VA Virginia
Virginia offers two different licensing options available, a Broker license and a Lender License that also covers servicing activity. If you will be conducting brokering and lending activity you will need to hold both licenses. Surety bond in the amount of $50K will cover both the Broker and Lender license if you are obtaining dual authority. Requirement of 3 business reference letters as well as a completed Bank Reference form will be needed. All owners/officers will be required to complete a Criminal Background Check and provide personal financial statements regardless if they are direct or indirect owners.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| Virginia | Broker License | $620 | $188 | — | $100 | Call for More Information | $908 |
| Virginia | Lender License | $620 | $375 | — | $100 | Call for More Information | $1,095 |
License: Broker License
- Operating Status: Broker
- Bond Amount: $25,000
- Net Worth: N/A
- Brick & Mortar: No
- Financial Type: Unaudited
License: Lender License
- Operating Status: Lender/Servicer
- Bond Amount: $50,000
- Net Worth: $200,000 Liquid at all times
- Brick & Mortar: No
- Financial Type: Unaudited