Who requires it
State Corporation Commission — Bureau of Financial Institutions
License & permit · Virginia
Virginia Mortgage Lender and Broker Bond
Mortgage lenders and mortgage brokers licensed under Chapter 16 of Title 6.2 must file and continuously maintain a surety bond with the State Corporation Commission. Regulation 10VAC5-160-15 sets license-type minima and an annual residential origination volume scale from $25,000 to $150,000.
Common bond amount
$25,000–$150,000
Broker minimum $25,000; lender/dual minimum $50,000; then 10VAC5-160-15 volume scale.
How you file
File electronically through NMLS with the State Corporation Commission
Renewal
Continuous; adjust annually to volume tier
Who requires it
Entities licensed as mortgage brokers, mortgage lenders, or dual-authority mortgage companies under Virginia’s mortgage lender and broker chapter. Mortgage loan originators follow separate MLO licensing rules—confirm with the Bureau whether your role needs firm-level or individual coverage.
How much is required
§ 6.2-1604 requires a continuous bond of at least $25,000 or a greater sum the Commissioner requires. 10VAC5-160-15 sets a $25,000 minimum for mortgage brokers and a $50,000 minimum for mortgage lenders or dual-authority companies, then adjusts annually by preceding-calendar-year residential mortgage loans originated: $25,000 (up to $5 million), $50,000 ($5,000,001–$20 million), $75,000 ($20,000,001–$50 million), $100,000 ($50,000,001–$100 million), and $150,000 (over $100 million). Lenders separately maintain at least $200,000 in available operating funds under § 6.2-1606—that funds rule is not the surety amount.
How to get and file it
Size the bond to your license type minimum and current volume tier, use a Commission-approved form with a surety company authorized in Virginia, and file through NMLS with the Bureau of Financial Institutions mortgage licensing record. Keep the name on the bond identical to the NMLS entity. Keep coverage in force after licensure. The Bureau retains filed bonds even after withdrawal, denial, surrender, suspension, revocation, or cessation of business as 10VAC5-160-15 describes. Recalculate the amount annually when origination volume moves you into a different tier.
Cost note
Schedule amounts are required bond amounts, not premiums. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Mortgage broker minimum
- $25,000 under 10VAC5-160-15
- Mortgage lender / dual minimum
- $50,000 under 10VAC5-160-15
- Volume scale
- $25,000 / $50,000 / $75,000 / $100,000 / $150,000 by prior-year residential originations
- Lender funds (separate)
- At least $200,000 available operating funds under § 6.2-1606—not the bond amount
Related resources
Frequently asked questions
Is the broker bond always $25,000?
That is the broker minimum. If prior-year residential originations push you into a higher 10VAC5-160-15 tier, the required face rises even for brokers.
Does the $200,000 lender funds rule replace the bond?
No. Lenders must keep both the surety bond and the separate $200,000 available-funds documentation § 6.2-1606 and 10VAC5-160-15 require.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Virginia application
Virginia will be preselected. Choose your bond type in the application—we confirm the correct product against your agency form before anything is issued.
Last verified 2026-08-10. This guide is based on verified educational content and official sources.
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