What are the liquid asset requirements for mortgage lenders and mortgage brokers? Are audited statements required?
Mortgage lenders: 8 V.S.A. 2203(b) requires an applicant for a lender’s license to maintain liquid assets of $25,000.00 ($50,000.00 for commercial lending), or such greater amount as the commissioner may require, available for the operation of the business at the location specified in the application. Lender applicants must submit entity only financial statements, which have been audited in accordance with generally accepted auditing principals (GAAP) by an independent certified public accountant (CPA), prior to approval.
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