Virginia State Licenses and Regulator Costs

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Broker License (Company)

NMLS Cost: $600
Additional Costs: $15 per credit report, $25 for VA-state criminal background check per person
Personal Financial Statements: sole proprietor, directors, LLC members, senior officers, 10% or greater owners
References: three (3) business references and one (1) bank reference are required
Surety Bond Requirement: $25,000

Lender License (Company)

NMLS Cost: $600
Additional Costs: $15 per credit report, $25 for VA-state criminal background check per person
Personal Financial Statements: sole proprietor, directors, LLC members, senior officers, 10% or greater owners
References: three (3) business references and one (1) bank reference are required
Minimum Net Worth: $200,000 in funds available for operation of the business
Surety Bond Requirement: $50,000

Branch License (Branch)

NMLS Cost: $170
Additional Costs: none
Branch manager: must hold Virginia MLO license

Mortgage Loan Originator (Individual)

NMLS Cost: $180
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Surety Bond: individual surety bond required if not employed by or exclusive agent of licensed company