender license, mortgage broker license, loan solicitation license, or loan servicer license: $1,700.
A copy of the legislation is available here.
