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Do Virginia Mortgage Loan Originators Have a Bond Requirement?

A

Virginia Mortgage Loan Originators are required to have a license and file a Virginia Mortgage Loan Originator Surety Bond as a condition of licensure. Individuals that act as mortgage loan originators or transitional mortgage loan originators that are employees or exclusive agents or are not employees; that have or have not taken the pre-licensing examination or may be employed by an exempt entity are required to have a license to conduct business. Entities that employ mortgage loan originators but are exempt from licensing can register as an option.

Applicants apply for their license through the National Mortgage Licensing System (NMLS).

    Transitional Mortgage Loan Originators and Individual Loan Originator Requirements:

Complete the pre-license education and pass either the SAFE Test or the National Test Component of the Uniform State Content, complete the application and pay the NMLS processing fee, credit report fee, licensing fee, FBI criminal background check fee.

Upload the following documents into NMLS: a company sponsorship (if employed by a licensed mortgage broker or lender) and an employment history.

Mail the following to the Bureau of Financial Institutions, Administration and Licensing Section: Employment Verification Form, evidence of financial responsibility (if applicant has any outstanding judgements, collection accounts, tax liens or government liens, delinquent or charged-off accounts, foreclosures within the past seven years). Provide a detailed explanation for each credit mark. Also provide a Mortgage Business Certificate Form (CCB-8816).

If the applicant is required to have a license and is not an employee or exclusive agent of either an entity or persons licensed or is exempt from licensing must obtain a surety bond.

Exempt Company Registration Requirements:

Complete the application and pay the NMLS processing fee.

Exempt mortgage companies that will be using a trade name or dba need to obtain an assumed name certificate obtained from the local county or city circuit court. A Certificate of Authority or a Good Standing Certificate is also required and can be obtained from the Clerk of the Virginia State Corporation Commission. Upload a copy of each into NMLS

General license/registration requirements for both exempt mortgage companies and transitional and individual mortgage loan originators:

Obtain a surety bond from SuretyGroup.com. Bond amounts are based on the volume of loans brokered in the previous year. Mortgage Loan Originators who did not broker loans in the previous year are required to carry a $25,000 bond.

  • $0 - $5 million Loan Volume = $25,000 Bond
  • $5,000,001 - $20 million Loan Volume = $50,000 Bond
  • $20,000,001 - $50 million Loan Volume = $75,000 Bond
  • $50,000,001 - $100 million Loan Volume = $100,000 Bond
  • Over $100 million Loan Volume = $150,000 Bond
  • Send the original bond, the Mortgage Business Certification (form CCB-8816) and a written explanation of the reason that the company is exempt to the Bureau of Financial Institutions, Administration and Licensing Section, P.O. Box 640, Richmond, VA 23218-0640.

    If any of the disclosure statements were answered "yes," provide an explanation for each one.

    How Much Will This Bond Cost?

    Premium for a Virginia Mortgage Loan Originator Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 will require personal and business financial statements.

    Have Questions?

    Contact our Surety Bond Specialists at:

    Phone: 1‑844‑432‑6637
    Emailinfo@suretygroup.com
    Fax:     404-351-3237
    Hours: 8:00-5:00 CST, Monday through Friday



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