Virginia Mortgage Broker Bond

Virginia Mortgage Broker Bond

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A Virginia mortgage broker bond is a type of surety bond that is required by the Virginia Bureau of Financial Institutions for individuals or companies acting as mortgage brokers in the state. The purpose of the bond is to provide a financial guarantee to the state and consumers that the mortgage broker will adhere to all applicable laws and regulations. To obtain a Virginia mortgage broker bond, the broker must work with a surety company who will issue the bond on their behalf. The bond amount required by the state varies based on the volume of loans the broker originates, with a minimum bond amount of $25,000. If a consumer suffers financial losses due to the mortgage broker's actions, they can file a claim against the bond. If the claim is found to be valid, the surety company will pay out the amount of the bond to the consumer, up to the bond amount. Having a Virginia mortgage broker bond is a requirement for all mortgage brokers operating in the state. It serves as a protection for consumers and helps ensure that mortgage brokers are held accountable for their actions.

What is an Virginia Mortgage Broker Bond? 

Virginia Mortgage Broker Bonds are required by Virginia’s Bureau of Financial Institutions to obtain your Mortgage Broker license. The Virginia Mortgage Broker Bond amount is set at $25,000. This license is required for an individual who takes an application for or offers or negotiates the terms of a residential mortgage loan that is secured by real property located in the Commonwealth of Virginia.

The State requires a Mortgage Broker bond for :  

a minimum of a $25,000 surety bond is required. 

Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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Virginia Mortgage Broker Bond Information and Requirements:

Any loan requires at least a $25,000 surety bond for a mortgage broker license. 

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