Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Virginia or anyone looking to become a mortgage broker in Virginia.
The Commonwealth of Virginia regulates Mortgage Brokers through the
Bureau of Financial Institutions. The requirements to
become a Mortgage Broker in Virginia are the same as those for becoming a Mortgage Lender. In Virginia, anyone who acts as a Mortgage Broker, even for only one loan, needs to have a
Mortgage Broker License.
A non-refundable application fee in the amount of $500.00 needs to be paid with the application, along with providing a Surety Bond in the amount of $25,000.00. Current Financial Statements (less than 90 days old) and personal information need to be provided for each applicant, along with an Employment and Business Affiliation Disclosure form.
One unique feature of
Virginia Mortgage Broker Licenses is they do not have expiration dates and remain in effect until surrendered, suspended, or revoked. However, an Annual Report and current financial statements do need to be provided.
The
Virginia Association of Mortgage Brokers (VAMB), incorporated in 1987, is an affiliate of the National Association of Mortgage Brokers (NAMB) www.namb.org. The VAMB promotes the highest degree of professionalism for those in a Mortgage Broker career within the real estate industry, and is a true asset and educational resource for those who want to become a Mortgage Broker in Virginia.
We also offer information and resources for Virginia Commercial Mortgage