Virginia Mortgage Broker Bond
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):
| Previous Year Origination Volume | 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 |
| $100,000,001+ | $150,000 | $900 |
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.