Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS
Section 10VAC5-160-15 - Surety bond; required funds
Current through Register Vol. 41, No. 3, September 23, 2024
A. As required by § 6.2-1604 of the Code of Virginia, a surety bond shall be filed with the commissioner and continuously maintained thereafter in full force by each licensee. The minimum bond amount required for a mortgage broker shall be $25,000, and the minimum amount required for a mortgage lender or for a mortgage company with dual authority as both a mortgage lender and mortgage broker shall be $50,000. The bond amount shall be adjusted annually in accordance with the following scale based upon residential mortgage loans originated during the preceding calendar year:
LOANS |
BOND AMOUNT |
$0 - $5,000,000 |
$25,000 |
$5,000,001 - $20,000,000 |
$50,000 |
$20,000,001 - $50,000,000 |
$75,000 |
$50,000,001 - $100,000,000 |
$100,000 |
over $100,000,000 |
$150,000 |
B. If a person has been or is engaged in business as a mortgage lender or mortgage broker and has filed a bond with the commissioner, the bond shall be retained by the commissioner notwithstanding the occurrence of any of the following events:
C. As required by § 6.2-1606 of the Code of Virginia, a mortgage lender shall maintain at least $200,000 in funds available for the operation of its business. To comply with this requirement, a mortgage lender shall maintain documentation of one of the following:
Statutory Authority: §§ 6.2-1613 and 12.1-13 of the Code of Virginia (10VAC5-160-10 through 10VAC5-160-90 ).