What is a Virginia Mortgage Broker, Lender or Originator Bond?
Mortgage lenders, brokers and originators must furnish surety bonds in Virginia as required the State Corporation Commission’s Bureau of Financial Institutions. Bond amounts vary and are determined by the Commission based on annual loan volume. Applicants should have loan amount required when requesting a bond quote.
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Why is a Virginia Mortgage Bond Required?
The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
Mortgage Bonds And Getting Your Virginia Business License/Registration
The Virginia Mortgage Broker license is required of any company or sole proprietor that, directly or indirectly, negotiates, places or finds mortgage loans for others, or offers to negotiate, place or find mortgage loans for others.
The Virginia Mortgage Broker license is required of any company or sole proprietor that, directly or indirectly, originates or makes mortgage loans.
This Virginia Mortgage Loan Originator license is required for an individual who takes an application for or offers or negotiates the terms of a residential mortgage loan that is secured by real property located in the Commonwealth of Virginia.
Additional Virginia Mortgage Bond Resources & Links
Commonwealth of Virginia State Corporation Commission Bureau of Financial Institutions
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