Virginia Mortgage Broker and Lender Bond (Dual License)
The minimum bond amount for a mortgage company with dual authority as both a mortgage lender and mortgage broker shall be $50,000, as outlined in 10VAC5-160-15. The bond amount shall be adjusted annually in accordance with the following scale based upon residential mortgage loans originated during the preceding calendar year:
| Bond Amount Required | Annual Premium | |
| $0- $5,000,000 | $25,000 | $150 |
| $5,000,001- $20,000,000 | $50,000 | $300 |
| $20,000,001-$50,000,000 | $75,000 | $450 |
| $50,000,001-$100,000,000 | $100,000 | $600 |
| over $100,000,000 | $150,000 | $900 |
Overview
Virginia mortgage brokers and lenders can obtain a combined bond to meet their licensing requirements. These bond amounts range between $50,000 to $150,000, depending on the loan volume funded in the preceding calendar year.
The NNA has secured premiums of $6 per $1,000 in liability for all Virginia mortgage brokers to obtain this bond without a credit check.