Virginia Mortgage Lender Bond
Mortgage Lender Surety Bond
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
Cost of the Virginia Mortgage Lender Bond
NNA publishes Virginia mortgage bond pricing at $6 per $1,000 of liability. A new mortgage lender requiring the $50,000 minimum therefore corresponds to a $300 annual premium. Higher required bond amounts carry the published premiums shown above. Complete this form.
How the Virginia Mortgage Lender Bond Works
The bond is conditioned on the licensed mortgage lender performing written agreements with borrowers or prospective borrowers, accurately accounting for funds received in the licensed business, and conducting business in conformity with Virginia mortgage law.
Principal: Virginia mortgage lender applicant/licensee
Obligee: Virginia State Corporation Commission / Commissioner
Surety: Corporate surety authorized to execute bonds in Virginia
Persons damaged by a covered failure to comply with the bond conditions may proceed against the bond, subject to the statutory penal sum.
How to Get the Virginia Mortgage Lender Bond
1. Determine the required bond amount based on the applicant's lender status and prior-year Virginia residential mortgage loan volume.
2. Complete the online application through the NNA/Propeller affiliate link.
3. Select the required bond amount and confirm the corresponding annual premium.
4. Complete the Electronic Surety Bond process through NMLS as required for the Virginia Mortgage Lender License.
5. Continuously maintain the required bond and adjust the penal sum when annual Virginia loan volume requires a higher amount.
Review Virginia Administrative Code 10VAC5-160-15 and Virginia Code §6.2-1604 for current bond requirements.
Get Your Virginia Mortgage Lender Bond
Start your Virginia Mortgage Lender Bond application online.
For assistance, call 855-215-2160.