Virginia Mortgage Broker Requirements
Mortgage brokers in Virginia are licensed and regulated by the Bureau of Financial Institutions.
Applicants seeking a Virginia mortgage broker license are not required to maintain a physical office within the state of Virginia. Applicants must maintain a surety bond in the amount of $25,000 and submit personal financial statements that have been completed within the past 90 days. Licensed brokers are not required to renew their license on an annual basis, but they must submit an annual report each year.
The Virginia Bureau of Financial Institutions does not require mortgage brokers to pass an examination.
Virginia Mortgage Licensing Fees
The Virginia Bureau of Financial Institutions charges $500 for the mortgage broker application fee.
For complete assistance on your Virginia Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.
If you're a Do-It-Yourself kind of person and just want someone to guide you through the process while you do all the paperwork, you will want to check out our sister company website for the Virginia Broker and Lender License Guide. Here, you can download complete guides on how to work your way through each state's mortgage application. This information is priceless as it will save you countless hours of research and ensure that your company submits an application that will be accepted by the state agencies.