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Virginia Mortgage Loan Originator Bond
Bond Requirements and Online Application
The Virginia Mortgage Loan Originator Bond is required by the Commonwealth of Virginia State Corporation Commission’s Bureau of Financial Institutions.
The Virginia Mortgage Loan Originator Bond ensures that the principle will abide by all Virginia state laws and regulations along with the provisions of Chapter 16 and/or Chapter 17 of Title 6.2 of the Code of Virginia. Only applicable to individuals who are required to be licensed as mortgage loan originators, but are themselves not employees or exclusive agents of either persons licensed or exempt from licensing under Chapter 16 of Title 6.2 of the Code of Virginia.
The required bond amount depends on the applicant’s loan volume from the previous calendar year:
A loan volume of $0 – $5,000,000 requires a $25,000 surety bond.
A loan volume of $5,000,001 – $20,000,000 requires a $50,000 surety bond.
A loan volume of $20,000,001 – $50,000,000 requires a $75,000 surety bond.
A loan volume of $50,000,001 – $100,000,000 requires a $100,000 surety bond.
A loan volume over $100,000,000 requires a $150,000 surety bond.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
How to Get Your Virginia Mortgage Loan Originator Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Virginia Mortgage Loan Originator Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days