Virginia State Licenses and Regulator Costs

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 Viriginia 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

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Lynx Licensing charges a flat rate of $625 per state license, $120 per branch license, and $85 per individual license.

Located in Raleigh, North Carolina

ryan at lynxlicensing dot com

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