Virginia Mortgage Broker Bond
Cost of Virginia Mortgage Broker Bond
| Previous Year Origination Volume | Bond Amount Required | Bond Term | Annual Premium |
| $0-$5,000,000 | $25,000 | 1 Year | $150 |
| $5,000,001-$20,000,000 | $50,000 | 1 Year | $300 |
| $20,000,001-$50,000,000 | $75,000 | 1 Year | $450 |
| $50,000,001-$100,000,000 | $100,000 | 1 Year | $600 |
| Excess $100,000,001 | $150,000 | 1 Year | $900 |
The minimum bond required for a Virginia mortgage broker is $25,000. The bond amount shall be adjusted annually in accordance with the following scale based upon residential mortgage loans originated during the preceding calendar year (6.2-1604 of the Code of Virginia)
Overview
Virginia mortgage broker bonds ensure that mortgage brokers in the state comply with all rules and regulations that govern their industry. They are meant to protect your customers. These bond amounts range between $25,000-$150,000 depending on the volume of residential mortgages closed in 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.
The Simple Bonding Process
View your price or request a free quote
Discover unbeatable value with coverage options tailored to your needs.
Sign your contract and pay the premium
Seal the deal and ensure protection and peace of mind for your business.
Receive your surety or fidelity bond
Expect a speedy turnaround. Our typical turnaround time is 24 hours or less.
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