How much does a mortgage broker bond cost in Virginia?
The State Corporation Commission’s Bureau of Financial Institutions in Virginia requires mortgage brokers and mortgage loan originators to post surety bonds in varying amounts. The required bond amount is based on the broker’s annual volume of loans brokered. Applicants should verify their required bond amount with the state prior to bonding.
Because the required amount and, therefore, the price of this bond can vary so much, the best way to find out exactly how much you’ll pay is to request your free bond quote now!
If you’re ready to get bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or click here to submit an online bond request. We can provide your free, no-obligation bond quote within 1 business day of submitting your application.
Why do I need this bond?
Virginia mortgage broker bonds and mortgage loan originator bonds ensure that principals (brokers, lenders and originators) strictly comply with the provisions of Chapter 16 and/or Chapter 17 of Title 6.2 of the Code of Virginia and all other applicable laws and regulations. If the principal fails to conduct business ethically and lawfully, the bond protects the state and any person who suffers loss as a result of the principal’s actions up to the full bond amount.
The surety will cover all losses initially, and the principal must reimburse the surety for all damages paid out.
What’s the fine print?
Virginia mortgage broker and mortgage lender surety bonds remain in full force and effect until canceled. The surety can terminate the bond by giving written notice of its intent to do so to the principal and to the Commissioner of Financial Institutions at least 90 days prior to the effective termination date.
How to become a mortgage broker in Virginia
To obtain a Virginia mortgage broker or loan originator license, applicants must do the following:
- post a surety bond in the proper amount
- submit fingerprints and satisfactory background check through NMLS
- furnish a pre-license educational certification through NMLS
- receive a passing score on the nation and state mortgage test
- furnish proof of financial responsibility, character and general fitness, including a satisfactory credit report
- and more
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