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.