Commercial Surety Bonds

Virginia Mortgage Broker Bonds

Tweet

Mortgage Brokers in the state of Virginia are regulated by the Bureau of Financial Institutions. The requirements for both a Mortgage Broker and a Mortgage Lender are the same. The state of Virginia is not a Brick and mortar state so you do not need to maintain a physical location in the state. Licensed Brokers in Virginia do not have to renew their license annually although they are required to submit an annual report at the end of each year.

Virginia has a $25,000 Surety Bond requirement which must be maintained yearly and must be continuous in nature. This bond is an easy bond for all Surety Companies and well liked because they have a 90 day cancellation clause written into the bond language. Be careful with this bond though as the renewal sneaks up on you quickly and bonds will be cancelled if payments are not received three months prior to their expiration date.

Bad Credit Virginia Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Virginia License Requirements

Age: No requirement

State Residency: No requirement

Experience: Personal business disclosure form is required

Education: No requirement

Continuing Education: No requirement

Net Worth: No requirement

Surety Bond: $25,000

Background Check: Credit/Criminal background checks

Virginia State Licensing Fees

Initial Application: $500

Branch Location: $500

Renewal Application: No license renewal required by the state

Branch Offices:

In State Requirements: No physical location required

Licensure Requirements: Each office must be licensed individually

Exemptions:

Entities: Banks, Credit Union, Attorney, and savings and Loan Companies

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Questions? Ask us here!

Choose Another State: