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.
All Virginia mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Virginia-required content. Continuing Education
Requirements include at least eight hours of NMLS approved instruction.
The licensing fee for NMLS for Loan
Originators is $219. As of April 2010, no information with regard to a Virginia
Mortgage Brokers license was available on the NMLS website. For the pre-NMLS broker
license application, click here.
A surety Bond in the amount of $25,000.00 must accompany the application. 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.
The Virginia Association of
Mortgage Brokers (VAMB)
, incorporated in 1987, is an affiliate of the National Association of Mortgage Brokers
(NAMB). 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.