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How much does a mortgage broker, mortgage lender, or mortgage loan originator bond cost in Virginia?
Mortgage license bonds are subject to review by an underwriter, meaning the cost an applicant will pay is based on their personal credit. However, if the underwriter determines the applicant to highly qualified, they will typically approve the application for less than 1% of the total bond amount.
If you’re ready to get bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit an online bond request. We can provide your free, no-obligation bond quote within 1 business day.
Why do I need a mortgage broker, mortgage lender, or mortgage loan originator bond?
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.
Virginia mortgage broker bonds and mortgage loan originator bonds ensure 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.
Additional details on mortgage broker, mortgage lender, or mortgage loan originator bonds
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 licensed mortgage broker in Virginia
To obtain a Virginia mortgage broker or loan originator license, applicants must take the following steps:
- Post a surety bond in the proper amount
- Submit fingerprints and satisfactory background check through NMLS
- Show a pre-license educational certification through NMLS
- Receive a passing score on the nation and state mortgage test
- Show proof of financial responsibility, character and general fitness, including a satisfactory credit report
Take the first step toward becoming licensed in Virginia by purchasing the surety bond you need.
Mortgage Industry Surety Bonds Available 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.