Virginia Mortgage Broker Bond
$25,000 to broker loans. $50,000 the moment you fund one yourself.
Va. Code § 6.2-1604 sets a $25,000 bond floor for a Virginia mortgage broker license, filed with the Commissioner of Financial Institutions. But the floor isn't the same for everyone: under 10VAC5-160-15, a mortgage lender or a company holding both broker and lender authority carries a $50,000 floor instead -- and above that, both license types climb the same prior-year-volume schedule up to $150,000. Get the license type wrong on your NMLS filing and you'll either under-bond or overpay.
What "Broker" and "Lender" Actually Mean Under Va. Code § 6.2-1600
Virginia doesn't size your bond by revenue, staff count, or how many branches you run. It sizes your bond by what you do with the borrower's loan. Section 6.2-1600 defines a mortgage broker as any person who "directly or indirectly negotiates, places or finds mortgage loans for others" -- the loan closes with someone else's money. A mortgage lender "directly or indirectly originates or makes mortgage loans" -- your own capital, or a warehouse line you control, funds the closing.
A company that does both -- brokers some deals to other lenders and funds others itself -- holds dual authority. Under 10VAC5-160-15, dual-authority companies are grouped with lenders for bond-minimum purposes, not with brokers. That single classification decision, made when you apply through NMLS, sets your bond floor before your loan volume ever enters the calculation.
Only Brokers Get a Tier-1 Discount
Both license types climb the identical five-tier schedule in 10VAC5-160-15, based on residential mortgage loans originated the prior calendar year. The difference lives entirely in the bottom row: a low-volume broker bonds at $25,000, while a low-volume lender or dual-authority company is pulled up to the $50,000 floor even though its volume alone wouldn't require it. Once both license types cross $5 million in prior-year volume, the schedule treats them identically all the way to the $150,000 ceiling.
Virginia Bond Schedule by Prior-Year Loan Volume
Every figure below comes directly from 10VAC5-160-15
| Prior-Year Loan Volume | Volume-Tier Bond | Broker Bond | Lender / Dual-Authority Bond |
|---|---|---|---|
| $0 – $5,000,000 | $25,000 | $25,000 | $50,000 |
| $5,000,001 – $20,000,000 | $50,000 | $50,000 | $50,000 |
| $20,000,001 – $50,000,000 | $75,000 | $75,000 | $75,000 |
| $50,000,001 – $100,000,000 | $100,000 | $100,000 | $100,000 |
| Over $100,000,000 | $150,000 | $150,000 | $150,000 |
Lenders and dual-authority companies also maintain $200,000 in available operating funds under 10VAC5-160-15 -- a separate liquidity requirement, not part of the bond.
Source: 10VAC5-160-15, Rules Governing Mortgage Lenders and Mortgage Brokers, Virginia SCC Bureau of Financial Institutions.
Official Virginia Requirements
"The application for a license as a mortgage lender or mortgage broker shall also be accompanied by a bond filed with the Commissioner, with corporate surety authorized to execute such bond in the Commonwealth, in the sum of $25,000, or such greater sum as the Commissioner may require. Such bond shall be in a form approved by the Commissioner and shall be conditioned upon the applicant's or licensee's faithful compliance with this chapter and applicable law."Virginia State Corporation Commission, Bureau of Financial Institutions • Va. Code Ann. § 6.2-1604
The Requirement Brokers-Turned-Lenders Miss: $200,000 in Operating Funds
10VAC5-160-15 doesn't stop at the bond. Any company licensed as a mortgage lender -- including dual-authority companies -- must separately maintain "at least $200,000 in funds available for the operation of its business," proven through bank deposits, an established line of credit, or a combination of both. Mortgage brokers are exempt from this rule entirely; it only attaches once you hold lending authority.
This is where companies upgrading from broker-only to dual authority most often get caught off guard: they budget for the jump from a $25,000 to a $50,000 bond, but don't account for the separate $200,000 liquidity documentation the Bureau requires before approving lender authority.
Know your license type and volume tier? Get your Virginia bond quote in about two minutes.
Get Your QuoteWhat the $25,000 Broker Bond Costs, by Credit Score
Since the floor is a flat penal sum -- not scaled to volume until you cross $5 million -- credit profile is the main lever on premium at the entry tier.
Virginia $25,000 Mortgage Broker Bond -- Annual Premium by Credit Tier
Based on a $25,000 bond amount
- Excellent (700+)Rate: 0.7% - 2%$175 - $500
- Good (650-699)Rate: 2% - 4%$500 - $1,000
- Fair (600-649)Rate: 4% - 7%$1,000 - $1,750
- Challenged (below 600)Rate: 7% - 12%$1,750 - $3,000
At the $50,000 lender/dual-authority floor, roughly double these figures. At the $150,000 top volume tier, roughly multiply by six -- an excellent-credit applicant runs about $1,050-$3,000/year, challenged credit can reach $10,500-$18,000/year.
Filing as a lender or dual-authority company? Get an exact quote rather than estimating -- lender-tier underwriting also weighs your $200,000 operating-funds documentation.
Filing Your Virginia Bond Through NMLS
What the Bureau of Financial Institutions requires alongside your NMLS filing
Confirm Your License Type
Broker, lender, or dual authority -- this decision sets your floor at $25,000 or $50,000 before volume is even considered.
Total Your Prior-Year Loan Volume
Check trailing residential mortgage loan originations against the 10VAC5-160-15 schedule to see whether volume pushes you above your license-type floor.
Line Up $200,000 in Operating Funds (Lenders Only)
If you're filing as a lender or dual-authority company, document bank deposits, an established line of credit, or both, showing at least $200,000 available -- separate from the bond itself.
Purchase the Bond From a Virginia-Authorized Surety
The bond must be a corporate surety bond filed with the Commissioner, in a form the Commissioner approves, executed by a surety authorized to transact business in Virginia.
Submit Through NMLS Plus Virginia-Specific Forms
File electronically through the Nationwide Multistate Licensing System, and separately download and submit Virginia's jurisdiction-specific supplemental forms to the Bureau -- generic NMLS bond riders don't automatically satisfy Virginia's approved bond language.
Right Floor, Right License
We confirm broker, lender, or dual authority before quoting, so you're never bonded below the SCC's floor.
Full Volume Schedule Underwritten
From the $25,000 broker floor to the $150,000 top volume tier, our carriers cover the entire 10VAC5-160-15 scale.
NMLS + Virginia Forms Filed Correctly
We provide the bond in the Commissioner-approved form alongside the Virginia-specific NMLS supplemental filing.
Virginia Mortgage Bond Questions We Get Asked
What actually separates a Virginia mortgage broker bond from a mortgage lender bond?
My origination volume grew past $5 million last year -- does my bond go up automatically?
I'm licensed as both a broker and a lender in Virginia -- which bond amount applies?
Can the Commissioner require more than $25,000 from a small-volume broker?
Do I need $200,000 sitting in the bank on top of the bond?
How do I actually file the Virginia bond -- through NMLS or on paper?
Official Virginia Mortgage Regulator Resources
Phone: (804) 371-9657
Address: 1300 East Main Street, Suite 800, Richmond, VA 23219
Website: scc.virginia.gov/regulated-industries/bureau-of-financial-institutions
NMLS Resource Center: mortgage.nationwidelicensingsystem.org
Licensing act: Mortgage Lenders and Mortgage Brokers Act, Va. Code Ann. §§ 6.2-1600 through 6.2-1629
License requirement: Va. Code § 6.2-1601
Bond amount & conditions: Va. Code § 6.2-1604; 10VAC5-160-15
View Full Statute TextExplore More Virginia & Mortgage Bond Resources
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Get Your Virginia Mortgage Bond -- Right Floor, First Try
$25,000 broker or $50,000 lender/dual-authority floor -- we place the full 10VAC5-160-15 volume schedule.
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