Virginia Mortgage Broker Bonds

In order to get your Virginia mortgage broker license, you have to obtain a $25,000 surety bond. It is one of the indispensable requirements imposed by the State Corporation Commission for the licensing of mortgage brokers who want to operate on the territory of Virginia. The bond guarantees your compliance with the Code of Virginia, Title 6.2, Chapter 16. The actual licensing process is conducted via the website of the Nationwide Multistate Licensing System & Registry (NMLS).

Virginia mortgage brokers are required by the state to obtain a $25,000 surety bond. The process entails covering a bond premium, which is a fraction of this bond amount. The rates for applicants with stable finances are in the range of 0.5% and 5%.

How exactly is your surety bond cost determined? The factors that influence it include your personal credit score, company finances, and fixed and liquid assets that you may have. The surety that you apply with considers these indicators and thus assesses the level of risk. The lower it is, the smaller your premium would be.

You can still obtain your Virginia mortgage broker bond despite financial difficulties you may be facing. Lance Surety Bonds' Bad Credit Surety Bonds program is designed for applicants struggling with low credit scores, tax liens, bankruptcies, and civil judgments.

Due to the higher bonding risk, the rates you can expect are between 5% to 10%. Nevertheless, we are able to offer you a top premium. We collaborate with a number of A-rated, T-listed surety companies, which allows us to shop around for you.

It is easy to get started with your bonding. You can complete our online application form (it takes 5min) and attach the required paperwork. Then we will send you a bond quote. If you're happy with it, you can buy the bond straight away. We will provide you with a paper and a digital version of it.

Do you want to delve into the nitty-gritty details of the bonding procedure? Make sure to consult our extensive How to Get Bonded page.

You can also speak with our bonding experts by calling us at (877) 514-5146.

The goal of the surety bond that you obtain is to protect the interests of your customers against potential illegal activities on your side. If you fail to follow applicable laws and a party is harmed as a result, they can file a claim against your bond. The maximum compensation they can seek is the bond amount you have obtained, which is $25,000 in this case.

For proven cases, the surety that bonded you may step in to cover the costs. Then you will need to reimburse it fully, as per the bond indemnity agreement. Thus, the full responsibility for bond claims remains with you, so it is best to avoid them as much as possible.