Virginia Mortgage Brokers are required to have a license and file a Virginia Mortgage Broker Bond 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 license to conduct business.
Applicants apply for their license through the National Mortgage Licensing System (NMLS).
The license requirements are as follows:
Complete the 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 from SuretyGroup.com. The bond is not a requirement if the mortgage broker is already licensed as a mortgage lender in Virginia. A copy of the 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.
The premium that you pay for a Virginia Mortgage Broker Bond is dependent on credit.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday