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Virginia Mortgage Broker or Loan Originator Bond

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!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Lender or Broker Bond Varies Starts at 1% 4-8% 10%+ Apply Now
Mortgage Loan Originator Bond Varies Starts at 2% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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.

Apply for your free bond quote now!

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

Take the first step toward becoming licensed in Virginia by purchasing the surety bond you need!

Mortgage Industry Surety Bonds Avaiable Nationwide

Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.

Ready to get started?

Get a FREE Mortgage Broker Bond Quote Today!

Additional Resources

NMLS Resource Center State Licensing Requirements Virginia

Commonwealth of Virginia State Corporation Commission

Commonwealth of Virginia State Corporation Commission Mortgage Lenders/Brokers

Commonwealth of Virginia State Corporation Commission Mortgage Loan Originator Licensing

Commonwealth of Virginia State Corporation Commission Mortgage Loan Originator Application Forms

Code of Virginia Title 6.2, Chapter 16: Mortgage Lenders and Mortgage Brokers

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