Virginia Mortgage Broker Surety Bonds
Virginia Mortgage Brokers are required to have a license and file a Virginia mortgage broker surety sond as a condition of licensure. Mortgage brokers that offer first mortgage brokering, second mortgage brokering, mortgage loan modifications, reverse mortgage brokering, home equity lines of credit, high cost mortgage brokering and lead generation are required to have a Commonwealth of Virginia State Corporation Commission Bureau of Financial Institutions license to conduct business. Applicants will need to apply for their license through the National Mortgage Licensing System (NMLS).
Surety Bond and License Requirements:
- Complete the mortgage broker application and pay the application fee, credit report fee, NMLS processing fee, state criminal history check. Send the check for criminal background check to the Bureau of Financial Institutions, all other fees are paid through the NMLS system.
- Obtain a $25,000 surety bond. The surety bond is not a requirement if the mortgage broker is already licensed as a mortgage lender in Virginia. A copy of the surety bond must be uploaded into the NMLS system and the original bond must be mailed directly to the Bureau of Financial Institutions, Administration and Licensing Section, P.O. Box 640, Richmond, VA 23218-0640.
- Upload the following documents into NMLS: a business plan, a management chart, an organizational chart, and financial statements-balance sheet, income statement and all relevant notes. New companies need only to submit a beginning balance sheet.
- Applicants that are a limited liability company, corporation, partnership, unincorporated association, not for profit corporation or trust need to provide a copy of their formation documents and a Certificate of Authority or Good Standing Certificate. The certificate is obtained from the Clerk of the Virginia State Corporation Commission.
- Applicants that will be using a dba or trade name need to obtain an assumed name certificate obtained from the local county or city circuit court. Upload a copy in NMLS.
- Submit the following for owners, directors, executive officers directly to the Bureau of Financial Institutions, Administration and Licensing Section: Personal financial statements, criminal history consent forms, principal financial statements, business references and a bank reference.
- If any of the disclosure statements were answered "yes," provide an explanation for each.
How Much Will a Virginia Mortgage Broker Bond Cost?
The premium that you pay for a Virginia Mortgage Broker License Surety Bond is dependent on credit. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote based on your specific situation.
Related LinksVirginia NMLS Mortgage Broker License InformationVirginia Mortgage Broker Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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