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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.Virginia Mortgage Loan Originator Bond

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.

Licensing Fees and Requirements:

  • Surety bond
  • Pre-licensing educational course through NMLS
  • Nation state mortgage test passing score
  • Background check and fingerprinting
  • Fees according to fee schedule

All licensing fees are required by the obligee, not the surety company.

CLICK HERE for additional licensing information from the State Corporation Commission’s Bureau of Financial Institutions. 

APPLY for this bond and get a free quote here

 

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.
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