Whether a mortgage broker is a company with a number of employees, or a sole proprietorship, Virginia state law requires mortgage brokers to furnish the State Corporation Commission, Bureau of Financial Institutions, with evidence of a surety bond.
The amount required will be determined by the dollar amount of loan originated from the prior calendar year.
AmeriPro Surety Bonds provides the mortgage broker and loan originator bond in the amount required by law.
The breakdown for mortgage broker bond is by the production loan volume of the prior calendar year. If this is your first year as mortgage broker, then a $25,000 surety bond is required.
Loan Volume Surety Bond Amount Required
$0- $5,000,000 $25,000
above $100,000,000 $150,000
The cost of your Virginia mortgage broker or loan originator bond will depend on the value of the surety bond purchased and your credit score. An applicant for any of these surety bonds, based on the above, may anywhere between 1-4% annually for this surety bond.
After the purchase, your Virginia mortgage broker bond is filed through NMLS, an electronic nationwide filing system.
Once issued, the bond is active for one year from the date of issuance; thereafter it must be renewed.
Our agency offers this surety bond and allows it to be prepaid for a period of up to 3 years, offering a savings over an annual renewal; however, that decision is yours.
The purpose of the Virginia mortgage broker or loan originator bond is a financial guarantee that mortgage and loan origination business will be conducted in accordance with the law.
The bond protects the people of the state of Virginia from acts of fraud, theft, or criminal malfeasance.
Such protections also extend to wrongful acts committed by any agents, manager, and employees of a licensed mortgage broker firm.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout the Commonwealth of Virginia and nationwide.
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