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Virginia Mortgage License |
Virginia mortgage license is a legal necessity if you are thinking to work as a home loan broker or a banker in the state of Virginia. Those professionals who are involved in lending, selling, processing and originating home loan products for home buyers and borrowers are required to have the VA mortgage license. Entering the mortgage business may prove to be a profitable career as there has been a rapid development in the real estate industry of the state. If you are looking to become a licensed broker or a banker then it is very essential for you to fully understand all the VA mortgage licensing process prevailing at present.
Virginia Mortgage Broker License Requirements
Mortgage brokers and bankers in Virginia are licensed and regulated by the Virginia Bureau of Financial Institutions. The licensing authority has set some preconditions, which the applicants are required to fulfill in order to get their license. As per the requirements, applicants seeking mortgage broker license are not required to have any physical location within Virginia. The state also has no in-state officer, key person and net worth requirements for the home loan brokers. However, the applicants are required to maintain a surety bond in amount of $25,000 and pay a licensing fee of $500 in order to get their state license. Licensed brokers are required to get their license renewed on yearly basis.
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VA Mortgage Banker/Lender Licensing Requirements
Mortgage bankers and lenders are also not required to hold physical office inside the state to get their license. However, the Bureau of Financial Institutions require them to provide a minimum net worth of $200,000 together with a surety bond amount of $50,000. Moreover, it is essential for the applicants to pay a state licensing fee of $1,000 to get their license approval.
The applicants are required to submit their financial statement and necessary documents along with the licensing fees to the Virginia Bureau of Financial Institutions without delay. There are also some mortgage licensing companies that can offer reliable services when looking for mortgage license in the state of Virginia. Such companies are usually available on the Internet and they provide several training courses and pre-licensing education programs.
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