Does the state require a physical location within the state?
Vermont has no in-state office requirement.

Is there individual loan officer licensing?
No.

What are lenders, brokers and loan officers called?
Vermont uses the terms licensed lenders and mortgage brokers.

What is the cost of a license? Surety bond? Are there net worth requirements?
Applicants for a license must submit an application containing the name and residence address, as well as place of business, of the applicant. It must also list every member, officer, and director, as applicable.

There is a $1,000 nonrefundable investigation fee and $1,000 annual license fee for a lender's license. An additional $100 fee is required if the licensee also intends to act as a mortgage broker.

There is a ?$250 application and investigation fee for a mortgage broker's license and a $250 license fee. A lender must provide a $50,000 bond and a broker must provide a $25,000 bond. Applicants must enclose financial statements that reflect a minimum net worth of $50,000.

A lender applicant must have liquid assets of at least $25,000 available to operate its business at the specified location. Licensees must renew their licenses annually by December 1 by paying a $1,200 fee for a lender's license and $350 for a mortgage broker's license.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
Vermont issues separate lender and broker licenses.

Are there any state specific high cost loan provisions?

Vermont Regulation B-98-2:

High-Rate, High-Point Notices For Residential Real Estate Loans became effective January 1, 1999. It was published to implement the disclosure resulting from the addition to the Vermont statutes of a section relating to high rate loans. The disclosure is required on every loan secured by a first lien on residential real estate in which the borrower is expected to be charged in excess of 4 points or an interest rate in excess of 3 percent over the "declared rate" as established by the banking commissioner, or both on the loan. The disclosure must include the following:

• A notice in uppercase letters and in at least 14-point bold type and otherwise distinguishable from all other text of the disclosure stating:
  You May Be Eligible For A Loan With Either A Lower Interest Rate, Fewer Points, Or Both, From Another Lender.
• A statement informing the borrower(s) that they are applying for a loan with an interest rate that exceeds the declared rate by more than 3 percent or for which the lender will charge more than 4 percentage points.
• A statement informing the borrower(s) that they can obtain a list of other lenders by calling or writing to the Department of Banking, Insurance, Securities and Health Care Administration, including the department's telephone number and mailing address.
• Dated signatures of the lender and all borrowers to be obligated under the note.