The Bureau of financial Institutions (BFI) regulates and licenses mortgage brokers in the State of Virginia. Applications for broker licenses are submitted through the Nationwide Mortgage Licensing System (NMLS), and additional requirements for Virginia can be found on the NMLS website. Licensing costs are $600, including the NMLS processing fee. Additionally, the cost for the credit report for control persons is $15 per person and $25 per person for any state criminal history checks that are needed. Any fees collected by NMLS are not refundable.
A requirement of the licensing process is the submitting and maintaining of a $25,000 surety bond with the BFI. The bond must be uploaded to the NMLS website, and an original copy must be mailed to the BFI. Virginia Mortgage Broker surety bonds guarantee that the principal (mortgage broker) complies with all provisions of COV Title 6.2 – Chapter 16. If any borrower or consumer incurs losses or damages due to the principal’s failure to comply with Virginia law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Mortgage Broker Surety Bonds – Virginia
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