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How Much Does a Virginia Mortgage Broker & Mortgage Lender Bond Cost?
The cost of a Virginia mortgage broker bond starts at $250, and the mortgage lender bond cost starts at $500. The actual bond premium amount is 1% to 10% of the bond amount. The required Virginia surety bond for a mortgage broker is $25,000. The required mortgage lender bond is $50,000.
Rather than paying the full bond amount, you can purchase your required mortgage broker or lender bond through a surety company. The premium cost is dependent on factors such as your credit score, your fixed and liquid assets, and your business experience.
Applicants qualify for a premium rate of 1% to 3% of the required bond amount with a credit score of 700 or higher. A premium rate of 3% to 5% applies for applicants with a credit score between 600 and 699. For applicants with a credit score of 599 or lower, the rate is between 5% and 10%.
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Virginia Mortgage Broker Bond (new brokers) |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Virginia Mortgage Broker Bond (established brokers, loan volume $5,000,000 or less) |
$25,000 |
$250 - $750 |
$750 - $1250 |
$1,250 - $2,500 |
|
Virginia Mortgage Broker Bond (established brokers, loan volume $5,000,001 to $20,000,000) |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Virginia Mortgage Broker Bond (established brokers, loan volume $20,000,001 to $50,000,000) |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Virginia Mortgage Broker Bond (established brokers, loan volume $50,000,001 to $100,000,000) |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Virginia Mortgage Broker Bond (established brokers, loan volume over $100,000,000) |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
Virginia Mortgage Lender Bond (new lenders) |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Virginia Mortgage Lender Bond (established lenders, loan volume $5,000,001 to $20,000,000) |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Virginia Mortgage Lender Bond (established lenders, loan volume $20,000,001 to $50,000,000) |
$75,000 |
$750 - $2,250 |
$2,250 - $3,750 |
$3,750 - $7,500 |
|
Virginia Mortgage Lender Bond (established lenders, loan volume $50,000,001 to $100,000,000) |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
Virginia Mortgage Lender Bond (established lenders, loan volume over $100,000,000) |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
How to Get a Virginia Mortgage Broker or Mortgage Lender Bond
1. Apply For Your Bond
Getting a free quote for your mortgage broker or lender bond in Virginia is a fast, easy process. Simply take a few minutes to fill out the online application. With numerous bond programs available and with more than 10 years of experience, we provide bonds to more than 99% of applicants.
When Phillip recently contacted us, he needed a bond to meet Virginia’s licensing requirements. However, with his low credit score, he was uncertain if he qualified. He applied online and instantly received a no-obligation quote. Phillip paid the premium online and was bonded immediately.
2. Get a Quote
Through our simplified application process, you could get a quote for your Virginia mortgage broker or mortgage lender bond within the next few minutes. Our fast process enables you to set up your bond quickly and continue on with the rest of the licensing steps.
While most applicants receive an immediate quote online, more complex situations require greater review. In these cases, we will be in touch with a quote within 48 hours.
3. Purchase Your Bond
After reviewing your bond quote, the last step is to buy your bond. We accept online payments for your convenience. After paying the premium, you will receive the bond via email. We can also mail the bond to you upon request.
If you have any questions or encounter any difficulties, our surety bonds experts are here to help you – contact us or call us at (877) 514-5146.
Mortgage Broker or Mortgage Lender Bond Requirements in Virginia
The Virginia mortgage broker license requirements and the mortgage lender requirements are established under Chapter 16, 6.2-1600 of the Code of Virginia. When applying for a new mortgage broker license, applicants must hold a bond of $25,000. For renewing an existing license, the bond amount is determined based on the previous year’s loan volume as follows:
|
Loan Volume (in Millions) |
Bond Amount |
|
$0 - $5,000,000 |
$25,000 |
|
$5,000,001 - $20,000,000 |
$50,000 |
|
$20,000,001 - $50,000,000 |
$75,000 |
|
$50,000,001 - $100,000,000 |
$100,000 |
|
over $100,000,000 |
$150,000 |
When learning how to get a mortgage broker or lender license in Virginia, you should know who is required to get a license.
A mortgage broker license is for first mortgage brokering and second mortgage brokering. It is also required for lead generation, mortgage loan modifications, brokering home equity lines of credit, reverse mortgage brokering and high cost mortgage brokering.
A mortgage lender license is required for first mortgage lending and second mortgage lending. It is also required for home equity lending, reverse mortgage lending, high cost mortgage lending and mortgage loan modifications.
Both licenses expire on December 31. As part of the license renewal process, the bond must be renewed. Your bond company will contact you prior to the expiration date to process the renewal.
Submit the surety bond form with your other licensing documentation to the Bureau of Financial Institutions at:
Bureau of Financial Institutions
Administration and Licensing Section
P.O. Box 640
Richmond, VA 23218-06460
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Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
