State of Connecticut Department of Banking

Small-owned Businesses: Join us for a “Meet the Bankers” event on Wednesday, May 8th at 5:30 p.m. at CT Community College Housatonic in Bridgeport. Click here for more information. Pequeñas empresas: Participe con nosotros en el evento “Conozca a los Banqueros” el miércoles 8 de mayo a las 5:30 p.m. en CT Community College Housatonic en Bridgeport. Presione aquí para más información.

Mortgage Lender
Mortgage Correspondent Lender
Who Does Not Need This License?
  1. Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union, provided such bank or credit union is federally insured, any operating subsidiary of a federal bank or federally-chartered out-of-state bank or any wholly-owned subsidiary of a Connecticut bank or a Connecticut credit union.  Each wholly-owned subsidiary of a Connecticut bank or Connecticut credit union that engages in the business of making residential mortgage loans or acts as a mortgage broker in this state shall provide written notification to the commissioner prior to engaging in such activity.

  2. Persons or entities making five or fewer residential mortgage loans within any period of twelve consecutive months.

  3. Bona fide nonprofit corporations making residential mortgage loans to promote home ownership for the economically disadvantaged.

  4. Agencies of the federal government, or any state or municipal government or any quasi-governmental agency making residential mortgage loans under the specific authority of the laws of any state or the United States.

  5. Persons licensed under sections 36a-555 to 36a-573, inclusive, as amended by this act, when making residential mortgage loans authorized by said sections.

  6. Persons owning real property who take back from the buyer of such property a secondary mortgage loan in lieu of any portion of the purchase price of the property.

  7. Any corporation or its affiliate that makes residential mortgage loans exclusively for the benefit of its employees or agents.

  8. Any corporation, licensed in accordance with section 38a-41, or its affiliate or subsidiary, that makes residential mortgage loans to promote home ownership in urban areas.

  9. Persons acting as fiduciaries with respect to any employee pension benefit plan qualified under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, who make residential mortgage loans solely to plan participants from plan assets.

  10. Persons making secondary mortgage loans to individuals related to the maker by blood or marriage.
Notwithstanding the above-mentioned exemptions, persons and entitities exempt from licensure may still be subject to other provisions of law and regulation governing lending activity in Connecticut, including limitations on permissible loan terms.  Therefore, please review Part I of Chapter 668 of the Connecticut General Statutes, as amended by Public Act 09-207, 09-208, and 09-209, to determine if there are any provisions applicable to the transaction.