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Below you will find information on the following
topics for Virginia: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Virginia
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
If you would like to find information about another state then
please click
here and select the state.
Virginia Mortgage License and Education Information |
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The
Bureau of Financial Institutions is a regulatory division of the Virginia
State Corporation Commission (SCC.) and is involved in consumer protection through
administration of state laws regarding banking and savings institutions, as well
as mortgage brokers and lenders and others.
The following information is required to obtain a Mortgage Broker License in
the State of Virginia:
- Submit a completed and signed application along with the stipulated fees
and other required documents to the department.
- The applicant must submit a properly executed, recent personal financial
report and biographical information form for each director, senior officer
partner, and principal on form CCB-1123.
- A current financial report including a balance sheet and income statement
for the applicant and for each entity owning, directly or indirectly, 10%
or more of the applicant must be submitted. Also, a copy of the most recent
year-end financial report of the applicant and any company owning 10 percent
or more of the applicant is required.
- For a mortgage broker's license, a surety bond in the amount of $25,000
must be filed. If the application is for a mortgage lender's license or both
mortgage broker license and mortgage lender's license, then the surety bond
in the amount of $50,000 is required.
- Foreign corporations, limited liability companies, and limited partnerships
must register with the Clerk of the State Corporation Commission before filing
the application for mortgage broker license.
- There are no specific educational or experience requirements for obtaining
a Mortgage Broker License in Virginia.
You can access Chapter 16 of Title 6.1 of the Code of Virginia which is the
Mortgage Lender and Broker Act at Legislative
Information System > 2004 Session.
Application forms can be downloaded at Virginia
State Corporation Commission - Bureau of Financial Institutions - Application
Forms.
For more information, visit Virginia State Corporation Commission - Bureau of Financial Institutions.
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