Does the state require a physical location within the state?
No physical presence is required in Virginia.

Is there individual loan officer licensing?
No, a bona fide employee or exclusive agent of a licensee may place or find mortgage loans without being individually licensed.

What are lenders, brokers and loan officers called?
The terms mortgage lender and mortgage broker are used in Virginia when referring to company licensees. Individuals are usually referred to as loan officers.

Is there state reciprocity across state lines?
As of this writing there is no state reciprocity.

What is the cost of a license? Surety bond? Are there net worth requirements?
Applicants for either a mortgage lender or mortgage broker license must pay a fee of $500. Applicants for a license to act as both a mortgage lender and a mortgage broker must pay a fee of $1,000. Applicants must provide a surety bond of $25,000 for brokers and $50,000 for lenders. Licensed lenders must at all times maintain funds available for the operation of the business of at least $200,000.

All licensees must file an annual report on or before March 1 and also must pay annual fees on or before May 25. Annual fees are intended to cover the costs of examination and other regulatory activities of the commissioner. Currently the annual fee schedule is as follows:

Licensed lender

base fee of $800, plus $6.60 per loan made or originated during the prior calendar year

Licensed broker

base fee of $400, plus $6.60 per loan brokered in the prior calendar year

Licensed lender/broker

base fee of $1,200, plus $6.60 per loan made or brokered in the prior calendar year